CAPITAL MARKETS

Futures mixed, Galway gains

Key market futures were mixed and most base metals were lower as investors await tomorrow’s outcome of the latest US Federal Reserve’s FOMC meeting.

Staff reporter
 Image: Unsplash.com/Yan Ming

Image: Unsplash.com/Yan Ming

Perhaps a hint of Irish luck was with Galway Gold (TSXV: GLW) ahead of St Patrick's Day today, with the junior closing up almost 27% on no news.

The company has no current exploration projects and has sought arbitration and compensation regarding Colombia's 2016 ruling banning mining in the paramos (high altitude ecosystems), which also meant Galway could not transfer the mining title for its Reina de Oro property.

The gold price is similar to this point yesterday, at US$1,732 an ounce on the spot market.

The top two gold miners diverged, with Newmont up about 0.6% in New York and Barrick Gold closing down a similar amount in Toronto.

Elsewhere among the majors, Antofagasta fell 1.18% in London, despite the copper miner declaring a bumper final dividend.

At the smaller end of town, Kodal Minerals (AIM: KOD) reached a one-year high and closed up 40% to 14p, as investors elected to convert another portion of a $1.5 million loan into new shares.

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