Kinross Gold wins hedge fund's favour with buyback plan
BNN Bloomberg
Kinross Gold Corp. announced plans to ramp up its share repurchases subsequent to talks with a renowned activist investor and other shareholders.
Mike Parkin, an analyst at National Bank of Canada Financial Markets who has an outperform (the equivalent of a buy) recommendation on Kinross, stated in a report to clients he thinks the buyback strategy is a good use of capital in light of the discount on Kinross shares against peers.
Parkin ranks Kinross as his top pick among the senior gold producers. He has a price target of $8.25 per share.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
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