MAG Silver's Stock Jumps After Fresnillo Increases Its Stake

MAG Silver Corp. (MVG) stock jumped 18% Tuesday morning following the news that Fresnillo Plc (FNLPF.PK), the world's largest primary silver producer, increased its stake in MAG.

Fresnillo said it acquired five million common shares of MAG at C$5.31 per share, bringing its total MAG holdings, including shares owned by affiliate Penoles, to 7,233,593 common shares, representing approximately 14.7% of MAG's common shares outstanding.

MAG stock, which was trading above C$15 earlier this year, rose C$1.03 to C$6.63 at half past noon on Tuesday.