Did Equinox Gold (EQX) Close Shortened Trading Week Higher?

We recently published a list of 10 Firms Close Shortened Trading Week Higher. In this article, we are going to take a look at where Equinox Gold Corp. (TSE:EQX) stands against other firms close shortened trading week higher.

Wall Street’s main indices ended the shortened trading week in the red territory on Friday after labor market data came in much hotter than expected, fueling concerns that the Federal Reserve will not cut rates again.

Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent, while the S&P 500 declined by 1.54 percent.

Meanwhile, 10 companies in the mixed sector posted notable gains amid fresh catalysts that perked up buying appetite. In this article, let’s explore the reasons behind their rally.

In Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Aerial view of a large-scale gold mine, showing the extent of the company’s operations.

Equinox Gold Corp. (TSE:EQX)

Shares of Canadian miner Equinox Gold Corp. (TSE:EQX) rose for a third day on Friday, adding 4.99 percent to end the trading week at $6.10 per share, with investor sentiment buoyed by news that it extended the life of its Fazenda mine in Brazil to 2033, with an updated mineral reserve and mineral reserve estimate augmented by successful exploration.

Earlier this week, Equinox Gold Corp. (TSE:EQX) also achieved a record-breaking gold production in the fourth quarter of 2024, having produced 213,960 ounces of gold and 621,870 ounces for the full year.

During the same period, the company was able to slash its debt by $180 million with the payment of the final $40 million due to Orion Mine Finance for the purchase of its 40 percent interest in Greenstone and with the conversion to equity by the holders of $140 million in convertible notes.

Overall, EQX ranks 8th on our list of firms close shortened trading week higher. While we acknowledge the potential of EQX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EQX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.