The S&P/ASX 300 Index (ASX: XKO) is down 0.6% in late morning trade on Monday, but don't blame these three surging ASX 300 stocks.
As you're likely aware, the broader Aussie stock market is under selling pressure today amid renewed escalations in the US-China trade disputes.
In a nutshell, US President Donald Trump is less than pleased with Chinese President Xi Jinping's decision last week to limit more rare earths exports. In response, Trump said on Friday that the US will slap 100% tariffs on China starting on 1 November, along with limiting US technology sales.
One beneficiary of the renewed uptick in global trade uncertainty, however, is gold. And, of course, the companies that earn their keep digging the yellow metal from the ground.
The gold price retreated from its all-time highs last Friday to trade for US$3,977 per ounce. At the time of writing, that same ounce is fetching US$4,027 as investors again seek out haven assets.
This sees the S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains some smaller miners outside of ASX 300 gold stocks – up 3.8% today.
As for the three stocks screaming higher in today's sinking market, you may notice a trend…
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ASX 300 stocks shrugging off global trade concerns
The first company leaping higher in Monday's falling market is Regis Resources Ltd (ASX: RRL).
Shares in the Aussie gold miner closed on Friday trading for $5.69. At the time of writing, shares are changing hands for $6.14 apiece, up 7.9%. This sees the Regis Resources share price up 169% since this time last year.
The second ASX 300 stock surging higher today is gold miner Catalyst Metals Ltd (ASX: CYL).
Catalyst Metals shares closed on Friday, trading for $7.26, and are currently trading for $7.73 each. This sees the Catalyst Metals share price up 6.5% today and up 142% in a year.
And the third company leaping higher today is Pantoro Gold Ltd (ASX: PNR).
The Pantoro Gold share price is up 7.4% on Monday at $6.30. Pantoro Gold shares are now up 195% over 12 months.
Of the three ASX 300 stocks, only Pantoro Gold released a price-sensitive update today, indicating investors are clearly seeking out Aussie gold miners today for their leveraged exposure to the gold price.
What did Pantoro Gold report?
Pantoro Gold looks to be catching additional tailwinds after the company reported on promising drill results at its Norseman Gold Project, located in Western Australia.
Among the highlights, the ASX 300 stock said it successfully intersected all targeted lodes and identified high-grade mineralisation outside historically mined lodes, including 0.68 m at 137.19 g/t Au. [0.68 metres at 137.19 grams of gold per tonne].
Commenting on those results, Pantoro Gold managing director Paul Cmrlec said:
After an intensive period of rehabilitation in the Bullen Decline this year, it is exciting to see the diamond drill rigs turning out high-grade underground intercepts for the first time in 20 years. These results confirm that extensive high-grade ore zones can be defined, developed and mined in the near term.
