JPMorgan’s equities desk has nabbed the biggest block trade of the week, finding buyers for a $353 million parcel of Newcrest Mining shares in Wednesday’s trading.
The trade was done on-market, just before mid-day, and involved 19.1 million shares in the gold miner.
It was priced at $18.45 a share - lower than Monday’s $18.68 close, implying the seller led the trade rather than a keen buyer chasing a stake. Fingers were pointing to fund manager GQG Partners, which has been selling down its position, as the most likely seller. GQG debuted as a substantial shareholder on Newcrest’s register in April with 5.18 per cent of the company. It went up to 6.22 per cent in mid-June, but a month later decided to switch direction as Newcrest posted exploration updates for Brucejack, Red Chris and Havieron.Newcrest is slated to post earnings update for the 2022 financial year, and guidance for the 2023 financial year on August 19.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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