European listed miners skyrocketed on Monday as US retail interests pushed silver futures to an eight-year high.
Fresnillo FRES,
Mexico’s second largest silver miner, jumped 17% in London. Anglo-Russian gold and silver miner Polymetal POLY,
rose 7%, and Polish silver and copper miner KGHM Polska Miedz KGH,
also increased by 7%.
Silver futures SI00,
increased by 12%.
The gain in silver illustrates last week’s wild moves in certain stocks and assets, initially fueled by a brief push on US video game retailer GameStop GME,
that has spread to other assets.
“Influencing the price of silver will not be as easy as a single small or medium stock. Silver’s market cap is between $ 1.4 trillion and $ 1.6 trillion, as opposed to GameStop’s $ 1.5 billion before it was targeted by retail investors, and much of the market is off-exchange . However, it will be interesting to see the power of the small players and how much further they can drive prices up, ”said Hussein Sayed, chief market strategist at FXTM.
After a tough week in which it lost 3.1%, the Stoxx Europe has 600 SXXP,
rose 1.1% on Monday.
US Equity Futures ES00,
were also higher.
From stocks in motion, JD Sports Fashion JD,
rose 6% after agreeing to purchase DTLR Villa, a Baltimore-based athletic shoe and apparel retailer with 247 stores, for $ 495 million. For the 52 weeks ended February 1, DTLR had earnings before interest, taxes, depreciation and amortization of $ 45.6 million.
Klépierre LI,
declined as the shopping center operator said 88% of its French shopping centers are closed, as well as non-essential stores in Italy, Denmark, Germany, the Netherlands, Portugal, the Czech Republic, Barcelona and Oviedo in Spain, and Oslo in Norway.