Why Equinox Gold Corp. (EQX) Crashed On Friday
We recently published a list of . In this article, we are going to take a look at where Equinox Gold Corp. (NYSEAmerican:EQX) stands against other Friday's worst-performing stocks.
Equinox Gold dropped its share prices by 5.06 percent on Friday to finish at $6.94 apiece as investors unloaded portfolios amid the drop in spot prices of gold.
On the same day, gold saw its spot prices decline by 1.26 percent to $3,310.42 per troy ounce, amid a profit-taking from the previous day's gains.
Aerial view of a large-scale gold mine, showing the extent of the company's operations.
In recent news, Equinox Gold Corp. (NYSEAmerican:EQX) entered into an agreement with Calibre Mining Corp. for their planned $1.8-billion merger. Under the transaction, Equinox Gold Corp. (NYSEAmerican:EQX) will acquire all of Calibre's issued and outstanding shares.
The transaction is expected to boost Equinox Gold Corp.'s (NYSEAmerican:EQX) producing mines to nine from seven previously, alongside Calibre's Valentine project in Newfoundland, which is underway construction.
Upon completion, Equinox Gold Corp. (NYSEAmerican:EQX) is set to become Canada's largest gold miner.
The transaction is expected to be closed this month.
Overall, EQX ranks 5th on our list of Friday's worst-performing stocks. While we acknowledge the potential of EQX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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