First Majestic Silver Corp. (NYSE:AG) saw an 8.78% increase in stock price, hitting $13.50 per share amid rising silver prices. Spot silver prices rose by 3.59% to $53.32 per troy ounce, reflecting optimism for an interest rate cut that weakens the US dollar, making precious metals like silver more appealing.

The positive sentiment extended to silver and gold miners like First Majestic (AG), a major player in the silver market. Additionally, the company is set to distribute dividends worth $0.0052 per share to common shareholders on November 28, following a strong third-quarter performance.

First Majestic reported a remarkable turnaround in earnings, with a net income of $43 million in Q3, up from a $26.6 million loss last year. Revenues also surged by 95% to $285.1 million, driven by increased silver equivalent ounces sold and a higher realized silver price of $39.03.

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Read more at Yahoo Finance: First Majestic (AG) Soars 8.8% on Silver Price Jump