The gold miner’s shares have lost their sparkle over the past week. Here’s why.
The post Down 18% in a week, what’s stolen the shine from the Regis Resources share price? appeared first on The Motley Fool Australia. –
The Regis Resources Limited (ASX: RRL) share price has fallen 18% over the past week.
This comes despite the company keeping a relatively quiet profile on the news front.
At Fridayâs market close, the gold minerâs shares recovered some lost ground to finish 1.32% higher at $1.54. That’s 18.09% lower than the $1.88 it closed at the previous Friday.
Itâs worth noting that Regis Resources shares touched a 52-week low of $1.465 on Friday before quickly reversing their losses.
Whatâs happening with Regis Resources?
After four consecutive sessions in the red, it appears investors are taking advantage of the Regis Resources share price weakness.
The extreme volatility on the ASX mixed with a deteriorating gold price have caused havoc with the companyâs shares.
This is because of fears surrounding more aggressive rate hikes by the Reserve Bank of Australia to cool down inflation.
While the negative news has been priced in, investors will be eagerly awaiting the next consumer price index report. This is scheduled to be released on 27 July and will tell us about the latest inflation levels for the June quarter.
If interest rates are accelerated, it’s possible the Regis Resources share price could fall further as investors switch to government bonds.
At the time of writing, the yellow metal is fetching US$1,823 per ounce. This represents a decline of almost 2% in the past 30 days.
In addition, the S&P/ASX 300 Metals and Mining Industry (ASX: XMM) has also headed south over the past week, down by almost 6%.
The sector contains companies in the top 300 ASX companies that are involved with gold, steel, and precious metals.
Regis Resources share price performance
Itâs been a rough ride for Regis shareholders with the companyâs shares plummeting by 21% in 2022.
However, when looking at the past 12 months, those losses are further amplified with the Regis Resources share price down 37%.
Based on todayâs closing price, the company presides a market capitalisation of approximately $1.15 billion.
The post Down 18% in a week, what’s stolen the shine from the Regis Resources share price? appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
