3 Reasons This Top Gold Stock Slumped 16.5% in February
After holding up pretty firm in January, shares of Barrick Gold (NYSE: GOLD) succumbed to selling pressure and slumped 16.5% in the month of February, according to data from S&P Global Market Intelligence. As if a declining gold price wasn't enough, Barrick's unsuccessful attempt to acquire a mining behemoth even as a legendary investor dumped the gold stock hit investor sentiment hard.
On a positive note, Barrick shares are up nearly 6.3% so far in March, suggesting investors might have found something compelling within the company to consider it worth their money.
Interest in Barrick Gold shares shot up last year when the miner expressed interest in copper giant Freeport-McMoRan (NYSE: FCX). The deal would've likely won Barrick shareholders' approval, given that Freeport's flagship Grasberg mine is also the world's largest gold and second-largest copper mine.
Source Fool.com
