MARKETS SPECTATOR: Newcrest defends itself

The gold miner has batted away concerns over its June 7 bombshell in its official reply to the ASX.

On June 4 UBS decided Newcrest Mining shares were a “sell”. That day the stock rose 3 cents, or 0.2 per cent, to $15.15.

The next day, June 5, Citigroup recommended investors sell Newcrest shares, as did Credit Suisse which changed its rating on the stock to “underperform”. The stock fell 80 cents, or 5.3 per cent, to $14.35.

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