Dallas, Texas 07/17/2013 (Financialstrend) – There had been recent boost in the share prices of the gold mining companies in the past few trading sessions. This surge in stock prices had primarily been attributed to the expectations among the investors that the Chairman of Federal Reserve Ben Bernanke would provide hints on the upcoming monetary policy this week. Further, there had also been extension of gains in the gold prices consecutively for the second session.
Such increase in share prices of the gold mining companies including that of Harmony Gold Mining Co. (ADR) (NYSE:HMY) was observed to be restricted to certain levels primarily owing to the release of numbers related to the Consumer Price Index. After the Federal Reserve Chairman announced that the interest rates would be kept low in the recent future in order to manage low growth in the economy it appears that the investors had turned their attention to the precious metals which had boosted the stocks of gold mining companies. This is further expected to move on to higher levels in the coming trading sessions.
Shares of Harmony Gold Mining Co. (ADR) opened at $3.48 per share on Tuesday and thereafter increased by 4.90% to close at $3.64 for the day. There had been intraday price movements in the stock within the range of $3.46 as low price to $3.64 as high price. The stock has 52 week low at $3.29 and 52 week high at $10.54 per share. The company has 435.26 million shares outstanding in the market which gives it a market cap of $1.58 billion and there is institutional ownership in the capital at 27% of the stock. HMY witnessed the trade of 3.07 million shares on Tuesday, while the average level is at 2.99 million shares per day.