Here's Why Shares of Coeur Mining Soared 37% in May
Reversing course from the 48% decline they had experienced through the first four months of 2020, shares of Coeur Mining (NYSE: CDE) rose 37% in May, according to data from S&P Global Market Intelligence. While news that the company intended to resume operations at one of its major assets, Palmarejo, represented the main catalyst for the stock's gain, investors also responded to the rising prices of commodities in May.
It comes as little surprise that investors responded so enthusiastically to news that Coeur Mining was working toward resuming operations and exploration activities at Palmarejo. Upon learning in April that Coeur was suspending activities at Palmarejo in accordance with the Mexican government decree related to COVID-19, investors sold off their positions, and the stock closed 8% lower than where it had closed the day before.
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Source Fool.com
