Miners listed on the European stock market jumped up on Monday when the US retail stake raised its futures contract on silver to a high of eight years.
Fresnillo FRES,
Mexico’s second largest silver miner jumped 17% in London. Anglo-Russian gold and silver miner Polymetal POLY,
increased by 8%, and the Polish silver and copper miner KGHM Polska Miedz KGH,
2% added.
Silver futures contract SI00,
rose to 13%.
The rise in silver illustrates the wild moves in certain stocks and assets over the past week, initially fueled by a brief push on US video game retailer GameStop GME,
which has spread to other assets.
‘It will not be as easy to influence the price of silver as a single small or medium-sized single stock. Silver’s market capitalization is between $ 1.4 billion and $ 1.6 billion, compared to GameStop’s $ 1.5 billion before it became the target of retail investors, and much of the market is non-exchange. However, it will be interesting to see the power of the small players and how much they can push further, ”said Hussein Sayed, FXTM’s chief market strategist.
After a rough week in which he lost 3.1%, the Stoxx Europe 600 SXXP,
rose 1.1% on Monday.
US futures contracts ES00,
was also higher.
From stocks on the go, JD Sports Fashion JD,
rose 6% after agreeing to buy DTLR Villa, a 247-store athletic shoes and clothing retailer in Baltimore, for $ 495 million. In the 52 weeks ended February 1, DTLR earned $ 45.6 million before interest, taxes, depreciation and amortization.
Klépierre LI,
declined as the mall operator said 88% of its French shopping centers were closed, as well as non-essential stores in Italy, Denmark, Germany, the Netherlands, Portugal, the Czech Republic, Barcelona and Oviedo in Spain and Oslo in Norway.