Why First Majestic Silver Corp. (AG) Crashed on Tuesday

We recently published an article titled Gold Miners Dominate Tuesday’s Worst-Performing Stocks. In this article, we are going to take a look at where First Majestic Silver Corp. (NYSE:AG) stands against the other stocks.

Wall Street’s main indices bounced back from a bloodbath on Tuesday as investors gobbled up shares on hopes that the US-China trade tensions can subside.

The Dow Jones rallied by 2.66 percent, the S&P 500 rose by 2.51 percent, and the Nasdaq surged by 2.71 percent.

Despite a broader market optimism, 10 companies, predominantly gold miners, were heavily sold down amid lower gold prices.

To come up with the list, we considered only the stocks with more than $1 billion in market capitalization and $5 million in trading volume.

Why First Majestic Silver Corp. (AG) Surged On Thursday?

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

First Majestic Silver Corp. (NYSE:AG)

First Majestic Silver Corp. declined for a third straight day on Tuesday, shedding 5.73 percent to end at $6.09 apiece as investor sentiment was dampened by a sell-off in gold prices.

As of this writing, spot prices of gold were at $3,340.94 per ounce, marking a drop from the $3,500 territory in the previous trading session.

In the first quarter of the year, First Majestic Silver Corp. said that it achieved an 88-percent increase in silver ounces at 3.7 million silver ounces from 2 million silver ounces in the same period a year earlier.

Total silver production in the quarter included 1.4 million ounces of attributable silver production from Cerro Los Gatos as well as a 17-percent increase at San Dimas primarily due to operational improvements.


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This article is originally published at Insider Monkey.