On Wednesday, Shares of Barrick Gold Corporation (NYSE:ABX), gained 3.13% to $7.90, as gold prices touched a high of $1124 per ounce on Wednesday morning in London, following global equities weakening on concerns over the Chinese currency and stocks.
Gold prices rose well above $1120 per ounce last morning nearing the 3½-week high it reached last Thursday. The rapid price recovery confirmed that the lower prices generate higher demand among price-sensitive investors.
Last week, gold demand saw its biggest weekly jump since June after China devaluated the yuan. On Monday, the People’s Bank of China unexpectedly started trimming the value of its currency to a multi-year low against the US-dollar.
Barrick Gold Corporation produces and sells gold and copper. The company is also involved in exploration and mine development activities. It conducts mining, development and exploration, and other activities in various countries, counting the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia.
Shares of Encana Corporation (NYSE:ECA), declined -5.66% to $6.50, during its last trading session, hitting its lowest level, as some stocks within the energy sector take a hit from the decline in oil prices, which fell to a new six and a half year low, on the latest sign of a glut in crude supplies.
The U.S. benchmark crude price fell by $1.82 or 4.3 percent to settle at $40.80 per barrel Wednesday, its worst single-day percentage loss since early July and its lowest settlement since 2009. During the financial crisis, West Texas Intermediate crude settled at a low of $33.98 a barrel in February 2009.
Encana Corporation, together with its auxiliaries, engages in the development, exploration, production, and marketing of natural gas, oil, and natural gas liquids in Canada and the United States.
Finally, CVS Health Corporation (NYSE:CVS), ended its last trade with -1.57% loss, and closed at $106.76.
CVS Health Corporation declared that it has accomplished the acquisition of Omnicare, the leading provider of pharmacy services to long term care facilities, for a total enterprise value of about $12.9 billion.
CVS Health Corporation, together with its auxiliaries, provides integrated pharmacy health care services in the United States. The company operates through Pharmacy Services and Retail Pharmacy segments.
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