Well, the stock market is now closed, and to say that the day didn’t work in favor of the mining sector would be a bit of an understatement. Multiple mining stocks found themselves deep in the red when the closing bell rang, but perhaps the stock that took home the cake was Pacific Link Mining Corp. At closing, Pacific Link Mining drops 35% on the CVE.
But why? What happened? Let’s see what we can find out.
Pacific Link Mining Drops Despite Relatively Positive News
Cannabis stocks were getting some love today on the market, but that didn’t happen for the majority of the mining stocks on the Canadian stock market.
On Tuesday, Pacific Link Mining found itself down more than 20%, despite making a few announcements in the days leading up to today’s trading session.
Last week, Pacific Link Mining appointed a new interim President. A couple weeks before that, the company hired a new director. And a few weeks before that, Pacific Link announced a private placement. All positive things, right? Well, the mining stock seems to have a different opinion.
>> Crypto and Blockchain Stocks Down Nearly 10% at Closing on CNSX
For those who don’t know, Pacific Link is a developmental stage company. It is based in Vancouver, British Columbia, and is led by CEO Mar Bergstorm.
The Pacific Link Mining Stock
According to Google Finance, at 4:00 p.m. EDT, Pacific Link Mining (CVE:PKC.H) was trading at $0.10. This means the stock was down 35.48% at the time.
The Takeaway
Why do you think mining stocks were down today? While Pacific Link dropped more than 30%, we also saw companies like Lincoln Mining Corp drop around 20% and Omineca Mining and Metals fall more than 15%.
Is it just a one-off? Will mining stocks be back in the green tomorrow? Let us know what you think in the comments below!
Featured Image: Depositphotos/© Wavebreakmedia
