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Markets mixed, miners gain in Toronto

Metals and mining stocks enjoyed a positive day in Toronto, closing up 7%, as the S&P/TSX Composite Index made a strong return after Monday’s holiday to finish 1.68% higher.
Markets mixed, miners gain in Toronto Markets mixed, miners gain in Toronto Markets mixed, miners gain in Toronto Markets mixed, miners gain in Toronto Markets mixed, miners gain in Toronto

Silver hopeful Silver Elephant Mining was among the market risers

Staff reporter

Elsewhere there were varying results on key global indices yesterday, with the S&P 500 and FTSE 100 lower and Australasian markets up.

Market futures were mixed as tensions continue for varying reasons between China and Australia, the US and China, and the US and the World Health Organisation.

Back in Toronto, Silver Elephant Mining (TSX: ELEF), the rebadged Prophecy Development Corp, closed up 45% as the silver price continues to climb.

The Eric Sprott-backed company had raised more than C$1.3 million earlier this month as it focuses on the former Pulacayo silver mine in Bolivia.

The spot silver price has recovered from about US$12 an ounce in March to $17.55/oz at the time of writing.

Takeover target Guyana Goldfields (TSX: GUY), which last week entered an amended agreement with Silvercorp Metals after brushing off an all-cash offer and a proposal from Gran Colombia Gold, gained 39.3%.

The gold price has risen to $1,750/oz on the spot market.

Barrick Gold (TSX: ABX) closed 1% lower but remains near a one-year high.

Rival gold major Newmont (NYSE: NEM) gained 1.69%, Rio Tinto (LSE: RIO) rose 1% in London and BHP (ASX: BHP) was down 1.3% in morning trade.