Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Exploration and development firm URU Metals Ltd (LON: URU) shares are sliding on Wednesday after the company reported a more comprehensive first-half loss.
URU posted a $1.6 million loss for the six months ended September 30th 2020 compared to a $230,000 loss during the same period in 2019.
The losses stem from a rise in administrative expenses from $263,000 to $302,000 while URU made a $1.5 million loss on the settlement of debts.
However, the company is bullish on its prospects and continues to believe that the base minerals industries' long-term fundamentals remain positive.
“The Company maintains its core strategy to develop its nickel assets, as the Board anticipates growing demand and price appreciation for nickel in the short to medium term,” commented Jay Vieira URU’s non-executive chairman.
Shares of URU are down 11.96% at 202p on Wednesday, following Tuesday's close at 230p.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .