BUZZ-Endeavour Silver: Second day of gains on strong forecast, higher silver prices

Thu Mar 19, 2015 1:38pm EDT
 
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** Silver miner's shares rise for the second straight session on higher silver prices and company's hiked production forecast

** Stock's near 10 pct rise on Thursday puts it on track for its best week since August 2013

** Company on Tuesday said it would expand its Mexico mine to boost output, raised its 2015 silver production forecast by 11 pct, said cash production costs would fall

** But the stock fell on the day due to lower silver prices

** In the month through Tuesday, stock was off 27 pct, steeper than Fortuna Silver's 12.4 pct drop, First Majestic Silver's 11.5 pct and Silver Standard 18 pct

** Haywood Securities's Benjamin Asuncion says Endeavour was hit more as than its peers as the company has higher "all in sustaining costs"

** Second day of rise in silver prices and the company's 2015 forecast helped push U.S.-listed stock up 10 pct to $2.06 on Thursday and Toronto-listed stock up 11 pct to C$2.63

** "On the rebound, you're talking about something that is kind of the tipping point, based on the company's guidance and what could be sustainable," Asuncion says

** Fortuna Silver up 1.7 pct on Thursday, First Majestic Silver up 4 pct and Silver Standard up 2.8 pct