NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) are higher by 7.56% to $2.91 on heavy volume in mid-afternoon trading on Tuesday, as the gold mining company gets a boost from the rise in gold prices.
Gold advanced to a two-week high on Tuesday, as Russia added more bullion to its reserves, and as the dollar fell against a basket of 10 other currencies, resulting in an increase in demand for substitute assets, Bloomberg reports.
So far today, 21.77 million shares of Kinross Gold have exchanged hands, as compared to its average daily volume of 12.68 million shares.
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Gold for December delivery was higher by 1.2% or $13.60 today, settling at $1,197.10 per ounce, MarketWatch reports.
Separately, 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 a number of negative factors, 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 unimpressive growth in net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."