JOHANNESBURG, Aug 11 (Reuters) - Shares in South African gold miner Durban Roodepoort Deep fell nearly seven percent on Wednesday, extending a two-day plunge to more than 30 percent as investors were spooked by the group's disappointing results, traders said.
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Shares in Durban Roodepoort Deep (DRD) fell as much as 6.78 percent to 11 rand, erasing 193 million rand ($31.5 million) from its market value.
This followed a 21.3 percent dive on Tuesday after the firm, the world's number nine gold producer, posted a halving in fourth-quarter cash operating profit.
"The results were shocking. You have the rand gold price even lower this quarter than last quarter. The results going forward will be shocking again," said one Johannesburg-based trader.
An analyst said the shares, also listed in New York (NasdaqSC:DROOY - News), were heavily traded among U.S. speculators.
"It's always been big for the boys in New York.They see it as a highly leveraged gold play," an analyst said.
DRD blamed the strong rand currency and weaker output for the profit fall and said the robust rand would force more restructuring and job losses.
Traders said prospects for DRD's shares were not good.
"With the rand where it is at the moment, there will not be any appetite for Durban Roodepoort Deep".
DRD shares were 27.18 percent down on the level they started the year at
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