Canadian golds rise on new investor enthusiasm
3/27/2002 3:59:48 PM
TORONTO, March 27 (Reuters) - Canadian gold stocks surged on Wednesday on a new wave of investor enthusiasm as the volatile commodity flirted again with a key psychological level.
The Toronto Stock Exchange's gold and precious minerals (TGL) , home to some of the world's biggest and most influential gold companies, was up 5 percent in afternoon activity.
The index has risen 25.2 percent so far this year, outperforming the broader TSE 300 composite index (89199000) which has gained only 1.9 during the same period.
Wednesday's hike in the gold index came as the yellow metal topped $300 an ounce, climbing to $303.50 an ounce, a level not seen since Feb. 11. Traders said the market was now gearing up to test the February high of $309.30 an ounce.
"That was, and still is, a major barrier or hurdle point, in a lot of traders' minds," said Barry Allan, a mining analyst at Research Capital, in Toronto. "Now that we're through that it has sparked the whole recycle on momentum and everybody is enthused because the chart looks so good."
Barrick Gold Corp. (ABX) was up C$1.12 at C$29.82 and Placer Dome Inc. (PDG) , was up C$1.05 at C$19.75. The mid-tier companies were also showing movement with Goldcorp Inc. (G) up 60 Canadian cents at C$28.45 and Agnico-Eagle Mines Ltd. (AGE) up 86 Canadian cents at C$21.81.
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