NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) are higher by 7.12% to $3.16 in early afternoon trading on Wednesday, as gold mining and producing stocks rise with the price of the precious metal.
Gold is moving up today as data from ADP Research Institute shows employers did not add as many new employees last month as was expected. The job figures increased demand for gold as a haven, Bloomberg reports.
Last month companies added 208,000 employees, compared to the 222,000 that was expected, Bloomberg noted.
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"Gold has got a slight support from the weaker ADP numbers, but I will still sell on rallies. We will continue to see higher volatility in gold with oil and interest rate-hike uncertainty," a broker at Newedge Group told Bloomberg.
Gold for February delivery was higher by 0.74% to $1,208.30 on the COMEX in New York in early afternoon trading today.
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 multiple 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 unimpressive growth in net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."