Northern Star Resources Shares Drop as $500 Million Buyback Faces Gold Price Test
Northern Star Resources shares fell 1.9% to A$20.75 in Sydney on Monday, closing at the session low despite ongoing gold price strength and a A$500 million buyback program. The drop came as the S&P/ASX 200 slipped 0.5% and other gold miners also declined. Northern Star has repurchased about 2.66 million shares so far, with nearly 20 million still authorized. The company said future buybacks depend on market conditions and capital needs.