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Second wave worries dampen markets

The threat of a “second wave” in the global COVID-19 pandemic as economies start opening up has weighed on market sentiment.
Second wave worries dampen markets Second wave worries dampen markets Second wave worries dampen markets Second wave worries dampen markets Second wave worries dampen markets

Producer Victoria Gold, which has the new Eagle mine in Canada’s Yukon, rose in Toronto

Staff reporter

The FTSE 100 and the S&P/TSX Venture Composite Index were the among the few to close higher yesterday and market futures are mixed.

The number of global confirmed cases has risen above 4.25 million according to Johns Hopkins University, Russia has again reported more than 10,000 cases in 24 hours and the original epicentre of Wuhan is reportedly set to test its entire population after a new cluster of cases emerged.

Top US medical official Dr Anthony Fauci yesterday cautioned senators against reopening the country too soon.

Among mining equities, producer Victoria Gold (TSX: VGCX) provided a highlight.

The Canada-based miner hit a 12-month high before closing up almost 28% yesterday after reporting a "very successful month" in April at its new Eagle gold mine in Yukon.

The gold price has risen just above US$1,700 an ounce to $1,703/oz on the spot market.

Finally among the majors, Rio Tinto (LSE: RIO) rose about 1% in London yesterday and Barrick Gold (TSX: ABX) gained 0.3% in Toronto, while copper major Freeport-McMoRan (NYSE: FCX) lost 3.4% in New York.