First Majestic (AG) Soars 8.8% on Silver Price Jump

We recently published 10 Big Names Feasting on Gains Ahead of Thanksgiving. First Majestic Silver Corp. (NYSE:AG) is one of the best-performing stocks on Wednesday.

First Majestic extended its winning streak to a 4th consecutive day on Wednesday, jumping 8.78 percent to close at $13.50 apiece as investors took path from higher silver prices.

As of writing, spot prices of silver were up by 3.59 percent at $53.32 per troy ounce, rallying alongside gold over renewed optimism for an interest rate cut.

Typically, a lower interest rate weakens the US dollar, making precious metals such as gold and silver cheaper and more attractive to foreign investors.

Copyright: photominer / 123RF Stock Photo

Optimism spilled over to silver and gold miners, including First Majestic Silver Corp. (NYSE:AG), being one of the largest silver producers in the world.

In other news, First Majestic Silver Corp. (NYSE:AG) is set to distribute on Friday, November 28, some $0.0052 worth of dividends to all common shareholders as of the November 14 record.

The dividends followed the company’s stellar earnings performance in the third quarter of the year, having swung to a net income of $43 million from a $26.6 million net loss in the same period last year, as revenues soared by 95 percent to $285.1 million from $146.1 million year-on-year.

According to First Majestic Silver Corp. (NYSE:AG), the record revenues were primarily driven by a 45 percent increase in silver equivalent payable ounces sold, coupled with a 31 percent increase in the average realized silver price, which reached $39.03.

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Disclosure: None. This article is originally published at Insider Monkey.