OceanaGold says share price surge may reflect rising gold price

Michael Wilkes, OceanaGold Chief Executive
OceanaGold 12-month price history (NZX.com)

OceanaGold [NZX: OGC], the Melbourne-based gold miner, said it isn't aware of any material information requiring disclosure which would account for its share price rise.

The company's shares surged 9.3 percent to $3.41, their highest since March 2013. The stock is the best performer on the NZX 50 benchmark index today, one of only five stocks to gain with the broader index down 0.5 percent. Its shares are also listed in Australia and Toronto.

"Changes in the company's share price this morning on the NZX is likely due to an increase in gold prices overnight, as well as a corresponding increase in the share value of the company and its peer group over the same period on the TSX and ASX," OceanaGold said in a statement.

Gold prices touched a three-week high yesterday, buoyed by safe-haven demand prompted by unrest in Iraq.

OceanaGold's shares resumed trading at 1:03pm, having been halted at 12:14pm pending the company's statement.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6571 -0.0005 -0.08%
AUD 0.9014 -0.0009 -0.10%
EUR 0.5996 -0.0007 -0.12%
GBP 0.4207 -0.0003 -0.07%
HKD 5.0948 -0.0041 -0.08%
JPY 81.5570 -0.0230 -0.03%

Commods

Commodity Price Change Time
Gold Index 1094.9 6.310 2015-07-31T00:
Oil Brent 52.2 -1.100 2015-07-31T00:
Oil Nymex 47.1 -1.410 2015-07-31T00:
Silver Index 14.8 0.060 2015-07-31T00:

Indices

Symbol Open High Last %
NZX 50 5891.9 5937.6 5891.9 0.49%
NASDAQ 5148.2 5155.0 5128.8 -0.01%
DAX 11271.3 11309.0 11257.1 0.46%
DJI 17755.9 17783.6 17746.0 -0.32%
FTSE 6668.9 6705.4 6668.9 0.41%
HKSE 24650.9 24661.2 24498.0 0.56%
NI225 20540.2 20549.8 20585.2 -0.33%