We recently compiled a list of the 10 Firms Shine Amid Market Slump. In this article, we are going to take a look at where Equinox Gold Corp. (NYSEAMERICAN:EQX) stands against the other stocks.
Ten companies kicked off this week’s trading on a positive note, defying a broader market pessimism amid growing trade tensions among the US, Mexico, China, and Canada over the retaliation of tariffs on each other’s goods.
On Monday, the Dow Jones lost another 0.28 percent, while the S&P 500 and the Nasdaq Composite both registered steep declines of 0.76 percent and 1.20 percent, respectively. The slump came following President Donald Trump’s announcements that he would slap a 25-percent tariff on Canadian and Mexican goods, while a special 60-percent rate would be taxed on Chinese products.
Ten companies under mixed sectors defied a broader market downturn, leading the charge among market advancers. In this article, we will examine which companies performed well and the factors driving their success.
The list of top advancers only considered the companies 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. (NYSEAMERICAN:EQX)
Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) increased by 8.24 percent on Monday to close at $6.57 apiece in line with a surge in gold prices which climbed by 22.10 percent to $2,857.10.
The continued rally also appears to reflect growing investor confidence, following the company’s impressive gold production results reported just last month.
According to Equinox, it was able to produce 213,960 ounces of gold in the fourth quarter of 2024 and 621,870 ounces for the full year. Its Greenstone mine, which it now fully controls, contributed 111,710 ounces in its first partial year of operations after achieving commercial production.
Equinox Gold Corp. also said it ended the year with approximately $240 million in cash and equivalents and $105 million available to draw on its revolving credit facility, as well as another $100 million undrawn accordion feature.
During the fourth quarter, 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 3rd on our list of the stocks that shone amid market slump. 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 timeframe. 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.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
Disclosure: None. This article is originally published at Insider Monkey.
