Silvercorp Metals Inc. (SVM:TSXV) was a top performer in March’s Stock Challenge Thursday – rising 15% to close at the high of the day. Silvercorp has broken above its 50 day moving average and its chart is projecting a bullish indicator.
Silvercorp Metals has been among the best performing silver stocks on the entire TSX in recent months.
Silvercorp Metals – 3 Month Chart
As you can see from the above chart, Silvercorp has more than doubled from a recent low of $0.60 per share. These types of gains are luring investors back to the precious metal markets.
Silvercorp: tops silver stocks after February production numbers
Silvercorp released its third quarter results on February 5th and has been closing at higher highs ever since. Below are some highlights:
- “Cash flows from operations of $9.6 million, or $0.06 per share;
- Repurchased 684,700 common shares of the Company;
- Ended the quarter with $66.8 million in cash and short term investments;
- Net income attributable to equity shareholders of $3.3 million, or $0.02 per share;
- Silver and lead head grades improved by 13% and 14%, respectively, to 287 grams per tonne for silver and 4.1% for lead at the Ying Mining District, compared to the prior year quarter;
- Silver sales of 1.4 million ounces, lead sales of 15.1 million pounds, and zinc sales of 4.7 million pounds, down 15%, 9%, and 33%, respectively, from the prior year quarter;”
Click here to read the entire press release.
Silvercorp tops March’s Stock Challenge
Pinnacle member ‘Estinvest’ selected Silvercorp for March’s Stock Challenge and saw his combined average return improve 11.72% on the day. This was third best in the Challenge for Thursday.
Estinvest’s combined average return on the month is an impressive 23.41% thus far – good enough for 17th out of 240 Challengers this month.
Oil stocks have stayed resilient as the price of crude oil climbed above $38 per barrel Thursday. Long-time member and past Stock Challenge Champ ‘Dougal’ expanded his lead, finishing the day with a 78.64% return.
With nearly three full weeks remaining in March, many traders are betting silver stocks will continue to rally.
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