NST closed up +4% yesterday, in the middle of the pack of a strong session for local gold stocks. The stock has struggled since reporting in April, correcting over 30%, although the pullback by gold undoubtedly compounded the weakness – over the last six months, NST has evolved from a preferred gold play to one that’s lost supporters. We switched our Newcrest (NCM) position into NST for our Flagship Growth Portfolio in late August to take advantage of this relative weakness, i.e. we wanted to maintain an overweight stance towards the precious metal.
- We remain bullish towards local gold names in line with our macro view on bond yields.
MM remains bullish toward NST and the gold sector
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