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Australian Investment Blog

ASX:NCM 07/03/2019

Reporting Season Wrap: Gold Sector

The AUD Gold price had been strong at the end of 2018 and early 2019 however its now starting to correct - some patience now warranted. Key points:

  • Sector heavyweight Newcrest (ASX:NCM) met expectations and re-confirmed full year guidance. Profit was strong and NCM management are delivering nicely
  • Good operational results seen from Northern Star Resources (ASX:NST) , Evolution Mining (ASX:EVN) & St Barbara (ASX:SBM)
  • Saracens (ASX:SAR) and Regis Resources (ASX:RRL) had issues in their respective results, mainly around costs
MM take: We are short term bullish the AUD which is a negative for Gold in AUD terms, we’ve seen insider selling in a number of names and technically a few stocks in the sector look tired – we are remaining patient. Newcrest Mining (ASX:NCM) Chart Newcrest Mining (ASX:NCM)

By Harry Watt
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