TipRanks has compiled a list of Monday’s biggest pre-market stock movements.
Today’s stock market is dominated by positive market sentiment on the gold market and other variables. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
Global gold mining company AngloGold Ashanti Limited (AU) was the biggest gainer in pre-market trading, as the stock jumped 10.65% at the time of writing. Though there is no business-specific news explaining the uptrend, it seems that the macro impact on the gold market due investor flight toward traditional inflationary hedges is driving up prices.
Another gainer, Switzerland-based Transocean Ltd. (RIG), surged 8.73% in pre-market trading, at last watch. Though there is no fundamental news explaining the trading frenzy of the world’s largest offshore drilling contractor based on revenue, it seems that the positive sentiment has been driven by the company’s exposure to the increasingly supply crunched commodity of oil and gas.
Brazil-based BRF S.A. (BRFS) jumped 4.26% in pre-market trading at the time of writing. The rise in price seems to have followed the revelation of the sharp decline in the company’s short interest during the month of February. BRFS is a Brazilian food processing company with over 30 brands in its portfolio.
ReNew Energy Global plc (RNW), India’s largest renewable energy company by operational capacity, jumped in pre-market trading, recording gains of around 10.7% at the time of writing. No fundamental news has been released to explain the uptrend, beyond the ongoing rise in energy prices globally.
South Africa-based Harmony Gold Mining Company Limited (HMY) completes the list. It increased 5.3% in pre-market trading at the time of writing. Though there is no fundamental news explaining the uptrend, investors’ optimism seems to be driven by rising gold prices due to geopolitical tensions and increasing inflationary fears.
Continue to watch this space for possible volatility upon the market opens. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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