Stock Market Today, March 19: B2Gold Slides Following Steep Gold Price Drop
B2Gold (NYSEMKT:BTG), a gold mining and exploration company, closed Thursday at $4.21, down 8.48%. The stock fell against a backdrop of tumbling gold and silver prices and diminishing confidence in the sector.
Trading volume reached 59.8 million shares, coming in about 54% above its three-month average of 38.9 million shares. B2Gold IPO'd in 2008 and has grown 192% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) slipped 0.27% to 6,606 on Thursday, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.28% to finish at 22,091. Among gold mining industry peers, Agnico Eagle Mines (NYSE:AEM) closed down 5.77% at $184.78, and Gold.com (NYSE:GOLD) declined 4.43% to end at $43.97 as weaker bullion prices pressured the sector.
What this means for investors
Gold stocks fell as a broader risk-off sentiment took hold. Gold futures declined 5% today and 8.5% in the past five days. Fears tied to the Iran conflict, energy prices, and inflation weighed on precious metal prices. The sell-off impacted B2Gold and other mining companies, as their stock prices are closely correlated to the commodities they mine.
The Federal Reserve’s decision to hold rates steady and delay rate cuts could present a headwind for gold, which does not pay interest as some other assets do. Gold prices have rallied to record highs in the past year, but the recent drop at a time of global turmoil could raise questions about its safe-haven credentials.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends B2Gold. The Motley Fool has a disclosure policy.
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