Why Harmony Gold Mining Company Ltd. (HMY) Is Soaring

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 Harmony Gold Mining Company Ltd. (NYSE:HMY) 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.

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Harmony Gold Mining Company Ltd. (NYSE:HMY)

Shares of Harmony Gold Mining Company Ltd. rose by 4.7 percent on Monday to finish at $11.8 apiece as investor sentiment was fueled by news that it was on track to surpass its annual gold production target of 1.5 million ounces, despite booking lower output for the first half of the financial year.

Harmony, the largest gold producer in South Africa, said in a recent trading update that gold production for the six months ending December 2024 was expected to settle between 790,000 ounces to 805,000 ounces. The figures, however, marked a decline from the 832,349 ounces produced in the same period a year earlier mainly due to planned lower output from its South African underground mines and Hidden Valley in Papua New Guinea.

However, South African underground recovered grades are expected to be higher than the projected 5.80 grams per ton, on the back of a strong performance from Mponeng, the world’s deepest mine.

Overall HMY ranks 9th on our list of the stocks that shone amid market slump. While we acknowledge the potential of HMY 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 HMY 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.