If at first you don't succeed, try and try again. That is what
investors in Canada's main stock market, the Toronto Stock
Exchange, did today and after battling hard to win and hold on to
gains over the first half of the day they managed to get up a head
of speed thereafter. The TSX closed the week with upward momentum,
nearly 70 points higher near session highs. This added to the 50
points gained Thursday, with the resources-heavy index buoyed by
higher oil and gold futures.
Although it finished Friday as second most actively traded,
Bioniche Life Sciences Inc. (BNC.TO), a research-based,
technology-driven biopharmaceutical company, was most active for
some periods - having been cited in MT Newswires' own Stocks To
Watch list overnight.
BNC today noted substantial trading volume of its shares on the
Toronto Stock Exchange. It said: "It has come to the vompany's
attention that one of its institutional shareholders - the Fonds de
solidaritr FTQ - has sold their entire holding. This has come as a
surprise to us asÂ there has been no material change in our
business," stated CEO Graeme McRae. "However, we appreciate the
number of investors who have purchased shares today, and we look
forward to working with all shareholders to demonstrate the
BNC overnight announced that its E. coli O157 cattle vaccine is
being shipped to Sweden for on-farm studies in some Swedish cattle
Gold stocks Barrick Gold (ABX.TO), Yamana (YRI.TO), New Gold
(NGD.TO) and Kinross (K.TO) were also heavily traded gainers
With commodities, May oil tacked on some modest gains today,
closing up 0.3% at $88.01 a barrel, boosted by rumors that OPEC is
considering supply cuts. For the week, oil shed 3.6% of its
Gold futures managed to close higher today, tacking on 0.2% to
close at $1,395.60 an ounce. This was the second straight session
in which gold scored a gain, but it was not enough to recoup losses
suffered earlier in the week. For the week, gold shed 7.1%.
Copper shed 1.7% today to close at $3.1515 a pound on the Comex
division. Copper has officially entered a bear-market, defined as a
20% decline from its peak.
In February 2012 copper touched a high of $3.9785 a pound.
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