Shares in South American copper explorer (LON:MNC) Metminco shot up again today, a surge that has now doubled the price over the last two days.
The company released a statement saying it was unaware of the reason other than to repeat it is working on an updated resource estimate for its Los Calatos project in Peru that “will be released once finalised.”
There is no shortage of copper in South America and bulletin board chatter related to a possible cash producing acquisition or developments in its legal dispute over another project, Mollacas.
Traders had a more prosaic reason, namely that there is chronic lack of liquidity in the shares and buying any sizeable amount requires some effort.
Having jumped almost 50% yesterday and a further 60% higher today, the shares traded at 0.54p, a gain of 112% so far this week..
Elsewhere, the FTSE 100 managed to make a 25 gain by lunch to 6,954 after a flat morning.
With the first of Greece’s payments to the International Monetary Fund (IMF) due at the end of the week, and it being widely accepted that Greece will default without financial help, European stocks were meant to be subdued today.
Despite this, Germany’s DAX rose 78 points to 11,406 while the French CAC 40 climbed 40 points to 5,044.
Many investors are looking to the ECB for guidance as it concludes it meeting this afternoon with a press conference from Mario Draghi soon after likely to shed light on European QE program and the Greek situation.
Meanwhile in the UK, supermarket Morrisons (LON:MRW) was near the top of the index after Kantar Worldpanel showed it was the only one of the big four supermarkets to grow in the 12 weeks to 24 May. Shares rose 3% to 177p.
Sitting at the bottom of the FTSE 100 was Dixons Carphone despite a better than expected trading update which saw it raise its profit forecast. Shares were up early but fell back to sit 1.75% lower to 470p.
Away from the index, WH Smith (LON:SMWH) led the risers on the FTSE 250.
The book and stationery retailer said travel business sales were 8% higher as it continues to focus away from the High Street. Shares climbed 2.6% to 1,578p.
Meanwhile, office space provider Workspace (LON:WKP) saw profit before tax rise 43% in the year to March. Shares rose 5.6% to 972p.
In small caps, Thor Mining (LON:THR) was 40% higher to 0.09p after the company said it has bought the remaining stake in the Spring Hill gold project.
Conversely, Ferrum Crescent (LON:FCR) dropped 18% to 0.46p as it said under a May announced financing package, it had granted Principle Monarchy Investments an extension to the deadline for its first funding payment of R2mln. The first funding payment was scheduled to have been made by June 1.