Gold Glitters On Stagflation Tailwinds: Newmont Soars 13% In Biggest Post-Covid Gain, Leads Mining Sector Surge
Portfolio Pulse from Piero Cingari
Newmont Corp. (NYSE:NEM) shares surged 13% after reporting Q1 2024 earnings that exceeded expectations, with a 38% increase in EPS and a 50% rise in revenue from the previous year. This performance sparked a rally in the gold mining sector, with the VanEck Gold Miners ETF (NYSE:GDX) and the VanEck Junior Gold Miners ETF (NYSE:GDXJ) also seeing gains. Other gold miners like Buenaventura Mining Company Inc. (NYSE:BVN), DRDGOLD Limited (NYSE:DRD), and AngloGold Ashanti plc (NYSE:AU) among others, reported significant one-day market gains.
April 25, 2024 | 6:38 pm
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POSITIVE IMPACT
The VanEck Gold Miners ETF rose 3.1% in response to Newmont's positive earnings report and the overall rally in the gold mining sector.
GDX's performance is closely tied to the fortunes of the gold mining sector, making Newmont's earnings beat and the subsequent sector rally highly relevant.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
The VanEck Junior Gold Miners ETF saw a 1.8% increase, buoyed by the positive sentiment in the gold mining sector following Newmont's earnings.
As a barometer for junior gold miners, GDXJ's performance is positively impacted by the broader sector's uplift, led by Newmont's earnings.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75
POSITIVE IMPACT
Newmont Corp. reported a significant beat on Q1 2024 earnings and revenue, leading to a 13% stock price surge.
The substantial beat on both earnings and revenue expectations, coupled with a dividend declaration, directly impacts investor sentiment and stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100