CAPITAL MARKETS

TSX miners make flying start

Canada’s metals and mining sector kicked off 2018 with a strong start, rising 2.75% in the first day of trade as the S&P/TSX Composite Index hit a fresh record high of 16,309.99 points.

Staff reporter
 Barrick has enjoyed a positive start to 2018

Barrick has enjoyed a positive start to 2018

Gold mining stocks featured in the day's list of gainers as the precious metal price hit its highest point since late September thanks to a weakened US dollar.

The gold spot price broke through the US$1,320 an ounce mark overnight and was trading at $1,313/oz earlier today.

Mitsubishi analyst Jonathan Butler told Reuters it was gold's highest January opening since 2013 and "only the fourth time ever that gold has opened the year above $1,300".

On the TSX, Barrick Gold (CN:ABX) gained 4.57%, Kinross Gold (CN:K) rose 3.32% and Goldcorp (CN:G) closed up 2.99%.

B2Gold (CN:BTO) headed in the other direction, losing just over 1%, while in London, Randgold Resources (LN:RRS) gained close to 0.5%.

In the US, the record-breaking cold didn't freeze markets with the S&P 500 closing up 0.83% and gold miner Newmont Mining (US:NEM) rising 1.71%.

On the other side of the world, mining stocks performed strongly again today leading gains in the S&P/ASX 200 index.

Meanwhile, gold miner Northern Star Resources (AU:NST) made a minimal gain but enough to reach an all-time high of A$6.30 (US$4.93) intraday.

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