Finance > Capital-markets

Miners, gold stocks improve

It was a better 24 hours for mining stocks, gold equities in particular, as Wall Street stabilised and the gold price added close to US$4 an ounce to nearly $1,327/oz on the spot market earlier.

Staff reporter

Finance > Capital-markets

Miners, gold stocks improve

It was a better 24 hours for mining stocks, gold equities in particular, as Wall Street stabilised and the gold price added close to US$4 an ounce to nearly $1,327/oz on the spot market earlier.

Staff reporter

Miners, gold stocks improve

Harmony Gold the exception

In Toronto, the broader metals and mining sector gained 3.43% and gold stocks were in positive territory, with strong gains by Tahoe Resources (CN:THO) and Torex Gold Resources (CN:TXG), up 7.63% and 6.98% respectively.

Toronto's copper sector surged thanks to First Quantum Minerals' gain of 6.17% on news of upsizing its majority-owned Cobre Panama output and record quarterly copper production.

Miners were also up in London, with gold producer Randgold Resources (LN:RRS) closing more than 2% higher yesterday.

In Australia, gold miners St Barbara (AU:SBM) and Regis Resources (AU:RRL) made gains of 4.92% and 4.37% respectively, the biggest moves among larger capitalised gold stocks.

South African-based miner Harmony Gold (JSE:HAR) was the exception, falling 1.93% in Johannesburg on mixed half-yearly results.

The miner said its headline earnings per share rose 49% for the period as it increased South African gold production by 6% but basic earnings per share fell 42%.

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