Fresnillo shares had the biggest one-day spike in 12-year highs on Monday, while traders offered miners in response to the rise in cash to an eight-year high.
FRES Fresnillo,
Shares in afternoon trading rose 18%, the best one-day gain since December 11, 2008. Other miners on the move included Polymetal International POLY,
rose 8%, and Anglo American AAL,
received 4%.
SI00 cash future,
the $ 30 an ounce mark moved as sales interest in the metal went up, the latest beneficiary of Reddit’s message board frenzy entering asset markets.
“The feature on the market to start the trading week and month of February is that money prices are going up to eight years high above $ 30 an ounce today as traders sell looking for a brief push on the market. Social media was sparked over the weekend, especially on Reddit, as the growing sales band tried to kill another market – this time money – which they say is controlled and handled by the big boys on Wall Street. This follows the GameStop GME,
a saga played out last week, where the smallest retail traders put pressure on big hedge funds that had shortened the troubled industry, ”said Jim Wyckoff, senior analyst at Kitco.
The benefits for the facilities division led the FTSE 100 UKX,
higher, although most divisions advanced Monday.
Hargreaves Lansdown’s HL,
Shares fell nearly 5%, after accounting for £ 3.2 billion in net new business in its first fiscal half. “Today’s price sentiment views are already set high, while new margin management means a downward spiral to a consensus,” said Charles Bendit, an analyst at Redburn.