Big ASX news: Newmont shares hit new record high

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.

The post Big ASX news: Newmont shares hit new record high appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Monday
• Will ASX gold shares again outshine the market in FY 2025?
• Here are the top 10 ASX 200 shares today
• 2 ASX gold shares going gangbusters (and one crashing 11%!)

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.