Newcrest retreats on broker downgrades

The gold miner's full-year report, while expected, failed to issue clear enough guidance and showed worryingly high costs for existing operations.

Newcrest Mining (NCM) has fallen despite the gold price lifting to a three-week high after five brokering houses downgraded the stock.

The beleagured gold miner dropped by 2.9% to $12.03 at 1106 AEST – reversing some of yesterday's 7.9% gain – following lowered recommendations from Deutsche Bank, Macquarie, Credit Suisse, CIMB Securities and JP Morgan.

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