Lundin Mining Corporation (TSE:LUN) (PINK:LUNMF) recorded another correction to the dominating downtrend which confirmed a new support level.
Lundin stock price bounced support at $3.25, under technical reasoning only, producing nearly 3.6% gain for the day. The accompanying trading volume was nothing special at 4.5 million, below the average of 5.9 million and pointed out that this price increase is rather weak.
The stock is still in a downtrend and stands at one of the last serious supports safeguarding it from a possible large drop. The company’s latest news had only minor effects on the stock price as well.
On the other hand, the company reported $3.2 billion book value for Q3 2011 which is significantly above their current market cap of $2.1 billion. Although this fact doesn’t mean the stock price should increase, it still works to ease the selling pressure on the dominating downtrend.
The latest news from the company announced the addition of new officers which promises changes in business management but they’ll still have to prove their worth.
A week ago, the company added Ms. Julie Lee Harrs as a new senior vice president for corporate development and Mr. Paul McRae as a senior vice president for projects. Both have significant experience in their field of work and were named as a strategically important addition to the team of executives.
