Gold stocks on the rise

Gold stocks were on the rise this week in London nearly across the board, including Russian companies Petropavlovsk and Polymetal International.

Petropavlovsk was up approximately $0.409 in London to approximately $7.22, while Polymetal International rose approximately $0.346 on the FTSE 100 to approximately $14.45, the Telegraph reports.

“In terms of read across we note that recent M&A is focused on producing gold companies,” Kate Craig, an analyst for Liberum Capital, said, according to the Telegraph.

Other companies on the rise included Avocet Mining, a West African metal miner, which rose approximately $0.691 to $1.457 and Fresnillo, which rose approximately $0.346 to $23.739, according to the Telegraph.

Many investors were interested in the mid-cap index on Thursday when news broke that Canada’s Barrick Gold was considering selling its 74 percent stake in African Barrick Gold. A possible buyer of the business is China National Gold Group.

African Barrick Gold closed up eight percent at $6.677.

While the mining companies generated excitement, the wider market only inched up in both the FTSE 100 and the FTSE 250, marking a slow day for traders.

“We have seen a trading range of just 30 points on the FTSE 100 today, and indeed a trading range of one percent on the week so far, which when combined with the fact that we are also seeing lower trading volumes in the market, gives the sense that many traders are either sitting on their hands right now or not looking at dealing screens at all,” Joshua Raymond, the chief market strategist at City Index, said, according to the Telegraph. “This is of course no surprise being the time of year when many traders are on vacation.”