CAPITAL MARKETS

Miners, commodities, Semafo lower

Markets were mixed yesterday and futures followed suit as investors await further economic cues and developments with US-China trade talks.

Staff reporter
 Semafo is keeping its Boungou mine in Burkina Faso suspended after last week’s fatal attack on a convoy to the site

Semafo is keeping its Boungou mine in Burkina Faso suspended after last week’s fatal attack on a convoy to the site

There will be economic indications later this week with both the US and China set to release retail sales figures, Bloomberg noted.

Metals and mining stocks were down a collective 2.7% in London yesterday, where most base metals also closed lower on the London Metal Exchange.

Glencore (LSE: GLEN) closed down 3.5%.

The big mover among Toronto's gold equities was Semafo (TSX: SMF), which plunged a further 16.8% after saying its Boungou gold operations would remain suspended.

Its shares have lost a third of their value since last week's fatal attack on a convoy making its way to Boungou in Burkina Faso's east.

Metals and mining stocks were off about 0.5% in early afternoon Australian trade.

There were mixed moves by gold equities, with producers Saracen Mineral Holdings (ASX: SAR) down 2.6% and St Barbara (ASX: SBM) up 1.4% at the time of writing.

The spot gold price had dipped below US$1,450 an ounce yesterday but was earlier trading about $1,456/oz.

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