Proactive Investors Australia

S&P/ASX 200 falls 0.5% amid a broad-based sell-off

Newcrest Mining reported a 5% fall in gold production in the March quarter.

ASX boards
Aveo Group was the best performer on the ASX 200

S&P/ASX 200 (INDEXASX:XJO) closed down 34 points or 0.5% to 6,325 amid a broad-based sell-off led by mining, energy and utilities stocks.

Weaker than expected Chinese official PMI (Purchasing Managers' Index) data also weighed on sentiment.

Newcrest shares fall

Newcrest Mining (ASX:NCM) reported a 5% fall in gold production in the March quarter compared with the previous quarter.

Copper production fell 6% on the quarter earlier to 25,303 metric tonnes and quarterly all-in sustaining cost rose by 2.5%.

Despite the result, group gold production is up 7% year-to-date on the same period a year earlier.

Newcrest shares closed down 2.4% to $25.01.

Bubs milking it

Bubs Australia (ASX:BUB) shares rose 3.9% to $1.20 after the company more than doubled third-quarter revenue to $11.8 million.

The result was boosted by strong infant formula sales to China and domestic daigou trade in March.

Top performer

Aveo Group (ASX:AOG) was the best performer on the ASX 200, closing up 10.4% to $2.13 following reports the company is in talks with a bidder who may be prepared to make an offer valuing Aveo at $2.50-$2.70 per share.

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