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Shares of Australia’s Newcrest Mining Surge on Profit Beat, Strong Guidance

By Ambar Warrick AiVIF.com-- Shares of Australia’s largest gold producer, Newcrest Mining Ltd (ASX:NCM), surged on Friday as it logged a higher-than-expected profit despite...
Shares of Australia’s Newcrest Mining Surge on Profit Beat, Strong Guidance © Reuters.

By Ambar Warrick

AiVIF.com-- Shares of Australia’s largest gold producer, Newcrest Mining Ltd (ASX:NCM), surged on Friday as it logged a higher-than-expected profit despite rising costs and weaker production at its Lihir and Cadia projects. 

Shares of the gold miner rose 3.5% to 19.320 Australian dollars in morning trade, recovering from a near four-year low.

Newcrest said underlying profit for the year to June 30 was $872 million, down from $1.16 billion from last year, but above expectations of $861.2 million, according to Reuters data. Revenue fell 8% to $4.21 billion.

The beat was largely spurred by Newcrest realizing slightly stronger gold prices for the year, as increased safe haven demand through the first half of 2022 pushed up prices of the yellow metal. The miner also forecast much stronger gold production for 2023, between 2.1 to 2.4 million ounces, compared to 1.9 million ounces in fiscal 2022. 

A rise in copper prices also benefited Newcrest. The miner forecast stronger copper production for fiscal 2023, between 135 to 155 thousand tonnes, compared to 121 thousand tonnes in 2022. 

But while Newcrest performed better than expected for the year, its earnings were severely impacted by higher costs and weaker production at its key Lihir and Cadia projects. The miner halved its dividend from last year to 20 cents a share.

Maintenance work at both projects saw Newcrest’s gold production fall 7% from 2021. But production is now set to improve with both facilities operating at full capacity.

Gold prices have seen wild swings this year, from rallying to as high as $2080 an ounce during the onset of the Russia-Ukraine crisis, to now trending below $1,800 as the U.S. Federal Reserve began hiking interest rates.

Newcrest and other gold miners are particularly sensitive to prices of the yellow metal, given that it impacts their margins.

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29-09-2022 05:05:42 (UTC+7)

EUR/USD

0.9733

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

EUR/USD

0.9733

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

GBP/USD

1.0882

-0.0006 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (4)

USD/JPY

144.13

-0.03 (-0.02%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (3)

Sell (1)

AUD/USD

0.6521

-0.0001 (-0.02%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

USD/CAD

1.3610

+0.0005 (+0.04%)

Summary

↑ Buy

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EUR/JPY

140.27

-0.06 (-0.04%)

Summary

Sell

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Sell (4)

EUR/CHF

0.9494

-0.0007 (-0.07%)

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Moving Avg:

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Indicators:

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Sell (8)

Gold Futures

1,667.80

-0.90 (-0.05%)

Summary

↑ Sell

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Sell (12)

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Sell (7)

Silver Futures

18.890

-0.020 (-0.11%)

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↑ Sell

Moving Avg:

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Copper Futures

3.3827

+0.0012 (+0.04%)

Summary

Neutral

Moving Avg:

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Crude Oil WTI Futures

81.88

+0.03 (+0.04%)

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Brent Oil Futures

87.99

+0.22 (+0.25%)

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Natural Gas Futures

7.023

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US Coffee C Futures

227.80

+3.45 (+1.54%)

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Euro Stoxx 50

3,335.30

+6.65 (+0.20%)

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Neutral

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S&P 500

3,719.04

+71.75 (+1.97%)

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DAX

12,183.28

+43.60 (+0.36%)

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FTSE 100

7,005.39

+20.80 (+0.30%)

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Neutral

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Hang Seng

17,250.88

-609.43 (-3.41%)

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Buy

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US Small Cap 2000

1,725.13

+62.62 (+3.77%)

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IBEX 35

7,442.20

-3.50 (-0.05%)

Summary

Neutral

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BASF SE NA O.N.

39.415

-0.080 (-0.20%)

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↑ Buy

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Bayer AG NA

48.19

-0.07 (-0.13%)

Summary

Neutral

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Allianz SE VNA O.N.

160.72

-3.02 (-1.84%)

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Adidas AG

130.24

+2.94 (+2.31%)

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↑ Buy

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Deutsche Lufthansa AG

5.772

-0.024 (-0.41%)

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Siemens AG Class N

99.46

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Deutsche Bank AG

7.854

-0.274 (-3.37%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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 EUR/USD0.9733↑ Sell
 GBP/USD1.0882↑ Sell
 USD/JPY144.13Buy
 AUD/USD0.6521Sell
 USD/CAD1.3610↑ Buy
 EUR/JPY140.27Sell
 EUR/CHF0.9494↑ Sell
 Gold1,667.80↑ Sell
 Silver18.890↑ Sell
 Copper3.3827Neutral
 Crude Oil WTI81.88↑ Sell
 Brent Oil87.99↑ Buy
 Natural Gas7.023↑ Sell
 US Coffee C227.80↑ Sell
 Euro Stoxx 503,335.30Neutral
 S&P 5003,719.04↑ Sell
 DAX12,183.28Neutral
 FTSE 1007,005.39Neutral
 Hang Seng17,250.88Buy
 Small Cap 20001,725.13↑ Buy
 IBEX 357,442.20Neutral
 BASF39.415↑ Buy
 Bayer48.19Neutral
 Allianz160.72↑ Buy
 Adidas130.24↑ Buy
 Lufthansa5.772↑ Buy
 Siemens AG99.46↑ Buy
 Deutsche Bank AG7.854↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,410/ 6,510
(0/ 0) # 1,818
SJC HCM6,420/ 6,520
(0/ 0) # 1,831
SJC Hanoi6,420/ 6,522
(0/ 0) # 1,833
SJC Danang6,420/ 6,522
(0/ 0) # 1,833
SJC Nhatrang6,420/ 6,522
(0/ 0) # 1,833
SJC Cantho6,420/ 6,522
(0/ 0) # 1,833
Cập nhật 29-09-2022 05:05:44
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ↀ Giá vàng thế giới
$1,659.90+30.791.89%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V23.26023.720
RON 95-III22.58023.030
E5 RON 92-II21.78022.210
DO 0.05S22.53022.980
DO 0,001S-V24.51025.000
Dầu hỏa 2-K22.44022.880
ↂ Giá dầu thô thế giới
WTI$80.92-1.33-1.65%
Brent$88.24-1.29-1.46%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.580,0023.890,00
EUR22.159,1623.399,49
GBP24.732,3625.786,46
JPY159,76169,13
KRW14,2317,34
Cập nhật lúc 17:55:10 28/09/2022
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