Why Harmony Gold Mining Company Ltd. (HMY) Went Up Last Week?

We recently published a list of 10 Stocks Outperform Broader Market Last Week. In this article, we are going to take a look at where Harmony Gold Mining Company Ltd. (NYSE:HMY) stands against other stocks that outperformed broader market last week.

Wall Street’s main indices traded lower week-on-week as investor sentiment continued to be dragged by the ongoing trade tensions globally.

The tech-heavy Nasdaq was down by 2.59 percent versus its level on March 21. Meanwhile, the S&P 500 declined by 1.5 percent and the Dow Jones dropped by 0.956 percent.

Ten individual stocks, on the other hand, managed to stay stronger, three of which were particularly notable as funds flocking to gold assets spilled over into their stocks.

In this article, we listed last week’s 10 top 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 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)

Higher gold prices and an optimistic outlook propelled Harmony Gold’s share prices by 10.44 percent last week to end at $14.06 from the $12.73 registered on March 21.

As of Friday, spot prices of gold were up by 0.91 percent to a new all-time high of $3,085.12 per ounce. Friday’s increase marked its 18th record high this year as investor funds flocked to safer assets such as gold to mitigate risks from the ongoing economic uncertainties.

Meanwhile, Bank of America raised its average gold price targets for this year and the next to $3,063 per ounce this year and $3,350 per ounce in 2026.

The new figures were markedly up from its previous forecasts of $2,750 per ounce for 2025 and $2,625 per ounce for 2026.

Earlier this year, HMY announced that its net income in the first semester grew by 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose by 18 percent to R37.1 billion from R31.4 billion, with gold revenues contributing to total revenue growth, increasing 19 percent to R35.4 million from R29.7 million.

Overall, HMY ranks 7th on our list of stocks that outperformed broader market last week. While we acknowledge the potential of HMY 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 HMY but 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 30 Best Stocks to Buy Now According to Billionaires.

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