In the past week, investors in New Gold Inc (NYSEAMERICAN:NGD) have had a fairly good time considering the fact that the stock has managed to deliver gains of as much as 5% during that period.
Trading Data
On Friday, NGD stock gained 1.28% to $1.58 with more than 6.24 million shares, compared to its average volume of 9.73 million shares. The stock moved within a range of $1.5428 – 1.6050 after opening trade at $1.55.
Major Details
There has been no news at all about the company over the past week that could have brought about this rally and hence, it might appear speculative to some investors. However, at the same time, it shouldn’t be forgotten that back on January 12 this year New Gold had come into focus after it made an announcement with regards to its financial results for the fourth quarter.
The President and Chief Executive Officer of the company Renaud Adams spoke about the situation as well. He stated that although it was true that 2021 had been a challenging year for New Gold, it had managed to execute its plans.
It was also noted that in the fourth fiscal quarter the production at the Rainy River project had also gone up by as much as 16%. It is difficult to say whether the latest rally was related to the company’s performance but it may be a good time to keep an eye on the news with regards to New Gold.
Technical Data
NGD stock is above the 20-Day and 50-Day Moving averages of $1.58 and $1.51 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.55. The stock is up 4% in the past week.
