Movement Alert|Barrick Mining Corporation Rises 3.17% in Pre-Market Trading, Fed Rate Hike Lands as Gold Sector Rebounds and RBC Lifts Target Price

Market Focus09-17 20:25

On September 17, Barrick Mining Corporation rose 3.17% in pre-market trading, trading at $43.88/share, with turnover of $1.6533 million. The gold mining sector rallied broadly, with Coeur Mining up 4.21%, Wheaton Precious Metals up 3.57%, Agnico Eagle Mines up 3.49%, Newmont Mining up 3.19%, and Kinross up 3.17%.

On the news front, the Federal Reserve announced a 25-basis-point rate hike early on September 17, lifting the federal funds rate target range to 3.75%–4.00%. The long-anticipated rate hike officially landed, removing near-term uncertainty that had pressured gold stocks. Previously on September 14, Barrick Mining had declined over 3% as rising rate expectations weighed on the precious metals sector.

Additionally, RBC Capital Markets raised its price target on Barrick Mining to $53 from $49, maintaining an Outperform rating. According to analyst consensus, the mean target price stands at $57.48, implying significant upside from the current trading level. Earlier, Citigroup and JPMorgan had also raised their targets to $45 and $52, respectively, reflecting broad institutional optimism on the stock.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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