Macquarie sees earnings slide for Westgold Resources on weak production

Westgold Resources

08/01/2024 24:29

** Analysts at Macquarie say Australia's Westgold Resources'
 WGX.AX  preliminary production for second quarter were weaker
even as stronger realised prices prevailed 
    ** Gold explorer says it produced 59,238 ounces of gold in
the second quarter vs 62,180 ounces last year
    ** Brokerage cuts its FY24 earnings estimate for WGX by 6%,
while keeping estimates for FY25 and beyond unchanged
    ** WGX shares fall as much as 3.6% to A$1.90, their lowest
since Oct. 19, 2023
    ** Stock falls for the sixth straight day, posting its
biggest intraday percentage loss since Dec. 29
    ** "We note intermittent COVID-19 cases weighed on group
productivity over the last three months" - Macquarie
    ** Stock had risen 149.1% last year



 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))