STOCKS NEWS EUROPE-Pangea DiamondFields up on sale results

Shares in Pangea DiamondFields (PDF.L) surge almost 19 percent as the company reports results from the recent sale of diamonds from its Cassanguidi Project are well in excess of the currently budgeted level.

The company says the sale yielded an average price of $147.50 per carat, which represents 82 percent of Pangea's target price of $180 per carat for the operation -- well in excess of the currently-budgeted level of 70 percent of the target price -- indicating a partial recovery in rough diamond prices in Angola.

Ambrian calls the announcement "positive" and says "if Cassanguidi delivers as expected, Pangea could represent good equity exposure to a recovery in the diamond market."

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