Movement Alert|Agnico Eagle Mines Rises 3.18% in Regular Trading, Gold Sector Rally Drives Oversold Recovery

Market Focus07-14 22:17

On July 14, Agnico Eagle Mines rose 3.18% in regular trading, trading at $147.76/share, with turnover of $64.58 million.

On the news front, the gold sector rallied broadly, with Newmont Mining up 4.1%, Coeur Mining up 4.14%, Barrick Mining up 3.06%, and AngloGold Ashanti up 2.69%, driving an oversold recovery for the stock. The company had previously been under pressure after announcing in early July that it temporarily suspended mining at the Barnat open pit of its Canadian Malartic complex in Quebec following a rock mass movement along the pit north wall, with H2 production expected to decline by approximately 60,000 to 80,000 ounces of gold. Multiple investment banks subsequently cut price targets, including BofA Securities reducing its target from $302 to $240, RBC Capital from $230 to $210, and UBS from $210 to $170. The sector-wide rebound is now helping the stock recover from those losses ahead of its next earnings report on July 29.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment