Sumitomo Metal Mining Co.,Ltd.'s share price surged in trading on 20 August. After correcting from 14 to 19 August, it recovered to the ¥10,000 range, with earnings and other factors influencing the share price trend.
In trading on 20 August, the share price rose ¥1,033 from the previous day to ¥10,630, a 10.76% increase. It has recently recovered after correcting from 14 to 19 August.
In the results for the first quarter of the fiscal year ending March 2027 and the revised earnings forecast announced on 10 August, revenue came to ¥540.1 billion and net profit to ¥87.9 billion. The full-year forecast was also raised against a backdrop of higher nonferrous metal prices and a weaker yen.
On the same day, the share price rose ¥1,066 from the previous day to ¥10,065, an 11.85% increase, while trading volume reached 12.1 million shares, up 125% from the previous day.
On 12 August, a major U.S. securities firm updated its assessment by raising its new price target to ¥10,800 while maintaining its Neutral rating.
The reported recovery in gold prices, together with the rise in nonferrous metal prices indicated in the earnings results, means that the external environment for resource prices is aligning with earnings drivers.