Harmony Gold (HMY +4%) climbs as much as 8.5% following a spate of weakness in the South African rand and as bullion prices rose.
“Harmony shares are massively geared to the rand,” says Noah Capital Markets analyst Rene Hochreiter. “If the rand goes down, Harmony goes up in a big way. It’s just the rand and nothing else.”
The rand weakened 1.6% vs. the dollar on Thursday after sliding 0.7% on Wednesday.
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