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Feb. 1, 2021, 7:09 a.m. EST

Reddit traders send mining stocks higher as silver futures jump to eight-year high

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By Steve Goldstein

European-listed miners jumped on Monday, as U.S. retail interest pushed futures on silver up to an eight-year high.

Fresnillo /zigman2/quotes/201300065/delayed UK:FRES +0.53% , Mexico’s second-largest silver miner, jumped 17% in London. Anglo-Russian gold and silver miner Polymetal /zigman2/quotes/204469675/delayed UK:POLY +1.48% rose 8%, and Polish silver and copper miner KGHM Polska Miedz PL:KGH +1.00% added 2%.

Silver futures /zigman2/quotes/210315219/delayed SI00 +0.16% rose as much as 13%.

The gains in silver illustrate the wild moves in certain stocks and assets over the last week, initially fueled by a short squeeze on the U.S. videogames retailer GameStop /zigman2/quotes/203755179/composite GME +0.26% fuelled on the Reddit message board that has spread to other assets.

“Influencing the price of silver will not be as easy as a single small or medium sized single equity. Silver’s market cap is in the range of $1.4 trillion to $1.6 trillion as opposed to GameStop’s $1.5 billion before becoming the target of retail investors, and a large proportion of the market is off-exchange. However, it will be interesting to see the small players’ power and how much further they can push prices,” said Hussein Sayed, chief market strategist at FXTM.

After a rough week in which it lost 3.1%, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.89% rose 1.1% on Monday.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 +0.77% also were higher.

Of stocks on the move, JD Sports Fashion /zigman2/quotes/207007202/delayed UK:JD +1.83% rose 6% after agreeing to buy DTLR Villa, a Baltimore-based athletic footwear and apparel retailer with 247 stores, for $495 million. In the 52 weeks ended Feb. 1, DTLR had earnings before interest, tax, depreciation and amortization of $45.6 million.

Klépierre /zigman2/quotes/205805944/delayed FR:LI +0.22% declined, as the shopping-mall operator said 88% of its French malls are closed, as are nonessential shops in Italy, Denmark, Germany, the Netherlands, Portugal, Czech Republic, Barcelona and Oviedo in Spain, and Oslo in Norway.

/zigman2/quotes/201300065/delayed
UK : U.K.: London
911.00 p
+4.80 +0.53%
Volume: 2.08M
May 7, 2021 4:35p
P/E Ratio
23.28
Dividend Yield
2.03%
Market Cap
£6.68 billion
Rev. per Employee
N/A
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/zigman2/quotes/204469675/delayed
UK : U.K.: London
1,616.50 p
+23.50 +1.48%
Volume: 1.66M
May 7, 2021 4:35p
P/E Ratio
9.17
Dividend Yield
5.73%
Market Cap
£7.54 billion
Rev. per Employee
£185,178
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PL : Poland: Warsaw
211.50
+2.10 +1.00%
Volume: 564,874
May 6, 2021 12:00a
P/E Ratio
45.44
Dividend Yield
N/A
Market Cap
zł42.30 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210315219/delayed
US : U.S.: Nymex
$ 27.52
+0.04 +0.16%
Volume: 77,320
May 7, 2021 3:06p
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/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 161.43
+0.42 +0.26%
Volume: 2.38M
May 7, 2021 3:16p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$11.39 billion
Rev. per Employee
$424,150
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
444.93
+3.91 +0.89%
Volume: 0.00
May 7, 2021 5:50p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,226.50
+32.30 +0.77%
Volume: 1.33M
May 7, 2021 2:06p
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/zigman2/quotes/207007202/delayed
UK : U.K.: London
921.40 p
+16.60 +1.83%
Volume: 766,606
May 7, 2021 4:35p
P/E Ratio
39.97
Dividend Yield
0.16%
Market Cap
£9.33 billion
Rev. per Employee
N/A
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/zigman2/quotes/205805944/delayed
FR : France: Euronext Paris
22.28
+0.05 +0.22%
Volume: 1.15M
May 7, 2021 5:35p
P/E Ratio
N/A
Dividend Yield
6.07%
Market Cap
€6.23 billion
Rev. per Employee
€1.32M
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