topstockalerts
Oct 16, 12:47 AM
Kinross Gold shares jumped 7.24% to
$23.85 on Thursday as gold futures rebounded more than
$67 to approximately
$4,175 per ounce, triggering a strong recovery across gold-mining stocks following the previous session’s sharp sell-off. The rally came after Kinross approached its 52-week low of C
$30.93 amid a broad decline in precious metals. Technical indicators also suggested the stock was deeply oversold, supporting a potential rebound.
Fundamentally, S&P Global Ratings recently upgraded Kinross’ credit rating to BBB from BBB-, citing improving credit metrics supported by higher gold prices and continued debt reduction. Several analysts maintained Buy or Outperform ratings despite lowering price targets after the company reduced its production outlook in September.
The broader Canadian market also recovered, with the S&P/TSX Composite rising more than 300 points, or 1.55%, as materials stocks, including gold and silver miners, led gains.
$KGC
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