slid today on quite high volume.....normally around 3-4 million shares, today 13 million and very little change in the gold price...no news released....any ideas?
Don't forget that NCM is still in a long term downtrend. It is not out of the woods. It has not even broken above any long term downtrend resistance line that you could draw. And that would only be a first sign if it did. The recent 2 month rally didn't do much at all to the main picture. So in answer nothing external might have happened to cause the slide - it might just be the main trend coming on again.
From the introduction to a stocksinvalue subscriber report on Newcrest out today: Stocks To Avoid Can Newcrest's CEO turn it around? "Newcrest Mining (NCM) is one of the largest stocks by market capitalisation in Stocks To Avoid, and a serious disappointment to investors in recent years. The September quarter 2014 production report and last month's investor day, the first major presentation to investors since new CEO Sandeep Biswas started on 4 July, are prompts to review this disappointing but important company. It is the largest goldminer by market capitalisation on the ASX, one of the world's largest miners by gold reserves, and a member of the ASX 100. The company is also controversial, as the remuneration policy received a first strike at the AGM - a sign the Board, which we think needs renewal, does not understand the expectations of shareholders. Our thesis is operating performance probably will improve under the new CEO, who has a strong background in mining operations and understands the need for cultural change in the workforce, but even if this happens we can't justify the current share price in the absence of a strong, sustained surge in the gold price. NCM seems overvalued by many dollars per share."
