On May 26, Shandong Gold (01787.HK) rose 3.07% in regular trading, trading at HKD 25.54/share, with trading volume of HKD 157 million.
On the news front, the US and Iran reached an agreement in principle on a ceasefire on May 25, with expectations that the Strait of Hormuz would resume navigation. International oil prices plunged over 5% in a single day, rapidly easing market inflation concerns. Simultaneously, the US dollar index weakened, with both factors providing upward momentum for non-yielding assets such as gold, driving a rebound in international gold prices and gold industry chain-related assets.
On fundamentals, the company reported Q1 net profit attributable to shareholders of RMB 1.45 billion, up 40.9% year-over-year, effectively boosted by rising gold prices. A recent institutional report raised earnings forecasts for the company, projecting net profits of RMB 83.9/140.8/170.8 billion for the next three years, maintaining a Buy rating.
Within the Gold sector, Zhaojin Mining rose 6.55%, Chifeng Gold rose 5.59%, Zijin Mining rose 4.55%, Lingbao Gold rose 0.91%, and Zijin Gold International rose 0.14%.
(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.)
Comments