Oceana shares, which hit a record $4.94 last week, yesterday traded up more than 4% and gained 20c to hit $5 - a far cry from the 22c per share New Zealand's largest gold miner had slumped to 21 months ago.
The stocks of miners have seen some revival in fortunes, following the dampening of the Australian Government's proposed super tax, plus some resurgence of interest in delivery of raw materials to China.
While global spot gold prices have softened to around $US1245 ($NZ1705), from a record $US1265 in June, investors are keeping in touch with gold as a safe haven investment, underpinned by China and India's seasonal demand of bullion for weddings and jewellery.
Oceana announced on Monday it had been added to the international rating agency Standard and Poor's ASX 200 Index, and in Toronto on to the S&P TSX Composite Index and S&P TSX Small Caps Index. In mid-June it was placed on S&P's TSX Global Gold Index and its TSX Global Mining Index.
Inclusion on the ASX 200 attracts more scrutiny from large, institutional investors, many of which must carry a swath of ASX 200 companies within their respective portfolios, Craigs Investment Partners broker Peter McIntyre said.
"Their inclusion will see a lot more interest taken by larger players," Mr McIntyre said.
Overall, annual gold production was down, underpinning some demand and China was rebuilding its own gold inventory, he said.
"Gold has always been considered a hedge against inflation and it has become more mainstream for institutions and governments to hold gold," he said.
Forsyth Barr broker Suzanne Kinnaird said investor sentiment in Oceana is positive following their strong share-price gains, bolstered by this week's inclusion on the additional S&P indices.
She noted that triple-listed Oceana's primary listing is on the Toronto stock exchange, in Canada, and the respective share prices were "trading in-line" as expected.
Indices that include Oceana Gold
S&P ASX 200 Index
S&P TSX Composite Index
S&P TSX Small Caps Index
S&P TSX Global Gold Index
S&P TSX Global Mining Index
