BUZZ--Barrick Gold Corp: Gets boost from asset sale plan, exec pay plan veto

Tue Apr 28, 2015 2:56pm EDT
 
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** Gold miner's U.S. shares up 4.6 pct at $13.39 on plans to sell assets, exec pay plan veto and higher gold prices

** Stock is closest it has ever been to its 200-day moving average since the couple of days after falling below on Sept. 3

** Miner to "refine" its executive compensation plan after shareholders voted overwhelmingly to reject it

** Barrick starts process to sell stake in Chile copper mine to meet debt reduction aim of $3 bln by year end

** Patience on asset sales required, TD Securities says; while Canaccord says ABX's "royalty-esque" premium should be used to buy quality assets, not pursue austerity

** ABX is currently trading at 1.33 times its net asset value, an unsustainable 55 premium to the group, Canaccord says

** Up to Monday's close, U.S.-listed stock had risen about 19 pct this year, far outpacing the 4.2 pct rise in the Philadelphia gold/silver index

** Toronto-listed stock up 3.8 pct, putting year-to-date gains at 24 pct, after four years of decline