Why Sibanye Stillwater Stock Jumped 10% at the Open on August 14
Shares of gold and platinum group metals miner Sibanye Stillwater (NYSE: SBSW) shot 10% higher at the open on Aug. 14. The big news was the company's release telling investors that the company would release earnings on Aug. 27. Also included, however, was a preview on the company's performance.
The headline number from the update is that Sibanye expects basic earnings to come in at $0.21 per share in the first half of 2020. That's up from a loss of $0.11 in the same span of 2019. The company cited a few reasons for the improvement, including strong operating results, but the big story was really "significantly higher" gold prices (an increase of about 45% year over year). That said, platinum group metals prices were also higher. Obviously, investors were pleased with this earnings news.
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Source Fool.com
