Big ASX news: Newmont shares hit new record high

If you own Newmont stock, you're in for a treat today.

| More on:
An older female ASX investor holds a gangster-style fist pump pose showing off gold rings with dollar signs on them.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It looks like this Thursday will be a spectacular one for ASX stocks, but we already know it has been for Newmont Corporation (ASX: NEM) shares.

At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has gained a strong 0.92%, pushing the index up to around 7,890 points. It was even better for the Australian share market earlier this morning, with the ASX 200 crossing over 7,900 points at one stage.

But ASX gold miner Newmont has done one better. Newmont shares are currently up a massive 3.98% at $67.72 each. Earlier today though, those same shares rose as high as $67.78. Not only is that a new 52-week high for Newmont, but an all-time high for its ASX-listed shares.

To be fair, it's not really a 52-week high for Newmont because Newmont shares haven't been on the ASX for 52 weeks just yet.

This company first hit the ASX boards back in October last year when Newmont acquired the old Newcrest Mining in full. So if we want to get technical, today's high is more of a new 37-week high for Newmont. But that will not dent the euphoria that Newmont investors are probably feeling right now.

So why are Newmont shares rocketing so convincingly this Thursday?

Why have Newmont shares just clocked a new 52-week high?

Well, there's been no fresh news out of Newmont itself today. Or indeed, for around a week. So we can rule that out.

But it's not too hard to see where these gains are coming from. It's been a spectacular day for most ASX gold shares today, thanks to a rising gold price.

As my Fool colleague James flagged this morning, gold had a stellar overnight performance, rising 0.45% to US$2,378.90 an ounce.

As a result, we are seeing other gold stocks booming alongside Newmont today.

Take the Perseus Mining Ltd (ASX: PRU) share price. It's up a rosy 4.98% at $2.64 after hitting a new 52-week high of $2.66.

Regis Resources Ltd (ASX: RRL) is also on fire, presently up 2.97% at $1.90.

Red 5 Ltd (ASX: RED) shares have also bounced 2.44% to 42 cents each, while Northern Star Resources Ltd (ASX: NST) stock has gained 3.03% to $13.42.

So a great day for ASX gold stocks this Thursday.

We also have to factor in Newmont's US listing. This company's ASX shares represent a CHESS Depository Interest (CDI), meaning they are a reflection of the company's primary American listing, just priced in Australian dollars.

Newmont's US shares – listed as Newmont Corporation (NYSE: NEM) – rose by 3.58% on the US markets last night to US$45.46 each, likely also due to the galloping gold price.

With that gain under the belt upon the ASX market open this morning, Newmont shares were always going to do well today.

So that's why the Newmont share price is having such a stunning day this Thursday. No doubt its investors are a happy bunch right now. But let's see what happens next with this ASX gold share.

Motley Fool contributor Sebastian Bowen has positions in Newmont. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Gold

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Up 74% in a year, why is this ASX 200 gold share marching higher again on Thursday?

Investors are bidding up this surging ASX 200 gold stock again today. But why?

Read more »

A woman in a business suit sits at her desk with gold bars in each hand while she kisses one bar with her eyes closed. Her desk has another three gold bars stacked in front of her. symbolising the rising Northern Star share price
Gold

Is this $15bn ASX 200 gold stock a buy?

Let's see what Bell Potter is saying about this gold giant.

Read more »

Image of young successful engineer, with blueprints, notepad and digital tablet, observing the project implementation on construction site and in mine.
Gold

Macquarie tips 32% upside for this ASX mining stock

Big returns could be on offer from this beaten down miner.

Read more »

ASX gold share price.
Gold

Could US earnings season move the gold price?

It could be a big few weeks for gold.

Read more »

Woman with gold nuggets on her hand.
Gold

Experts reveal 4 ASX gold shares with more than 30% upside potential in FY26

Think the ASX gold rush is over? Think again. Experts say these stocks have more share price growth ahead.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Guess which ASX All Ords gold stock is marching higher on some 'very positive news'

The ASX All Ords gold stock has been actively drilling in Papua New Guinea.

Read more »

Miner looking at a tablet.
Gold

Northern Star share price drops 29% from its 2025 peak. What next?

It's been a rollercoaster ride for the gold producer's share price in 2025.

Read more »

Red arrow on gold bars going down.
Gold

Why Evolution Mining, Newmont shares are tumbling today

The ASX 200 Index is also in the red.

Read more »