Movement Alert|ZIJIN GOLD INTL Rises 3.24% in Regular Trading, Parent Zijin Mining Posts 68% H1 Profit Surge Lifting Gold Sector

Market Focus10:22

On August 24, ZIJIN GOLD INTL rose 3.24% in regular trading, trading at HK$164.2/share, with turnover of HK$867 million.

On the news front, parent company Zijin Mining disclosed its interim results, reporting H1 net profit attributable to shareholders of RMB 39.17 billion, representing a 68.17% year-over-year increase, on revenue of RMB 194.178 billion (up 15.78% YoY). The gold business contributed 41.7% of the group's gross profit, with gold output reaching 46.70 tonnes, a 13.4% increase year-over-year. Zijin Mining's Hong Kong-listed shares also opened up over 3% on the same day.

The broader gold sector rallied strongly, with Zhaojin Mining up 7.37%, Lingbao Gold up 5.24%, and SD Gold up 3.49%. ZIJIN GOLD INTL itself previously reported H1 net profit of US$1.451 billion, surging 179% YoY, driven by gold prices averaging US$4,643/oz and controlled mine output growth of 37%. Citi recently initiated coverage with a Buy rating and HK$178 target price, while Bank of America raised its target to HK$150.

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