Nevsun Resources Ltd (NSU) Shares are Up 13.31%

Nevsun Resources Ltd (NSU) Shares are Up 13.31%

By Anne Marriot | Tradecalls

Nevsun Resources Ltd (NSU) : Traders are bullish on Nevsun Resources Ltd (NSU) as it has outperformed the S&P 500 by a wide margin of 6.36% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 13.39%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 13.31% in the last 1 week, and is up 9.93% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.

The stock has recorded a 20-day Moving Average of 11.24% and the 50-Day Moving Average is 6.47%. Nevsun Resources Ltd. has dropped 10.16% during the last 3-month period . Year-to-Date the stock performance stands at 25.48%.

Nevsun Resources Ltd (NYSEMKT:NSU): stock turned positive on Friday. Though the stock opened at $3.16, the bulls momentum made the stock top out at $3.4 level for the day. The stock recorded a low of $3.16 and closed the trading day at $3.32, in the green by 8.50%. The total traded volume for the day was 3,862,747. The stock had closed at $3.06 in the previous days trading.

Nevsun Resources Ltd. (Nevsun) is engaged in the acquisition, exploration, development and operation of mineral property interests. The Companys principal mining operation is the Bisha Mine and the Companys principal mineral property is the Bisha property, which is owned by Bisha Mining Share Company (BMSC). The Companys wholly owned subsidiaries include Nevsun (Barbados) Holdings Ltd., Nevsun Africa (Barbados) Ltd. and Nevsun Resources (Eritrea) Ltd. The Company has 60% interest in BMSC. Bisha is a volcanogenic massive sulphide (VMS) deposit located 150 kilometers west of Asmara, Eritrea, East Africa. The Bisha mine hosts a gold, copper and zinc deposit and the overall Bisha district includes satellite VMS deposits known as Harena, Northwest and Hambok. The Bisha Main deposit is located within the Bisha Mining License and the Harena satellite deposit lies in a separate mining license 6 kilometers south. Bisha Main and Harena form 100% of the mineral reserves for Bisha.

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