TSX Gains Nearly 70 Points; Bioniche Goes From MT Newswires Overnight Stocks To Watch List To Top of TSX Most Active List

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 as 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 company's potential."

BNC overnight announced that its E. coli O157 cattle vaccine is being shipped to Sweden for on-farm studies in some Swedish cattle herds.

Gold stocks Barrick Gold (ABX.TO), Yamana (YRI.TO), New Gold (NGD.TO) and Kinross (K.TO) were also heavily traded gainers today.

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 value.

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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