First Majestic (AG) Falls 10.68% W/W After Record High

We recently published These 10 Stocks Fell Hard. Are You Holding Any? First Majestic Silver Corp. (NYSE:AG) is one of this week’s top performers.

First Majestic Silver dropped its share prices by 10.68 percent last week, finishing Friday at $8.28 versus $9.27 on July 11, as the company lacked further leads to support its recent rally to a record high.

Last Monday, First Majestic Silver Corp. (NYSE:AG) soared to a new 52-week high of $9.48 after announcing on July 8 its total production figures for the second quarter of the year. However, the company was unable to support the momentum as investors already priced in the news, evident from the five straight days of declines last week.

According to First Majestic Silver Corp. (NYSE:AG), it was able to mine 3.7 million ounces of silver during the period, representing a 76-percent increase from the 2.1 million silver ounces in the same period last year. The bulk of the figure, representing 1.5 million ounces, was produced at the Los Gatos site alone.

First Majestic (AG) Falls 10.68% W/W After Record High

An open-pit mine framed by a mountain range, highlighting the company’s vast mining concessions.

Meanwhile, silver equivalent produced stood at 7.9 million ounces, marking a 48-percent increase from 5.3 million year-on-year.

Impact of the second quarter production to its second quarter earnings performance is expected to be announced during market hours on August 14.

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