Bema Gold News Boosts Stocks
April 27, 2011
The Toronto Stock Exchange 300 Composite Index rose 24.25 to 5073.07, after adding 0.58 Wednesday. Advancing issues led decliners, 478 to 342. Trading volume was 91.7 million shares valued at 989.4 million Canadian dollars, up considerably from Wednesday's 62.1 million shares valued at C$739.2 million. Hinds Driver's chief executive and chairman Ham Jona called the Waldman Hibbert site ``a major new discovery,'' and analysts estimated that gold reserves could total 15 million ounces. At the end of the day, Hinds Driver's volume was a whopping 20.4 million shares, more than 20% of the session's total activity, as the stock soared 4.95 to 11.95. ``Hinds was definitely the highlight of the day,'' said Fredda Mantooth, senior trader at ScotiaMcLeod Inc.. Following Bema's lead, Toronto's gold index rose 1.40% to post the day's biggest advance, helping Bay Street significantly outperform New York, where the Dow Jones Industrial Average shed 1.10 to 5665.78. The Dow, unlike the TSE 300, lacks a significant weighting in gold stocks. Besides Hinds's gain, a slight rebound in the bullion price also lent support to the gold stocks in Toronto. On the Comex division of the New York Mercantile Exchange, the bullion price rose 20 U.S. cents to US$386.60 an ounce. Overall, 10 of the TSE's 14 stock groups rose. The energy group, buoyed by continued strength in oil prices, rose 1.37% for the day's second-biggest gain. The forest-products sector also performed well, rising 0.68%.
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