Oceana Gold shares hit a record yesterday of $4.40 after gaining 15% in value.
It is the second time in a fortnight Oceana shares have risen 15% and beyond during a day's trading, having gained 18% in mid-May to trade at $3.80.
Yesterday's 15% gain pushed shares briefly to $4.40; before settling back to trade around $4.30; leaving Oceana with a market capitalisation of almost $800 million. It closed 56c up at $4.34.
The 20-year-old triple-listed Oceana took its principal listing to the mining-friendly Toronto stock exchange in June 2007, raising about $110 million at the time.
The eurozone sovereign debt issues and all-market volatility during the past three weeks has seen a resurgence of investors going to the historical safe-haven of gold - pushing spot prices to a record $US1238 ($NZ1858) on May 14, while yesterday spot gold was retracing earlier losses and trading up at $US1212.
Craigs Investment Partners broker Peter McIntyre said Oceana trading volumes were "solid" and higher than usual at 81,000 shares.
Australian analysts yesterday were predicting gold to reach $US1600 an ounce within a year. Mr McIntyre believed it would pass $US1450 within eight months.
He thought the more risk-taking Canadian-based investors in mining stocks were the likely driver of Oceana's recent gains, rather than the more cautious Antipodean investors.
