via CAAI News Media
Monday, 22 March 2010 15:00 Steve Finch
Stock Roundup
VIMPELCOM, the mobile-phone operator that runs Beeline, staged a trading comeback Friday afternoon in New York despite missing revenue targets.
After announcing late Thursday it had missed profit targets in the fourth quarter with net income of US$283 million – reversing a $816 million loss the year before – the stock plunged as much as 7.1 percent in early Friday trading to below $17 per share.
However, the stock rallied later to post a steady intraday rise to close up 6.26 percent to $17.82 following news also released Thursday that Alfa and Telenor had received permission by the Ukrainian government to allow assets to be merged into the newly restructured Vimpelcom Ltd.
Still, the share price was down 6.9 percent for the week, continuing a steady recent slide from $20.28 on March 10 shortly before the Moscow-based firm announced its financial preview for the last quarter.
Australian miner OZ Minerals recorded a strong end to the week in Sydney after markets reacted positively to an announcement Wednesday that it had discovered more than 600,000 ounces of gold at its Cambodian concessions, prompting plans for further exploration.
The stock climbed from a low of A$1.13 (US$1.03) Tuesday to highs of A$1.17 Friday before closing up 1.3 percent by the end of trading to A$1.16.
OZ Minerals traded at A$1.185 Monday before falling away Tuesday ahead of the subsequent rally, but was still down 1.69 percent for last week.
Adelaide-based mining firm Southern Gold recorded its strongest trading week of the year, climbing 9.09 percent in Sydney to A$0.12.
The stock’s recent rally followed a March 10 announcement that pointed to positive drilling results in Cambodia that are due within the coming weeks as the company looks to eventual production in the Kingdom.
Gold prices tumbled the most in six weeks in New York Friday, however, as the US dollar’s rally subdued the appeal of the metal as an alternative.
JSM Indochina, a property investor in Cambodia and Vietnam, put recent infighting and the resulting suspension of trading activity in the past as it recorded a modest 0.81 percent rise in London last week to close at $0.625 Friday.
Share holders are still waiting to see whether the firm will return millions of dollars in uninvested capital following an investment last month ahead of a full company audit for 2009.
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