Mkango Resources (LON:MKA) Shares Down 0.6% - Here's What Happened

Key Points

• Mkango Resources Ltd. reported a 0.6% decline in stock price, trading at GBX 41 ($0.55), with a notable decrease in trading volume by 31% from its average.
• The company's market capitalization stands at £134.09 million, with a PE ratio of -6,507.94, indicating significant losses.
• Mkango aims to develop sustainable sources of rare earth elements to meet rising demand from electric vehicles and clean technologies, setting it apart from competitors.

Mkango Resources Ltd. (LON:MKA - Get Free Report) shares were down 0.6% on Friday . The stock traded as low as GBX 41 ($0.55) and last traded at GBX 41 ($0.55). Approximately 1,817,859 shares traded hands during trading, a decline of 31% from the average daily volume of 2,637,250 shares. The stock had previously closed at GBX 41.25 ($0.55).

Mkango Resources Trading Up 8.1%

The company has a market capitalization of £130.82 million, a price-to-earnings ratio of -5,063.29 and a beta of 2.17. The stock's fifty day simple moving average is GBX 33.74 and its 200-day simple moving average is GBX 21.33.

Mkango Resources Company Profile

Mkango's corporate strategy is to develop new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies. This integrated Mine, Refine, Recycle strategy differentiates Mkango from its peers, uniquely positioning the Company in the rare earths sector. Mkango released a Feasibility Study for Songwe Hill, Malawi, in July 2022.