Zanaga Iron Ore (LON:ZIOC) Shares Up 17.1% - Here's What Happened

Key Points

• Zanaga Iron Ore Company's shares surged 17.1% during mid-day trading, reaching GBX 9.06 ($0.12), up from a previous close of GBX 7.74 ($0.10).
• Trading volume increased significantly by 642%, with approximately 7.8 million shares changing hands compared to the average daily volume of about 1 million shares.
• The company, which focuses on iron ore exploration and development, is known for its 100% owned Zanaga Iron Ore Project in the Republic of Congo.

Shares of Zanaga Iron Ore Company Limited (LON:ZIOC - Get Free Report) traded up 17.1% during mid-day trading on Wednesday . The stock traded as high as GBX 9.75 ($0.13) and last traded at GBX 9.06 ($0.12). 7,803,024 shares traded hands during mid-day trading, an increase of 642% from the average session volume of 1,050,987 shares. The stock had previously closed at GBX 7.74 ($0.10).

Zanaga Iron Ore Stock Performance

The stock has a market cap of £70.61 million, a price-to-earnings ratio of -19,646.75 and a beta of 2.44. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.83 and a current ratio of 0.08. The stock's 50-day simple moving average is GBX 7.88 and its two-hundred day simple moving average is GBX 7.84.

About Zanaga Iron Ore

Zanaga Iron Ore Company Limited, an investment holding company, engages in the exploration and development of iron ore properties. Its flagship asset is the 100% owned Zanaga Iron Ore Project located in the south west of the Republic of Congo. The company was formerly known as Jumelles Holdings Limited and changed its name to Zanaga Iron Ore Company Limited in October 2010.