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NCM - Newcrest Mining News Story

A$30.58 0.8  2.6%

Last Trade - 29/05/20

Sector
Basic Materials
Size
Large Cap
Market Cap £12.64bn
Enterprise Value £13.79bn
Revenue £3.09bn
Position in Universe 19th / 1842

BUZZ-Australia's gold stocks surge as Iran rocket attacks spur safe-haven demand

Wed 8th January, 2020 1:36am
(Updates share moves throughout, adds analyst quotes)
    ** Australian gold stocks  .AXGD  climb as much as 4.8% to a
near three-month high as bullion gains on safe-haven demand
    ** Spot gold  XAU=  rose 2% after Iran launched a missile
attack on U.S.-led forces in Iraq in the early hours of
Wednesday, raising fears of a wider war in the Middle East
 urn:newsml:reuters.com:*:nL1N29D006
    ** Australia's biggest gold miner Newcrest Mining  NCM.AX 
tacks on nearly 4.7% to hit a 2-month high; marks biggest
intraday pct gain since Aug. 2019
    ** Heightened U.S.-Iran conflict expected to keep gold above
$1600 over the near-term, as investors reassess their risk
portfolios - Han Tan, market analyst at FXTM
    ** "This conflict is not expected to end swiftly, which
should bode well for gold bulls over the coming months,
depending on the severity and frequency of any further attacks
by either side," adds FXTM's Tan
    ** "Gold stocks are really the canary in the coal mine right
now," says Brad Smoling, managing director at Smoling
Stockbroking, explaining that the gold rally is indicative of
risk-aversion that appears set to stay in near term
    ** Northern Star Resources  NST.AX  gains 3.7% to touch its
highest level in over four months, while Evolution Mining
 EVN.AX  climbed 6% to hit a 5-week high
    ** Resolute Mining  RSG.AX , Saracen Mineral Holdings
 SAR.AX  and OceanaGold Corp  OGC.AX  all add over 6% each
    ** The gold sub-index gained 2.2% since the start of the
year, as of last close, compared with a 2.1% increase in the
benchmark index  .AXJO  

 (Reporting by Rashmi Ashok and Nikhil Subba in Bengaluru)
 ((Rashmi.Ashok@thomsonreuters.com; +918067491689;))
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