Aussie gold stocks soar most in nearly 3 months as bullion surges

Gold Road Resources

13/03/2023 03:16

(Updates with latest share moves, milestones, and brokerage comments)
    ** Australian gold stocks  .AXGD  rise as much as 5.5% to 6,250.30, set for
best day since Dec. 21 , if gains hold 
    ** All top 10 gainers in the ASX 200 benchmark index  .AXJO  are gold
miners; ASX benchmark down 0.2% weighed by banks and healthcare stocks  .AX 
    ** Gold prices rose to its highest in more than five weeks on a weak dollar,
with concerns over the largest U.S. bank failure since 2008 driving investors to
the safe-haven asset  GOL/ 
    ** Newcrest Mining  NCM.AX , the country's largest gold miner, advances as
much as 4.2% in its third session of gains  
    ** Sub-index heavyweight Northern Star Resources  NST.AX  climbs as much as
6.8% to mark its best day since Nov. 11
    ** Gold miner Capricorn Metals  CMM.AX  top gainer in the benchmark, soaring
as much as 16.9% and marking its best day since late July 2021
        ** Analysts at Macquarie upgrade ratings on CMM, NCM, Gold Road
Resources  GOR.AX , and Evolution Mining  EVN.AX ; continue to prefer NST driven
by "expectation of relatively lower-risk production growth and balance sheet"
        ** Macquarie expects gold prices to move lower over CY23, but upgrades
forecast through to CY26, expecting bullion to average $1,900 per ounce in CY26
  
    ** AXGD up 0.1% this year, as of last close, compared to a 1.5% rise in the
benchmark index
    
    
               Company                   Rating                 Price
                                                       Target (A$)
                                                             
                                                                  
                              New         Old           New       Old
                                                                  
                                                                  
     Newcrest Mining      Outperform    Neutral      26.00     25.00
    Evolution Mining       Neutral    Underperform    2.80      2.50
   Gold Road Resources    Outperform    Neutral       1.70      1.60
    Capricorn Metals      Outperform  Underperform    4.70      4.60
 Northern Star Resources  No change    Outperform    14.20     14.00
 
   

 (Reporting by Sameer Manekar and John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))