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Trade optimism tainted by Huawei ban

A topsy-turvy time continues on global equities markets, which closed higher yesterday over news of the US planning to delay tariffs on European auto imports and further optimism over US-China trade talks.
Trade optimism tainted by Huawei ban Trade optimism tainted by Huawei ban Trade optimism tainted by Huawei ban Trade optimism tainted by Huawei ban Trade optimism tainted by Huawei ban

Atlantic Gold a standout as topsy turvy time continues on markets

Staff reporter

However that optimism is expected to dissipate after US president Donald Trump earlier signed an executive order seen as blacklisting Chinese telecommunications company Huawei.

In the order, Trump declared "a national emergency" and effectively barred US companies from using "foreign adversary" telecommunications equipment, citing security concerns.

Metals and mining stocks were softer yesterday in Toronto, closing down collectively 0.34%.

Atlantic Gold (TSXV: AGB) was the standout.

It rose almost 38% to a one-year high of C$2.88, as ASX-listed gold producer St Barbara moved to acquire the company in an $800 million (US$592 million) deal at $2.90 per share.

Still on acquisitions, takeover target Lynas Corp (ASX: LYC) was one of the bigger risers in afternoon Australian trade, up 5.2%.

The integrated rare earths producer, which is in discussions with Malaysia over a licence renewal, recently snubbed a proposed offer from conglomerate Wesfarmers.

Finally, the gold price is similar to this time yesterday, above US$1,295 an ounce.