Large Inflow of Money Detected in Barrick Gold Corporation

Barrick Gold Corporation (ABX) : Wednesdays money flow data in Barrick Gold Corporation (ABX) suggests that the bulls made the most of the weakness in the stock. The inflow of money into the stock on upticks was $83.92 million, whereas, $79.54 million worth of transactions were done on downticks. The ratio between the two, uptick and downtick stood at 1.06, in favor of the bulls. The total money flow into the stock was $4.38 million clearly indicating that the smart money has been buying into the stock on weakness.

In comparison, the money flow in block deals was $8.51 million. The total value of block trades done on upticks was $20.94 million. The value of bearish trades on downticks was only $12.42 million.The up/down ratio in the block trades was a healthy 1.69 in favor of the bulls, suggesting strong buying in the stock by large traders. Barrick Gold Corporation (ABX) fell $1.66 and traded at $19.92, down -7.67% for the day, over previous days close. On a weekly basis, the shares are -6.94% over the previous weeks close.


Also, Jefferies upgrades its rating on Barrick Gold Corporation (NYSE:ABX). Analysts at the Jefferies have a current rating of Buy on the shares. The shares were previously rated Hold. The rating by the firm was issued on July 14, 2016.

Barrick Gold Corporation (NYSE:ABX): The stock opened at $21.02 on Wednesday but the bulls could not build on the opening and the stock topped out at $21.07 for the day. The stock traded down to $19.84 during the day, due to lack of any buying support eventually closed down at $19.91 with a loss of -7.70% for the day. The stock had closed at $21.57 on the previous day. The total traded volume was 24,664,918 shares.

The stock has recorded a 20-day Moving Average of 6.24% and the 50-Day Moving Average is 1.66%.

Barrick Gold Corporation (Barrick) is a gold mining company. The Company is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company operates in segments: eight individual gold mines, Acacia and Pascua-Lama project. The remaining operating segments have been grouped into two other categories: its remaining gold mines and its two copper mines. The Company sells its production in the world market through the distribution channels: gold bullion is sold in the gold spot market; gold and copper concentrate is sold to independent smelting companies, and copper cathode is sold to various manufacturers and traders. The Company has 14 producing gold mines, located in Canada, the United States, Peru, Argentina, Australia, the Dominican Republic and Papua New Guinea. It also holds a 63.9% equity interest in Acacia Mining plc (Acacia) that owns gold mines and exploration properties in Africa.

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