Gold miners rally as Macquarie sees Northern Star, Genesis as top picks

The news: Gold stocks rallied this morning as Macquarie made a slate of changes to its stock ratings following the end of reporting season.

The numbers: Gold producers made up seven of the top 10 performers on the ASX 200 at 11am AEST. Capricorn Metals (+6.7%), Emerald Resources (+6.6%) and Genesis Minerals (+5.8%) led the rally.

Macquarie has switched its large-cap preference from Newmont (+1.7%) to Northern Star (+3.8%). Macquarie downgraded Newmont from 'outperform' to 'neutral', with its operating performance now seen as fully priced, while Evolution Mining (+3%) appears the "least attractive" of the large-caps, analysts said.

Macquarie's mid-cap top pick is now Genesis due to expected plant expansions. Genesis also announced this morning that it will double its exploration budget in FY26. Macquarie said Vault Minerals (+3.7%) is another key pick at the mid-cap level, with its succession and buyback announcements an "earnings season highlight".