-- Stifel Canada周三维持对Hemlo Mining（HMMC.TO）股票的“买入”评级和12.00加元的目标价，此前该公司公布了第一季度业绩。 HMMC在接管Hemlo金矿后的第一个完整季度取得了稳健的开局，包括总黄金产量（100%权益）为34.8千盎司（处理矿石322千吨，平均品位3.41克/吨），符合预期；可归属黄金产量为29.7千盎司（较我们预期的28.7千盎司增长3.4%）。该矿于2026年3月16日成功完成自营矿山运营，比原计划提前两周，承包商员工到岗率达97%。HMMC已全额偿还1亿美元的循环信贷额度（RCF），净债务降至2620万美元（2025年底为9300万美元）。截至2026年第一季度，HMMC持有现金1.237亿美元，高于我们此前8560万美元的预期——完整的财务业绩将于2026年5月20日公布。HMMC目前的交易价格为…… Hemlo的市净率（P/NAV）为0.46倍，2027/28财年预期企业价值倍数（EV/EBITDA）分别为3.7/3.2倍，而Stifel覆盖的中型（0.1-0.5百万盎司）和中级（0.5-2.0百万盎司）黄金生产商的平均水平分别为0.67倍和4.5/3.8倍。分析师Ralph Profiti写道：“我们仍然认为Hemlo正走在一条清晰的道路上，通过地下储量和资源增长以及矿山/选矿厂优化来释放价值。” （报道北美、亚洲和欧洲主要银行和研究机构的股票、大宗商品和经济研究。研究机构可通过以下链接联系我们：https://www..com/contact-us）
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FOMC Holds Federal Funds Rate Steady at Range of 3.50% to 3.75%
Sectors
Update: Gold Falls to a Month Low as Rising Energy Costs Expected to Boost Inflation
(Updates prices.)Gold traded lower for a third-straight day early Wednesday, pressured by inflation worries even as the Federal Reserve's policy committee is expected to leave rates unchanged when it ends its two-day meeting this afternoon.Gold for June delivery was last seen down US$50.40 to US$4,558.00 per ounce, the lowest since March 30.With oil trading near four-year highs amid the Iran war, traders have moved away from gold as a safe haven, turning instead to the dollar and bonds to hedge against the threat rising energy prices will boost inflation and force interest rates higher."With oil-led inflation risks remaining the main driver, as rising energy prices strengthen the dollar and reinforce a higher-for-longer interest rate outlook. For now, the market's immediate focus remains on mediation efforts, with a reopening of the strait and a subsequent drop in oil prices representing the biggest short-term upside catalyst for both gold and silver," Saxo Bank noted.But higher rates are not yet on the way. The Federal Open Market Committee and the Bank of Canada will both release interest-rate decisions today and both are expected to leave rates steady.The dollar was higher, with the ICE dollar index last seen up 0.25 points to 98.89. Treasury yields also moved up, with the U.S. two-year note last seen paying 3.918%, up 6.8 basis points, while the yield on the 10-year note was up 4.7 points to 4.4%.
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Sectors
Sector Update: Energy Stocks Rise Wednesday Afternoon
Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each rising about 2%.The Philadelphia Oil Service Sector Index was increasing 0.5%, and the Dow Jones US Utilities Index was shedding 0.5%.Oil prices rallied Wednesday after US President Donald Trump reportedly rejected an Iranian proposal to lift the naval blockade. Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.Front-month West Texas Intermediate crude oil jumped 7.3% to $107.18 a barrel, and the global benchmark Brent crude contract climbed 7.4% to $119.47 a barrel. Henry Hub natural gas futures fell 2.2% to $2.63 per 1 million BTU.In corporate news, Phillips 66 (PSX) shares jumped past 6%. The firm reported Q1 adjusted earnings Wednesday of $0.49 per diluted share, swinging from a loss of $0.90 a share a year ago. Analysts polled by FactSet expected a loss of $0.54 a share. Phillips 66 also raised its annualized quarterly dividend by 7%.Bloom Energy (BE) shares surged nearly 24% after it reported Q1 adjusted earnings late Tuesday of $0.44 per diluted share, up from $0.03 a year earlier. Analysts polled by FactSet expected $0.12. Revenue also handily beat market consensus.TotalEnergies (TTE) shares were up 0.9% after it posted higher Q1 adjusted earnings and revenue.
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