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Why Sibanye Stillwater Ltd. (SBSW) Surged On Friday?

We recently published a list of Gold, Biopharma Firms Dominate Friday’s 10 Top Performing Stocks. In this article, we are going to take a look at where Sibanye Stillwater Ltd. (NYSE:SBSW) stands against other Friday’s top performing stocks.

The stock market finished the trading week on a positive note, wiping out earlier losses on Friday, as investors weighed the escalating trade tensions between the US and China.

Having been battered this week, Wall Street’s major indices all finished in the green, led by the Nasdaq, up 2.06 percent, followed by the S&P 500 with 1.81 percent, and the Dow Jones with 1.56 percent.

Ten companies, predominantly under the mining and biopharmaceutical sectors, mimicked gains on the back of fresh industry catalysts that boosted buying appetite. In this article, let us explore Friday’s top performers and the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million trading volume.

A mining truck loaded with precious metals in an open pit mine.

Sibanye Stillwater Ltd. (NYSE:SBSW)

Sibanye shares jumped by 12.6 percent on Friday, the third consecutive day, as investors hunted for bargains in gold mining stocks to seek haven from the ongoing economic uncertainties.

As of 4:22 PM EDT on Friday, spot prices of gold were at a new all-time high of $3,233.96 per ounce, representing a 1.82-percent increase from the previous day.

SBSW is a diversified mining company that mines gold, lithium, nickel, copper, zinc, and platinum group metals.

In South Africa, it operates underground mines and surface treatment facilities at Beatrix, Driefontein, and Kloof.

It also holds a controlling stake in DRDGOLD Ltd., which operates surface tailings retreatment facilities on the West Rand through the Far West Gold Recoveries operation, and on the East Rand through its wholly-owned Ergo Mining subsidiary.

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This article is originally published at Insider Monkey.