On July 9, Agnico Eagle Mines rose 3.04% in regular trading, trading at $149.26/share, with turnover of $119 million. The stock rebounded as the broader gold sector staged a collective recovery, lifting the company from oversold levels.
Agnico Eagle had previously declined from $155 to approximately $144 after announcing the temporary suspension of mining at the Barnat open pit of its Canadian Malartic complex in Quebec due to a rock mass movement along the pit's north wall. The company expects this incident to reduce second-half production by approximately 60,000 to 80,000 ounces of gold, pushing full-year output to the lower end of its 3.3 million to 3.5 million ounce guidance range. Adding to the pressure, multiple institutions including UBS (target cut from $210 to $170), RBC Capital (target cut from $230 to $210), and Bank of America (target cut from $302 to $240) had recently lowered their price targets.
Within the Gold sector, Coeur Mining rose 5.74%, Kinross up 4.44%, Gold Fields up 3.51%, Barrick up 2.91%, and Newmont Mining up 1.89%, reflecting broad sector strength.
(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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