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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.
Miners, gold stocks improve Miners, gold stocks improve Miners, gold stocks improve Miners, gold stocks improve Miners, gold stocks improve

Harmony Gold the exception

Staff reporter

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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