TORONTO STOCK EXCHANGE
The holiday shortened trading period ended Feb. 22 saw the wider U.S. markets give back much of their past weeks’ gains, with the Dow Jones Industrial Average falling 226.12 points to 10,611.20 and the S&P 500 index closing down 25.90 points to 1,118.22. Stocks were hit by a double whammy: a sagging U.S. dollar and surging oil prices.
Gold put on a show on Feb. 22, powering upwards by US$7 to US$435 before easing back a buck. Gold’s move took the major producers along for the ride, with Newmont Mining rising US$2.16 to US$44.50, AngloGold Ashanti jumping US$1.80 to US$36.82, Gold Fields tacking on US32 to US$11.98, Meridian Gold soaring US$1.21 to US$21.15, and Glamis Gold popping up US78 to US$18.
Vancouver-based junior Linux Gold topped the percentage-gainer list, rocketing almost 30% to US22. The company released high-grade gold assays from 22 samples taken from the 50-ton-per-day Wang Yuan gold mine in China’s Heibei province. Linux does not own the mine but is evaluating several projects in the country.
Heavily traded gainer Caledonia Mining rose US2 to US11. The company is exploring for diamonds in Zambia in a project called the Mulonga Plain Joint Venture.
The biggest percentage loser, dropping 25% to US30 on modest volume, was junior Shoshone Silver Mining, which was also the previous period’s top percentage gainer. The company aims to become a silver and gold producer.
Hecla Mining rose US28 to US$5.98 as it reported a net loss of US$6.1 million for 2004, unchanged from a year earlier as lower production was offset by stronger metal prices.
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