Sometimes no matter what you do nothing can go right. So it is with Australia’s biggest gold miner Newcrest. The worst performing stock among the 50 biggest companies this year has tried to dispel questions over its disclosure practices by ensuring anything that could possibly affect its earnings or share price is announced publicly. And in today's results the company announced a worsening of its writedown in the value of its gold assets, up from Thursday's market update estimate of $6.2 billion, to $6.23 billion.
The 6.1 per cent decline in Newcrest’s shares this month adds to the 48 per cent fall in the stock in 2013. The company’s market value has been almost halved to $8.79 billion in 2013.