Market Chatter: Dominion Diamond Up 2%, Off Days Highs, After CEO Says Can Afford to Buy Diavik Mine
Dominion Diamond ( DDC ) shares are up nearly 2% to $16.63 in afternoon trading, though off their peak for the day after the company's CEO said on a conference call that it can afford to buy Rio Tinto's majority stake in the Diavik diamond mine in northern Canada if the price is right, Reuters reported.
Global miner Rio has said it may pull out of the diamond business, and Dominion, formerly Harry Winston Diamond Corp, already owns 40% of Diavik, in Canada's Northwest Territories.
DDC shares are off their earlier high of $16.75. The 52-week range is from $10.73 to $17.02.
The company also said on Thursday that sales from continuing operations rose 8% to $110.1 million, while net income from continuing operations fell slightly in the quarter ended Jan 31 to $12.1 million, or 14 cents per share, from $12.7 million, or 15 cents per share, a year earlier.
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