As of the close on Friday, $S&P/ASX 200(XJO.AU)$ closed at 8,995.30 on Friday, up 0.85% in the past 5 days.
The primary driver was a surge in the price of gold, which reached a fresh record high. This boosted investor interest in major gold producers like Newmont and Northern Star .
In addition, other reasons include:
1. $NEWMONT CORP-CDI(NEM.AU)$ +16.02%
NEM’s technicals are highly bullish. The 50-day SMA (~$89) and 200-day SMA (~$84) both lie below the current price, confirming the uptrend.
Newmont’s fundamentals are solid, with Q2 2025 EPS beating estimates, and demonstrated significant growth in operating cash flow, underpininning its financial health and shareholder returns.
Major institutions, including B of A Securities and Raymond James, raised their price targets for Newmont, reflecting strong confidence in the company's outlook and future earnings potential.
2. $NORTHERN STAR RESOURCES LTD(NST.AU)$ +8.32%
A key event was the completion of Northern Star's acquisition of De Grey Mining . This strategic move expanded its asset portfolio, adding the promising Hemi gold project in the Pilbara region .
Some analysts had previously identified Northern Star as a preferred stock among large gold companies, potentially replacing others as a top pick . This positive sentiment, coupled with its operational profile in Western Australia and Alaska, likely attracted investor interest .
3. $EVOLUTION MINING LTD(EVN.AU)$ +6.77%
The company reported a record net mine cash flow of A$366 million for the quarter, a 23% increase, and ended with a strong cash balance of A$780 million . This demonstrated financial health and reduced gearing to 11% bolstered investor confidence .
Analysts at Bell Potter not only maintained a "Buy" rating but also raised the price target for Evolution Mining to A$12.35, up from A$10.55 . This upgrade was based on higher gold and copper price forecasts and expectations of increased shareholder returns .
Evolution Mining's stock exhibited very strong market momentum, with a notable year-to-date increase of 138% . This momentum was supported by positive coverage highlighting the company's quality assets and management, which continued to attract investor interest .
4. $FORTESCUE LTD(FMG.AU)$ +5.32%
Iron ore prices remained robust above US$115 per tonne due to improved Chinese steel demand and economic stimulus measures, boosting revenue prospects.
Successful commissioning of the Arizona Green Hydrogen project and new partnerships in Germany and Japan accelerated Fortescue's energy transition strategy.
Multiple brokers raised price targets following better-than-expected production results and increased confidence in the company's decarbonization timeline.
Over the last 5 years the FMG dividend yield has averaged 10.52% per year. Aussie materials companies like FMG have developed a good reputation of being reliable dividend payers.
5. $ANZ GROUP HOLDINGS LTD(ANZ.AU)$ +5.02%
The bank announced its ANZ 2030 strategy and capital management measures, including stopping the remaining A$800 million share buy-back to strengthen its balance sheet.
Following the strategy update, Morgans raised its price target by 14% to A$32.72, signaling increased confidence in the company's direction.
ANZ's second-half 2025 earnings came in at the top end of guidance, demonstrating improved operational performance.
Positive broader market sentiment, particularly in the banking sector, created a favorable environment for ANZ shares.
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