Why Harmony Gold Mining, Endeavor Silver, and Pan American Silver All Jumped More Than 10% Today
Shares of Harmony Gold Mining (NYSE: HMY) rose as much as 12% on March 1. Following close behind were Endeavor Silver (NYSE: EXK), up as much as 11.5%, and Pan American Silver (NASDAQ: PAAS), up as much as 9.5% or so. At about 2:20 p.m. ET, these precious metals miners were higher by roughly 12%, 10.5%, and 9%, respectively, basically holding on to most of their earlier gains.
There was no news out of Endeavor Silver or Pan American Silver today, but Harmony Gold Mining reported earnings on Feb. 28. Harmony Gold's earnings per share for the six-month period ended Dec. 31 were $0.17 per share, down around 60% from the $0.44 per share it earned in the year-ago period. Gold production was up 4%, but all-in sustaining costs rose a whopping 21%. Even a slightly higher realized gold price, in U.S.-dollar terms, wasn't enough to offset the hit, with the miner's production profit falling 20%. Although not a particularly great update, the stock rose just the same.
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Source Fool.com
