Why Teck Resources Stock Jumped as Much as 13% Today

Shares of diversified Canadian miner Teck Resources (NYSE: TECK) rose 13% in morning trading on Sept. 11. Although the stock gave back some of those gains in the early afternoon, by roughly 3:30 p.m. EDT it was still holding on to a gain of about 10%. That's a pretty good day for a company that's seen its shares fall 25% or so in 2020.

Teck mines for four commodities: oil (via the Fort Hills oil sands mine), zinc, copper, and metallurgical coal. So far 2020 has been a tough year for the company, with second-quarter adjusted earnings coming in at $0.17 per share compared to $0.88 in the same stanza of 2019. After the company noted that all of its mines were running, the second bullet point in its earnings release pretty much summed up the issues Teck is facing: "COVID-19 had a significant negative effect on prices and demand for our products and our financial results in Q2 2020."

Image source: Getty Images.

Source Fool.com