Why IAMGOLD Corporation (IAG) Surged On Thursday?

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 IAMGOLD Corporation (NYSE:IAG) 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 the Rosebel gold mine in Suriname with its open pits spanning across the landscape.

IAMGOLD Corporation (NYSE:IAG)

IAMGOLD extended its winning streak for a third straight day on Thursday, finishing 5.24 percent higher at $6.43 each as investors gobbled up shares in the company following spot gold prices’ new record high.

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.

IAG is a leading gold producer with assets across Canada and West Africa. The company fully owns the Westwood project in Quebec, holds a 60 percent stake in the Côté Gold project in Ontario, and controls 90 percent of Essakane in Burkina Faso.

For this year, it targets gold production to hit between 735,000 and 820,000 ounces, focusing on maximizing Côté Gold’s potential.

Overall, IAG ranks 6th on our list of stocks that jumped, defying market uncertainties on Thursday. While we acknowledge the potential of IAG 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 IAG 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.