Why Harmony Gold Mining Company Limited (HMY) Went Up On Friday?

We recently published a list of 10 Firms End Friday Strong; 3 Reach All-Time Highs. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against other firms that end Friday strong.

Wall Street’s main indices finished the trading week in the negative territory as investor sentiment was weighed down by economic uncertainties brought about by the ongoing trade tensions globally.

The tech-heavy Nasdaq fell the heaviest, by 2.70 percent, followed by the S&P 500, by 1.97 percent, and the Dow Jones, by 1.69 percent.

Despite the broader market downturn, 10 individual stocks showed a strong performance during the trading session, with three companies particularly notable for hitting new all-time highs.

In this article, we listed Friday’s 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 in trading volume.

Harmony Gold Mining Company Limited (NYSE:HMY)

Harmony Gold surged by 9.5 percent on Friday to finish at $14.06 apiece as investors snapped up shares in the company following higher gold spot prices and outlook from an investment firm.

As of Friday, 6:24 PM EDT, spot prices of gold were up by 0.91 percent to a new all-time high of $3,085.12 per ounce, marking its 18th record high this year, as investors continued to flock to safer assets amid the ongoing trade tensions globally.

The higher prices pushed Bank of America to raise its average gold price targets for this year and the next. In its market note on Wednesday, the investment firm raised its gold price forecast to $3,063 per ounce this year and to $3,350 per ounce next year. The new figures marked a significant increase from its previous forecasts of $2,750 per ounce for 2025 and $2,625 per ounce for 2026.

Overall, HMY ranks 1st on our list of firms that end Friday strong. 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.