We recently published a list of 10 Stocks Jump, Defy Market Uncertainties on Thursday. In this article, we are going to take a look at where Equinox Gold Corp. (NYSEAMERICAN:EQX) stands against other stocks that jumped, defying market uncertainties on Thursday.
The stock market extended losses on Thursday, with all the major indices ending in the red as investors continued to sell off positions to minimize risks from the ongoing trade tensions globally.
The tech-heavy Nasdaq fell the hardest, down 0.53 percent, followed by the Dow Jones at 0.37 percent, and the S&P 500 at 0.33 percent.
The broader market decline was mainly weighed down by shares in automakers following President Donald Trump’s announcement of a 25-percent tariff on all vehicles imported to the US.
Meanwhile, 10 companies defied a broader market pessimism amid fresh company developments that buoyed buying appetite. Two gold miners were particularly notable as investors sought safer assets amid the economic uncertainties.
In this article, we listed Thursday’s 10 best performers and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.
Aerial view of a large-scale gold mine, showing the extent of the company’s operations.
Equinox Gold Corp. (NYSEAMERICAN:EQX)
Equinox Gold grew its share prices by 3.95 percent on Thursday to end at $7.10 apiece in line with gold’s new all-time high as investors set sights on safer assets to minimize risks from the ongoing trade tensions.
As of Thursday, 4:19 pm ET, the spot prices of gold were up by 1.19 percent at $3,055.64 per ounce. This marked as the 17th time it hit a record high this year.
EQX is a leading gold producer with operations in the US, Canada, Mexico, and Brazil.
Last month, the company 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.
EQX 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 9th on our list of stocks that jumped, defying market uncertainties on Thursday. While we acknowledge the potential of EQX as an investment, our conviction lies in the belief that some 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 as promising as EQX but 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.
