Logo of Phnom Penh Post newspaper Phnom Penh Post - STOCK ROUNDUP: Gold spurs rally for extractive industries

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.

MOST VIEWED

  • Serious flooding across country

    The Kampong Speu provincial Committee for Disaster Management on Wednesday issued an alert after non-stop heavy rain caused widespread flooding. In Koh Kong province, authorities are working with the disaster committee and the Cambodian Red Cross to assist those affected after more than 350 homes were

  • CNRP points to King in call for vote boycott

    Leaders of the former Cambodia National Rescue Party (CNRP) have taken a new tack in their call for a boycott of the national elections later this month. They are now claiming that the people should follow the King, who is expected to abide by tradition

  • Malaysian MP calls on his government to take stand on Cambodian elections

    A Malaysian parliamentarian raised concerns in his country on Wednesday about Cambodia’s July 29 national elections and urged his government to clarify its position on the subject, the Asean Parliamentarians for Human Rights (APHR) said on Thursday. Wong Chen, a member of the People’s

  • Troop moves ‘won’t worry people’

    Senior officials at the Ministry of Defence and National Police said on Tuesday that riot training provided to the country’s police forces were aimed at preventing unexpected demonstrations and strikes before and after the July 29 national elections. The troop mobilisation, they said, would not