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Highlights
- Barrick Gold Corporation (TSX:ABX) and Equinox Gold Corporation (TSX:EQX) are turning heads in the stock market amid rising gold prices and corporate announcements.
- Barrick Gold stocks shot up by roughly nine per cent on Wednesday, January 19, noting a trading volume of 7.8 million.
- Likewise, stocks of Equinox Gold were up by nearly nine per cent this day, with 1.5 million shares exchanging hands.
Barrick Gold Corporation (TSX:ABX) and Equinox Gold Corporation (TSX:EQX) are turning heads in the stock market amid rising gold prices and corporate announcements.
Barrick Gold stocks shot up by roughly nine per cent on Wednesday, January 19, noting a trading volume of 7.8 million. Likewise, stocks of Equinox Gold were up by nearly nine per cent this day, with 1.5 million shares exchanging hands.
Let us find out why stocks of Barrick Gold (TSX:ABX) and Equinox Gold (TSX:EQX) are rising in value.
1. Barrick Gold Corporation (TSX: ABX)
Barrick Gold announced positive production results for the fiscal year 2021 on Wednesday despite the COVID worries.
Barrick Gold said its preliminary production was 4.44 million ounces of gold in 2021, i.e., within the guidance of 4.4 million to 4.7 million ounces.
The $ 44 billion market cap company also reported preliminary production of 415 million pounds of copper for FY2021,i.e., within the range of 410 million to 460 million pounds.
ABX shares closed at C$ 25.22 apiece on Wednesday.
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- Equinox Gold Corp (TSX: EQX)
Equinox Gold, on January 13, announced its record production of 0.21 million ounces in the fourth quarter of fiscal 2021.
The gold company met its 2021 guidance of 0.56 million to 0.62 million ounces with actual gold production of 0.60 million ounces in FY2021, a year-over-year (YoY) rise of 26 per cent.
The gold producer, which currently has a return on equity (ROE) of 24.96 per cent, said that it realized over US$ 1 billion in revenue during 2021 and will disclose its full financial and operating results in late February.
Stocks of Equinox Gold closed at C$ 9.25 apiece on January 19, bringing its one-month return to over 17 per cent.
Bottomline
Some analysts expect Barrick Gold and Equinox Gold to report positive financial results next month as both managed to meet their 2021 production targets despite the COVID threats. However, gold prices is another critical factor that can affect their revenue, so investors should ideally continue to keep a track of that before investing.
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