Movement Alert｜Newmont Corporation Falls 3.66% in Regular Trading, Gold Sector Broad Weakness Compounded by Investment Bank Target Price Cuts

Market Focus06-23 22:25

On June 23, Newmont Corporation fell 3.66% in regular trading, trading at $98.458/share, with turnover of approximately $160 million.

On the news front, the gold sector extended selling pressure with industry peers declining broadly. Coeur Mining fell 6.41%, Pan American Silver dropped 4.59%, Barrick Mining declined 3.53%, Agnico Eagle Mines lost 2.74%, and AngloGold Ashanti slid 2.59%, reflecting significant sector-wide weakness.

Additionally, multiple investment banks recently cut their target prices on Newmont. BNP Paribas lowered its target from $128 to $111 while maintaining a neutral rating, and Macquarie reduced its target from $133 to $123. Market valuation expectations for the company have continued to contract, further suppressing share price performance.

It is worth noting that Newmont recently received regulatory approval from the Province of British Columbia for the Red Chris Block Cave project, with mine life expected to extend into the mid-2040s. However, near-term sector selling pressure remains the dominant force driving market sentiment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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