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Why the OceanaGold Corporation share price stormed higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) and the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) may have sunk lower on Friday, but one gold miner was able to defy both indices with a move higher.

The OceanaGold Corporation (ASX: OGC) share price was one of the best performers on the market today with a 5% gain to $3.39.

What happened?

Today’s gain is likely to be a positive reaction to OceanaGold’s production update released after the market closed on Thursday.

According to the release, the gold miner achieved record annual production of 574,606 ounces after delivering record quarterly production of 166,211 ounces in the fourth-quarter.

This record production was an increase of almost 38% on FY 2016. Pleasingly this ramp up in production was complemented by a 13% reduction in unaudited all-in sustaining costs to US$617 per ounce.

No details were given on the average price realised for its sales, but management will reveal all when its provides its financial results after the market closes on February 22.

Elsewhere in the industry, the Newcrest Mining Limited (ASX: NCM) share price and the Saracen Mineral Holdings Limited (ASX: SAR) share price were off form today, falling 2% and 3%, respectively.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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