Harmony Gold (HMY) Stock Spikes on Higher Gold Prices

NEW YORK (TheStreet) -- Shares of Harmony Gold Mining (HMY) are jumping 7.07% to $4.39 in mid-morning trading on Wednesday as gold prices hit a two-year high.

For August delivery, gold is up 0.68% to $1,367.90 per ounce on the COMEX this morning.

The price of the precious metal is gaining today as a decline in stock markets and a drop in some bond yields after Britain's vote to leave the European Union caused investors to seek out a safe haven, Reuters reports.

European equities slipped and Germany's 10-year bond yield decreased to a record low for a second day today as concerns surrounding the impact of Brexit on economic growth pressured global markets and supported demand for safe-haven bonds.

"Panic is back in the market -- you can see that not only in gold, but also with stock markets," LBBW analyst Thorsten Proettel told Reuters. "Right now, everyone is looking for a strategy from London."

Harmony Gold is a Johannesburg, South Africa-based gold mining and exploration company.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.

The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: HMY

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