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Feb. 1, 2021, 8:53 a.m. EST

Fresnillo sees best gain in 12 years as silver prices spike

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By Steve Goldstein

Fresnillo shares had their biggest one-day spike in 12 years on Monday, as traders bid up miners in reaction to the surge in silver to an eight-year high.

Fresnillo’s /zigman2/quotes/201300065/delayed UK:FRES +1.01% shares in afternoon trade rose 18%, its best one-day gain since Dec. 11, 2008. Other miners on the move included Polymetal International /zigman2/quotes/204469675/delayed UK:POLY -0.31% , which rose 8%, and Anglo American /zigman2/quotes/201381512/delayed UK:AAL +0.80% , which gained 4%.

Silver futures /zigman2/quotes/210315219/delayed SI00 -0.37% moved the $30 an ounce mark as retail interest in the metal has perked up, the latest beneficiary of the Reddit message board frenzy into asset markets.

“The feature in the marketplace to start the trading week and the month of February is that silver prices popped to an eight-year high above $30 an ounce today as retail traders are looking for a short squeeze in the market. Social media lit up during the weekend, especially on Reddit, as the growing retail band of traders looked to slay another market — this time silver — that they claim is dominated and manipulated by the big boys on Wall Street. This follows the GameStop /zigman2/quotes/203755179/composite GME -11.10% saga that played out last week, whereby the smaller retail traders put the squeeze on big hedge funds that had shorted the troubled business,” said Jim Wyckoff, senior analyst at Kitco.

The gains for the resource sector led the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.08% higher, though most sectors advanced on Monday.

Hargreaves Lansdown’s /zigman2/quotes/201025857/delayed UK:HL +1.34% shares dropped nearly 5%, after reporting £3.2 billion in net new business in its fiscal first half. “Today’s share price reaction show expectations were already set high, while new gross margin guidance implies downgrades to consensus,” said Charles Bendit, an analyst at Redburn.

/zigman2/quotes/201300065/delayed
UK : U.K.: London
920.20 p
+9.20 +1.01%
Volume: 1.85M
May 10, 2021 4:35p
P/E Ratio
23.52
Dividend Yield
1.99%
Market Cap
£6.71 billion
Rev. per Employee
N/A
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/zigman2/quotes/204469675/delayed
UK : U.K.: London
1,611.50 p
-5.00 -0.31%
Volume: 1.45M
May 10, 2021 4:35p
P/E Ratio
9.14
Dividend Yield
5.68%
Market Cap
£7.66 billion
Rev. per Employee
£185,178
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/zigman2/quotes/201381512/delayed
UK : U.K.: London
3,408.50 p
+27.00 +0.80%
Volume: 2.60M
May 10, 2021 4:35p
P/E Ratio
26.47
Dividend Yield
2.15%
Market Cap
£41.73 billion
Rev. per Employee
N/A
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/zigman2/quotes/210315219/delayed
US : U.S.: Nymex
$ 27.39
-0.10 -0.37%
Volume: 20.00
May 10, 2021 6:00p
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/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 143.22
-17.89 -11.10%
Volume: 4.79M
May 10, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$11.40 billion
Rev. per Employee
$424,150
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,123.68
-6.03 -0.08%
Volume: 686,185
May 10, 2021 4:54p
loading...
/zigman2/quotes/201025857/delayed
UK : U.K.: London
1,772.00 p
+23.50 +1.34%
Volume: 727,669
May 10, 2021 4:35p
P/E Ratio
25.77
Dividend Yield
2.16%
Market Cap
£8.28 billion
Rev. per Employee
£342,174
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