Why Equinox Gold Corp. (EQX) Surged On Thursday?
From Yahoo Finance: 2025-03-28 04:28:00
The stock market saw losses on Thursday due to ongoing trade tensions, with the Nasdaq, Dow Jones, and S&P 500 all closing in the red. Automakers were hit hardest by President Trump’s 25-percent tariff announcement on imported vehicles.
Despite the market decline, 10 companies saw gains as investors looked for safer assets. Equinox Gold Corp. (EQX) surged 3.95 percent, reaching $7.10 per share, in line with gold’s record high amid trade uncertainties.
Gold prices hit $3,055.64 per ounce on Thursday, marking the 17th record high this year. EQX, a leading gold producer with operations in the US, Canada, Mexico, and Brazil, produced 621,870 ounces in 2024, with the Greenstone mine contributing 111,710 ounces.
Equinox Gold Corp. ended 2024 with $240 million in cash and $105 million available on its credit facility. The company reduced its debt by $180 million in the fourth quarter, paying off final obligations for the Greenstone mine and converting $140 million in convertible notes to equity.