Convenient timing by UBS with a spike in the gold price. Got to keep a rein on the stock prices of their clients shorted stocks or maybe their own book. NST and EVN were hit hard and fast by hedge funds laying in wait and it was a relentless sell down all day. The end result was NST and EVN losing 8.2% of their respective market caps when gold was down 0.4% at the close on the ASX. Our 2 leading gold miners absolutely belted. The NST downgrade by UBS was apparently due to Northern Star's poor March quarter results. Not exactly forward looking and a long way from what should be much better results coming out soon as there has been no change to the company's guidance for the June quarter. I think the company should have something to say about yesterday's events and call UBS out.
NST Price at posting:
$20.68 Sentiment: Buy Disclosure: Held
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