Alexco silver mine
Alexco silver mine Alexco Resources

Silver mining company shares rose Thursday as the price of the gray metal climbed nearly 1 percent and the broader equity markets posted gains.

Silver for March delivery on the Comex, the most actively traded contract, climbed to $29.36 from $29.10 per troy ounce in early afternoon trading. Silver for immediate delivery rose to $29.37.

The Dow Jones Industrial Average rose 0.08 percent, the Nasdaq Composite was up 0.86 percent and the S&P 500 added 0.4 percent.

Silver miners were outperforming the broader stock market. Fresnillo Plc jumped 3.3 percent, Coeur d'Alene Mines Corp. climbed 2.1 percent, First Majestic Silver Corp. increased 2.8 percent, Silver Standard Resources Inc. rose 3.2 percent, Endeavour Silver Corp. was up 3.3 percent and Great Panther Silver Ltd. was 3.3 percent higher.

Silver-backed exchange-traded funds also gained. Shares of the iShares Silver Trust climbed 0.67 percent and Sprott Physical Silver increased 1.8 percent.