Perseus shares rise on solid quarterly performance

The news: Shares in African-focused gold miner Perseus have jumped after it reported improved production, reduced costs and benefits from a small uptick in the gold price in its quarterly update. Perseus left its production and cost guidance for the half year to 31 December unchanged, but said it was on track to either achieve or outperform targets.

The numbers: Perseus' average sale price was USD1,936 ($3,051) per ounce, up USD3 from the June quarter, but the miner lifted its average margin by USD73 to USD999 per ounce over the same period. Perseus shares were trading 3.3% higher at $1.73 at 12:20pm AEDT.

The context: Gold prices are roughly 20% higher than they were a year ago, and have risen more than 7% this month as geopolitical and macroeconomic uncertainty have boosted the appeal of the safe-haven asset.