Yet another disappointing quarterly production update from gold miner Hambledon Mining (HMB) drove the stock down 16% yesterday. Given the huge increase in the Gold price over the last couple of years, the management have failed to keep ongoing maintenance and productivity issues in check, All patience lost with the company and position closed.
Position initiated in Borders and Southern Petroleum (BOR), another Falkland Islands Oil play given likely deep water Rig announcements from Falkland Oil and Gas (FOGL) in the short to medium term and looking cheap on relative valuation to FOGL and Desire Petroleum (DES). Position increased in FOGL following continued strength in the share price, now up over 20% since position started.
Position in JP Morgan (JPM) closed following strength pre earnings and increased in GW Pharma (GWP) on likely news flow relating to Sativex.