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STOCK ROUNDUP: Gold spurs rally for extractive industries

STOCK ROUNDUP: Gold spurs rally for extractive industries

STOCK ROUNDUP

EXTRACTIVE industries posted healthy gains last week amid record gold prices as most markets surged, resulting in some strong performances from Cambodia-affiliated mining companies on world markets.

Elray Resources, which operates gold and other mineral concessions in northern Cambodia under its wholly owned subsidiary Angkor Wat Minerals, surged 27.59 percent up to the end of trading Friday to US$0.185. The US over-the-counter stock reached a week-high of $0.20 Wednesday, its strongest showing since August 13 as gold prices hit a record $1,062.70 an ounce Thursday.

OZ Minerals, which plans to further explore a “promising” gold system in Mondulkiri province following the end of the rainy season, rose 15.38 percent last week in Sydney to A$1.27 (US$1.15) despite announcing Wednesday a class action over alleged hidden debts. The Melbourne-based firm said in a statement the same day it would fight the case brought by a group of shareholders that said they were not informed of maturing debts at the end of last year.

Southern Gold of Adelaide fell 4.17 percent to A$0.115 despite its gold prospects in Kratie province first announced in mid-July.

Chevron stocks climbed 6.78 percent in New York by the end of trade Friday to $72.76 after announcing a likely production increase this quarter, Bloomberg reported.

In other sectors, ANZ Bank was up 10.72 percent in Sydney to A$22.42 despite closing down 0.58 percent Friday as Australian stocks responded well to the central bank’s interest rates hike Tuesday.

Nasdaq-listed Vimpelcom, owner of mobile-phone company Beeline, was up 7.86 percent last week, finishing Friday at $19.35 as Deutsche Bank lifted its forecast for the Moscow-based firm Tuesday to buy with a $23.10 target price.

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