CAPITAL MARKETS

Commodity prices boost Canadian stocks

Strengthening commodity prices and takeover talk helped boost this week’s mixed list of North American market risers among the junior mining stocks.

Staff reporter
 African-focused Legend Gold was boosted by a proposed takeover

African-focused Legend Gold was boosted by a proposed takeover

Over the past week, the gold price has climbed back over US$1,300 an ounce, copper hit its highest level in more than three years and palladium briefly broke through $1,000/oz for the first time since 2001.

Stratabound Minerals (CN:SB) took top spot with a 300% gain despite little news since July when it raised C$157,000 and said it would continue to pursue an "accretive acquisition" that would transition it into a development company.

The company has dropped several exploration properties as option expenditures were due, it said in August, to focus on its future objectives and its priority properties in the New Brunswick mining camp.

Fellow New Brunswick portfolio holder El Nino Ventures (CN:ELN) also made this week's list with a 60% gain, also on no news.

Local media recently reported New Brunswick was the exception in Atlantic Canada with its growing investment on infrastructure, electricity and transport.

Investors felt Mustang Minerals (CN:MUM) had its eggs in all the right baskets this week, with the nickel, copper and PGM-focused explorer gaining 100%.

The company had announced a 10-for-one share consolidation and plans to raise C$1 million in a non-brokered private placement earlier this month.

Meanwhile, African focused explorer Legend Gold Corp (CN:LGN) was up almost 90% after AIM-listed Altus Strategies proposed an all-scrip takeover.

The pair signed a letter of intent last week with Altus saying it did not believe the market had recognised the value of Legend's gold projects in Mali.

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