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Newcrest shines as gold equities rise

Gold equities are on the rise amid gloomy market sentiment, with futures were pointing lower across the globe today following a downbeat finish to Friday.
Newcrest shines as gold equities rise Newcrest shines as gold equities rise Newcrest shines as gold equities rise Newcrest shines as gold equities rise Newcrest shines as gold equities rise

Gold producers, including Newcrest, were higher amid gloomy markets

Staff reporter

The global equity recovery that took benchmarks to a five-month high is now showing signs of cracking amid weakening data and a pivot by global central banks away from monetary normalisation, which itself reflects concerns about the outlook, Bloomberg said.

Gold was above US$1,316 an ounce on the spot market earlier and gold equities were a standout on global markets.

Australian-based gold major Newcrest Mining (ASX: NCM) was up about 3.6% at the time of writing to its highest point since mid-2016.

The company produced 1.2 million ounces in the half-year to December 31 and earlier this month said it would acquire 70% of the Red Chris mine in Canada. 

Mining majors in London closed lower on Friday. Anglo American (LSE: AAL) was off 2.79% on Friday and Glencore (LSE: GLEN) was down 2.35%.

Metals and mining stocks had managed an overall gain in Toronto of 0.46%, where the gold sector closed 1.69% higher.

Among the juniors, Scandinavian explorer FireFox Gold (TSXV: FFOX) rose 35% or C7c on news of identifying "a major structure" at its Jeesiö gold project in Finland.

However large copper equities were hard hit, with Lundin Mining (TSX: LUN) closing down 8% and First Quantum Minerals (TSX: FM) down 5.1%.