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OceanaGold says share price surge may reflect rising gold price

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)