The stock market capped off the trading week in the red territory, as investors sold off positions ahead of the long weekend, while digesting inflation data for July.
Among Wall Street’s main indices, the tech-heavy Nasdaq fell the hardest, down 1.15 percent, followed by the S&P 500 with a 0.64-percent gain. The Dow Jones dropped by 0.20 percent.
Indices aside, 10 stocks stood firmer, with five companies notably hitting new all-time highs on the back of a series of positive developments, including corporate earnings and higher outlooks. In this article, we focus on their performance and what bolstered their gains.
To come up with the list, we considered the stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
A man in long sleeves looking at stock market data. Photo by Tima Miroshnichenko on Pexels
10. Hecla Mining Company (NYSE:HL)
Hecla Mining Company (NYSE:HL) extended its winning streak to a fourth straight day on Friday to touch a new all-time high, as investors loaded positions following the higher spot prices in silver and gold.
At intra-day trading, Hecla Mining Company (NYSE:HL) rallied to a record high of $8.54, before trimming gains to end the day just up by 5.45 percent at $8.51 apiece.
The stock mirrored the rally in both silver and gold prices, following July inflation data that solidified expectations for an interest rate cut.
As of writing, silver spot prices were up by 1.66 percent at $39.70 per troy ounce, while gold spot increased by 0.97 percent to $3,450.29 per troy ounce.
Typically, prices of precious metals such as silver and gold rise when the central bank lowers interest rates, as it makes yields from bonds and savings less attractive, thus shifting funds to non-yielding and safer assets.
Additionally, lower interest rates weaken the US dollar, making it easier for foreign investors to acquire the precious metals at a cheaper price.
9. Equinox Gold Corp. (NYSEAmerican:EQX)
Equinox Gold rallied for a second day on Friday, hitting a new all-time high, as investors cheered the official start of its ore processing at one of its largest gold mining sites in Canada.
During the session, Equinox Gold Corp. (NYSEAmerican:EQX) jumped to its highest price of $8.76, also marking a second straight day of rally.
This followed announcements on Thursday that it began processing of ore at its Valentine Gold Mine in Newfoundland and Labrador—a new site with the capability of producing 2.5 million tons of gold annually.
Equinox Gold Corp. (NYSEAmerican:EQX) said it expects to pour the first batch of gold by next month.
Upon full operations, the Valentine Gold Mine is targeted to produce between 175,000 and 200,000 ounces of gold annually over the first 12 years of its 14-year reserve life.
Additionally, the company announced targets of reaching the maximum production capacity of its Greenstone Gold Mine in northern Ontario by the second quarter of the year.
“Equinox Gold is entering a pivotal phase of growth, with production and cash flow expected to increase meaningfully as Valentine ramps up and Greenstone approaches nameplate capacity,” said CEO Darren Hall.
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