What a day for the fans of Kinross Gold Corporation improving 19.33% for gain of $2.80, on a lower than average volume of 8.57 million shares traded as gold shot out of the blocks and put on $42.00 to trade at $764.00 as we write.
A terrific bounce by KGC, however, it now remains to be seen if Kinross can sustain a reasonable rally. Note the MACD’s golden crossover and the other technical indicators are also heading north which is encouraging. However we cannot place a lot of store in these indicators at the moment as we are on the eve on an election and there is no telling how the markets will receive the result.
This rise in the stock price as also brought our ‘dead in the water’ Call Options back to life as they closed at $0.45 today. We have until January for these Call Options to improve so we will look for a suitable exit for this trade.
Kinross Gold Corporation has a market capitalisation of $7.90 billion, a P/E ration of 25.29 with 615 million shares outstanding.
Kinross Gold Corporation trades on the Toronto stock Exchange under the symbol of ‘K’ and on the New York Exchange under the symbol of ‘KGC’
Have a good one.
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