One last Jubilee top-up

The market doesn't make sense to me.

JLP:Jubilee Platinum issued an RNS this morning to announce yet another deal to process tailings for platinum. They have purchased rights to 1.25 million tonnes of tailings, either to be trucked to Hernic for processing or by building a processing plant at the site.

The slight negative was that the money to pay for the tailings came from a placing of 66 million shares at 5p, which is quite a discount to the 5.9p they were costing yesterday afternoon.

However, this is a relatively small dilution for something that will generate far, far greater profits.

The share price tanked this morning, and although it has recovered slightly, they are still over 5% down on the day.

One of the problems with having a day off is that I have too much time to examine my portfolio, so I did, and made a few changes.

MSHL:Marshalls were meant to be a solid, dividend-paying FTSE250 company - a sensible share. Since Brexit they have been rubbish, and I've been building increasing resentment against them. That has waned slightly as their share price has done amazingly well since results on Wednesday. I still decided now was the time to sell.

I sold for 353.13p making a loss of £21.37 (3%), but if you include the dividend from last year I made a profit of £2.43 - huzzah! This liberated £697.31

The other share I dumped has been driving me mad. It was a mistake to buy in the first place and has been a fairly sorry tale of cuts in production, customers not paying, and no good news in the 18 months I've owned them. I sold my holding in WRL:Wentworth Resources for £140.65 (21.4%) loss and felt a massive surge of relief to be rid of them. This liberated £521.65.

So that enabled me to buy another 23,547 shares in JLP:Jubilee Platinum at 5.48p which is a bargain, costing £1,299.33. Jubilee now makes up 10.8% of my portfolio with 151,393 shares costing £6,544.89 but even at this depressed price, worth £8,366.46, so making paper profit of £1,821.57.

I'm convinced that as soon as platinum concentrate production is confirmed at Hernic these will get to 10p almost immediately, at which point they will be making £8,558.56 profit. That could be as soon as next week. If that happens, then the loss on WRL:Wentworth Resources will be well worth taking.

It's touch and go whether I'll achieve my dream of reporting a combined portfolio profit this evening. OPTI:Optibiotix is currently up, as is AMYT:Amryt Pharma but only by a tiny amount. There's a £300 buffer, but if JLP:Jubilee Platinum doesn't recover some of today's losses, it will wipe out the buffer and I may end up in the red. Just another hour to wait...