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Fortune rises, futures mixed

Investor fervour for the battery and critical minerals thematic continues, with Fortune Minerals one of the key market risers in Toronto.
Fortune rises, futures mixed Fortune rises, futures mixed Fortune rises, futures mixed Fortune rises, futures mixed Fortune rises, futures mixed

Staff reporter

Shares in Fortune reached a one-year high intraday of C23c before closing up 40% to 21c.

The company had last week announced five high priority drill targets near its advanced NICO cobalt-gold-bismuth-copper deposit in Canada's Northwest Territories.

It further noted NICO's reserves contained 102.1 million pounds of bismuth, after Natural Resources Canada put cobalt, bismuth and copper on a list of 31 critical minerals earlier this month.

Fortune also pointed on its website to Reuters' recent report about the US looking to Canada for minerals to build electric vehicles.

Meanwhile Africa-focused Diamond Fields Resources (TSXV: DFR) followed the previous day's 40% gain with an inexplicable 59.57% jump to 75c, after spiking to $1.25 intraday.

"The company has no material undisclosed information at the present time and cannot explain the recent price movements," it said.

At the bigger end of town, Barrick Gold closed down 1.38%, while Newmont was 1.68% lower in New York and Rio Tinto was down 1.55% in London.

Among commodities, gold was similar to this point yesterday on the spot market at US$1,739 an ounce.

Copper was slightly higher in London, up almost 0.5% to $9,116.25 per tonne, with Marex Spectron's Alastair Munro saying inventory was expected to trend lower as consumption improved.

Iron ore was lower, amid reports authorities plan to restrict steel output at some mills in China's top steel-making city Tangshan for the rest of the year to reduce emissions.

MySteel 62% Australian fines were down 2.71% to $161.50/t.

Finally, market futures were mixed.