HK Stock Market Move | CHINAGOLDINTL (02099) rose nearly 5% during trading hours. The resumption of production in the Jiamak mining area has helped the company turn a profit in the third quarter. Risk aversion sentiment once again pushed up the price of gold.

CHINAGOLDINTL (02099) rose nearly 5% in midday trading, rising 4.7% to HK$41.2 by the time of publication, with a turnover of HK$1.12 billion. On the news front, CHINAGOLDINTL recently announced its third quarter performance, with revenue increasing by 309% year-on-year to US$254.6 million and net profit of US$27.9 million, turning from a loss to a profit. Gold production increased by 51% to 50,160 ounces from 33,110 ounces in the same period in 2023. Copper production was 38.3 million pounds (about 17,361 tons), compared to zero in the same period in 2023. FIRST SHANGHAI noted that with the resumption of production in the Jiaoma mining area driving the gradual recovery of production and copper and gold prices maintaining high levels, the company's future performance will enter a phase of rapid growth. The overall valuation of the company in the copper and gold sector is relatively low, leaving room for significant recovery. In addition, according to reports, Putin signed a decree allowing for wider use of nuclear weapons, while Ukrainian forces for the first time used a U.S. Army tactical missile system to attack Russian territory. With geopolitical tensions escalating, gold prices rose again, with spot gold up 0.8% to $2,631.68 per ounce, reaching the highest level since November 11th.