Shares in Petra Diamonds Ltd (PDL.L) rise 2.9 percent after the company reports a strong improvement in rough diamond prices and announces its production growth for the 2010 financial year is on track, prompting Ambrian to increase its target price to 95 pence from 87 pence.

Photo: AFP

The broker, which also repeats its "buy" rating on Petra, says: "Production from existing mines was outstanding, and reflected excellent onsite mine management under Petra."

"More materially, diamond prices have recovered impressively ... which substantially increases our full-year 2010