Investors focused on the Basic Materials space have likely heard of Asanko Gold (GAU - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.
Asanko Gold is a member of the Basic Materials sector. This group includes 236 individual stocks and currently holds a Zacks Sector Rank of #5. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. GAU is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for GAU's full-year earnings has moved 40.54% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that GAU has returned about 52.63% since the start of the calendar year. Meanwhile, the Basic Materials sector has returned an average of 4.16% on a year-to-date basis. This shows that Asanko Gold is outperforming its peers so far this year.
Looking more specifically, GAU belongs to the Mining - Gold industry, which includes 32 individual stocks and currently sits at #63 in the Zacks Industry Rank. On average, stocks in this group have gained 47.14% this year, meaning that GAU is performing better in terms of year-to-date returns.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to GAU as it looks to continue its solid performance.