Why Harmony Gold Mining Company Ltd. (HMY) Went Up On Monday?

We recently published a list of 10 Firms Kick Off Trading Week Stronger. In this article, we are going to take a look at where Harmony Gold Mining Company Ltd. (NYSE:HMY) stands against other firms that kicked off the trading week stronger.

The stock market began the trading week on a mixed note as investors continued to digest President Donald Trump’s new tariff agenda, with all economies expecting to be hit by import taxes.

Among all major indices, only the Nasdaq registered losses, down 0.14 percent. In contrast, the Dow Jones jumped by 1 percent while the S&P 500 grew by 0.55 percent.

Despite the broader market downturn, 10 individual stocks stood their ground, finishing the day in the green amid a flurry of fresh corporate developments that boosted investor appetite.

In this article, we named Monday’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 Ltd. (NYSE:HMY)

Harmony Gold extended its winning streak for a third day on Monday, adding 5.05 percent to close at $14.77 apiece as investors gobbled up shares after prices of gold hit a new record high.

On Monday, the spot prices of gold cracked past the $3,100 level for the first time as concerns about US President Donald Trump’s more aggressive tariff stance drove investor funds to safer assets such as gold and spilled over to gold mining stocks.

Optimistic outlooks for the precious metal further added to the sentiment, with Goldman Sachs expecting gold to soar to the $4,500 level over the next 12 months amid extreme market conditions.

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 6th on our list of firms that kicked off the trading week stronger. 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.