New Gold Inc (NYSEAMERICAN:NGD) Stock Extends Fall: Down 11% Last Week
Investors in New Gold Inc (NYSEAMERICAN:NGD) did not have a good time last week as the stock ended up with significant losses. On Friday, the trend continued and the stock tanked by as much as 6% following another selloff.
Market Stats
On Friday, NGD stock decreased 5.92% at $1.59 with more than 10.72 million shares, compared to its average volume of 7.93 million shares. The stock has moved within a range of $1.5600 – 1.7150 after opening trading at $1.69. .
Provides Update on the Impact of Heavy Rains in British Columbia at the New Afton Mine
That took the declines recorded by the New Gold stock for the previous week to as much as 11%. This past Friday the company was in the news after it provided an update with regards to the impact of mudslides, heavy rains and flooding in British Columbia on its operations. New Gold announced the situation has resulted in significant disruption in the transport routes that lead to the New Alton mine owned by New Gold.
However, at the same time, New Gold also pointed out that the rains and flooding did not have any actual impact on the infrastructure and operations at the actual mine. The company went on to add that it was going to continue to monitor the situation closely and make an assessment of the events. It seems that the news about the troubles with the transportation routes may have led to the decline in the stock on Friday. Investors could do well to keep an eye on it in the coming days.
Traders Corner
NGD stock is trading above the 20-Day and 50-Day Moving averages of $1.57 and $1.35 respectively. However, the stock is trading below the 200-Day moving average of $1.60. The stock is up 17% in the past month.
