Currently viewing Global edition

Mining equities, markets on the rise

It was a better period for mining and metals stocks on global markets with Australia’s Lynas Corp (ASX: LYC) and Canada’s Cantex Mine Development (TSXV: CD) the standout performers.
Mining equities, markets on the rise Mining equities, markets on the rise Mining equities, markets on the rise Mining equities, markets on the rise Mining equities, markets on the rise

Investors heaped gains on rare earths miner Lynas following Wesfarmers’ bid

Staff reporter

Rare earths miner Lynas was up more than 33% in afternoon trade to A$2.07 after a surprise $1.5 billion takeover offer from Wesfarmers Ltd indicatively priced at $2.25 cash per share.

On the other side of the world, explorer Cantex leapt 35% or C58c to a one-year high of $2.24, representing a 180% gain year-to-date.

It is close to closing an increased private placement priced at $1, aiming to raise up to $15 million, for exploration at its Rackla zinc-lead-silver project in the Yukon.

Key European and US market futures were indicating a positive start today although Toronto was pointing lower.

The spot gold price spiked briefly to US$1,328 an ounce some hours ago and remains higher than this time yesterday, above $1,320/oz as uncertainty continues to surround US-China trade talks, economic growth and Brexit.

It has been a generally positive period for metals and mining stocks around the globe in the past 24 hours, with the small number of metals and mining stocks on the S&P500 up 0.87% yesterday.

Copper major Freeport-McMoRan (NYSE: FCX) gained 1.64%.

In London, the sector was up 0.59% with precious metals miner Fresnillo (LSE: FRES) up 1.97% and diversified major Rio Tinto (LSE: RIO) up 1.6%.

Among the larger mining equities in Toronto, gold stocks were on the rise, led by Yamana Gold's (TSX: YRI) gain of 5.98% and Eldorado Gold's (TSX: ELD) 5.63%.

Kirkland Lake Gold (TSX: KL) was one of only two TSX-listed gold stocks to close lower yesterday, losing 2.4% on news of chairman Eric Sprott's upcoming retirement in May.