Australia's Gold Road Resources jumps on Macquarie upgrade to 'outperform'

Gold Road Resources

01/08/2023 07:08

** Shares of Gold Road Resources Ltd  GOR.AX  rise as much
as 9.4% to A$1.723; logs biggest intraday pct gain since March
20
    ** Macquarie upgrades stock to "outperform" from "neutral",
retains A$1.90 price target
    ** Says 2Q23 performance was better than expected
    ** Brokerage says GOR's FY AISC guidance of between A$1,540
to A$1,660 per attributable ounce is lower than it's estimate of
A$1,696/oz
    ** Australian gold miner on Monday said June quarter gold
sales totalled 38,297 ounces at average sales price of A$2,961
per ounce
    ** Gruyere mine expected to produce between 320,000 and
350,000 ounces in FY23, higher than FY22's total output of
314,647 ounces
    ** Stock down 6.8% YTD vs 16% increase in ASX All Ordinaries
Gold index  .AXGD 

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com;))