BANRO CORPORATION (BAA) has risen sharply, recording gains of 38.98% in the past 4 weeks. However, the stock has corrected -11.28% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 30.19% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
BANRO CORPORATION (NYSEMKT:BAA): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $0.40 and $0.39 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $0.41. The buying momentum continued till the end and the stock did not give up its gains. It closed at $0.41, notching a gain of 2.24% for the day. The total traded volume was 938,519 . The stock had closed at $0.40 on the previous day.
The stock has recorded a 20-day Moving Average of 9.92% and the 50-Day Moving Average is 23.42%. Banro Corporation is up 32.26% in the last 3-month period. Year-to-Date the stock performance stands at 105%.
Banro Corporation (Banro) is a gold mining company. The Company holds a 100% interest in its four gold properties (Twangiza, Namoya, Lugushwa and Kamituga) through four Democratic Republic of the Congo (DRC) subsidiaries. The Company is focused on production from the Twangiza gold mine in the DRC. Namoya is engaged in gold production. The Company is engaged in the development of two additional wholly owned gold projects, Lugushwa and Kamituga. The four projects are located along the Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Its properties, totaling approximately 2,612 square kilometers, are covered by a total of 13 exploitation permits (or mining licenses). The Company also holds, through its DRC subsidiary (Banro Congo Mining S.A.), 14 exploration permits covering an aggregate of 2,638 square kilometers, including 10 of which are located in the vicinity of its Twangiza property and four are located in the vicinity of the Namoya property.