Petra's share price continues to shine on a string of good news

Courtney Goldsmith
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Petra Diamonds' shares have zoomed back up (Source: Getty)

Shares in Petra Diamonds rose more than five per cent today, continuing a recovery after a string of good news for the company last week.

The miner's stock rose steadily over the past week after falling to nearly a two-year low due to trouble with the Tanzanian government and a labour dispute in South Africa.

The FTSE 250 firm plunged last month after its Tanzanian operations were thrown into uncertainty. A parcel of 71,654 carats from Petra's Williamson mine was blocked from export and operations were suspended amid a government probe of the country's diamond sector.

While exports and sales have been given the green light to resume, a resolution has not yet been reached on the parcel.

Additionally, Petra reached an agreement with the National Union of Mineworkers (NUM) on Thursday over a pay dispute at two of its mines in South Africa. On Friday the firm said it signed a three-year wage agreement with the NUM and the mine reverted to normal operations.

Analysts at Liberum said investors had reached "peak fear" for Petra Diamonds last week with "wild share price gyrations from day to day despite what appear to be relatively small value implications for the company".

Petra's share price was up 4.09 per cent at 87.44p in late afternoon trading.

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