Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Despite the continuing rise in the gold price RRL remains in the $1.80/1.90 trading band. Do you still like it around the $1.80 level? Also, like most coal stocks NHC has fallen recently but with a dividend due 15/4 I am thinking of adding to my small holding, in effect, receiving 3 dividends in 12 months. Can I have your thoughts please. Thank you
Hi Ian,
Regis Resources (RRL) $1.85 – most of the Gold Sector has been very disappointing compared to the underlying price of the precious metal. At MM we remain bullish gold through 2024/5 but unfortunately the stocks look likely to dishearten investors expecting them to keep step with the precious metal, however, we are bullish medium-term targeting a retest of $2.40 for RRL through 2024/5. Executing operationally is the key.
New Hope Corp (NHC) $4.41 – the coal stocks have struggled in 2024 not helped by the recent comments from The China Coal Transportation and Distribution Association (CCTD) who expect their domestic coal prices to decline at an accelerated pace, partly due to weakness in its real estate markets, i.e. not an ideal backdrop for coal producers. With current negative momentum we cannot rule out a short-term dip towards $4 but we like the stock into such weakness – MM remains long and bullish NHC in our Active Income Portfolio.
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