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Shares of Mexico-based Fresnillo surged 7.5 percent Thursday after Citigroup raised its rating on the mining heavyweight to “buy” from “hold.”
The rally ended the stock’s major losing streak, which has seen declines in all of the previous trading sessions in July. That weakness has been mirrored in the performance of the basic resources sector generally.
Fresnillo, the world's largest primary silver producer, backed out of a hostile takeover for MAG Silver in late June. The bid for the 80.2 percent of MAG would have been worth $179 million.
The mining sector got a boost Wednesday when Alcoa [AA
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] reported better-than-expected earnings, sending its shares up more than 4 percent in pre-market trading.
Anglo American [AAUK
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] shares jumped more than 5 percent, while Rio Tinto was up 4 percent, despite the fact that one of its executives was detained in China under suspicions that he stole state secrets.
- Reuters contributed to this report.
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