Since posting an intraday low of $18.60 on September 6th, shares of NCM have risen over 10% and reached a 2-month high of $20.75 in early trade today.
A combination of firm Gold prices and investors’ interest in holding shares in hard assets has been bullish for the stock.
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NCM will release its quarterly sales and revenue numbers tomorrow.
Recall that NCM shares rallied to $21.95 after the release of their Q4 production numbers showed a 15% increase in production to just under 635,000 ounces.
NCM was added to our ASX Top 50 portfolio in July at $20.05.
We suggest adding to long positions in NCM with an initial target of $21.50 followed by $22.40 over the medium-term.
Newcrest Mining
