NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) are down by -2.29% to $4.26 in early afternoon trading on Monday as the gold sector takes a hit as it prepares for its biggest loss of 2014, Bloomberg reports.
August gold futures declined -2.2% to $1,307.50 per ounce on Monday morning.
Portuguese banking concerns have quieted and equities have advanced, reducing investor demands for safe haven assets.
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The turnaround in the gold stocks comes after the industry saw several weeks of gains, due in part to missed payments on notes, by the parent company of Portugal second largest bank, Bloomberg added.
TheStreet Ratings team rates KINROSS GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate KINROSS GOLD CORP (KGC) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."