On September 23, Pan American Silver fell 5.33% in regular trading, trading at $48.11/share, with turnover of $17.57 million. The stock had earlier surged over 5% before reversing sharply alongside a broad precious metals selloff.
On the news front, spot silver spiked over 5% in early trading to break above $65/oz, but aggressive profit-taking at highs triggered a rapid reversal, with prices falling more than 2%. The sector-wide collapse saw peers including Endeavour Silver down 10.04%, AngloGold Ashanti down 6.0%, Equinox Gold down 5.77%, and Agnico Eagle Mines down 4.81%. The Federal Reserve recently raised the federal funds rate by 25 basis points to 3.75%–4.00%, with the dot plot signaling a potential additional hike this year, maintaining hawkish pressure on non-yielding precious metal assets.
Adding to Pan American Silver's downside, the company reported Q2 earnings per share of $0.73, significantly missing the consensus estimate of $1.04, leaving fundamental headwinds that amplified the pullback.
(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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