Shares of Northern Star Resources Ltd (NST.AU) surged 7.84% during intraday trading on Friday, significantly outperforming the broader Australian market.
The rally in the gold miner's stock mirrored a sharp overnight increase in bullion prices. Gold rose more than 2% after weaker-than-expected U.S. non-farm payrolls data reduced market expectations for further Federal Reserve interest rate hikes this year, boosting the appeal of non-yielding assets like gold.
Additionally, the stock has garnered renewed attention following activist investor Elliott Investment Management's call for substantial board changes and a comprehensive business review at the company. This campaign has put a fresh spotlight on Northern Star's valuation and strategic direction.