Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Ian Harebottle, entrepreneurial chief executive officer of Africa-focused emerald and ruby supplier Gemfields (GEM), sounds characteristically optimistic after the company’s latest auction of ‘lower quality’ rough emeralds and beryls in the Zambian capital of Lusaka. The stock market’s initial reaction has been apathetic, with the shares off 0.13p to 46.5p, narrowly above their 2005p float price of 45p. Even so, the share price is down from a year’s high of 52.5p, after the company’s auction attracted revenues of $15.5 million (£9 million), the second highest in the series, so is the market missing a trick?
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