Canadian Metal Stocks Including Goldcorp and Alcan May Climb
By Dune Lawrence
Nov. 12 (Bloomberg) -- Canadian producers of gold and other
metals, including Goldcorp Inc. and Alcan Inc., may rise as gold
and copper prices climbed.
The Standard & Poor's TSX/Composite Index yesterday
increased 0.5 percent to 8886.17 in Toronto, its highest close
since April 12 when the benchmark reached its peak for the year.
A rise of 13 points would bring the S&P/TSX to a new high for
2004.
Gold was poised for its fourth consecutive weekly gain in
London as a decline in the dollar increased the dollar-
denominated metal's appeal as an alternative investment to the
U.S. currency.
Gold for immediate delivery in London rose 0.4 percent to
$436.54 an ounce. The metal has advanced 0.7 percent this week,
reaching a 16-year high on Nov. 10 when the dollar touched a
record low against the euro. Gold gained 0.4 percent to $437.20
in New York.
Goldcorp Inc., Canada's fourth-biggest gold producer, added
8 cents to C$17.50 in pre-market electronic trading in Toronto.
Iamgold Corp., another gold miner, climbed 14 cents to C$8.95
according to early bids. The company's agreed-to purchase of $2.1
billion by Gold Fields Ltd., a South African company, is
uncertain as that company tries to fight off a hostile bid from
Harmony Gold Mining Co.
Copper Prices Gain
Copper prices also rose in London, reaching a one-month high
as stockpiles in London Metal Exchange warehouses touched the
lowest in 14 years amid growing demand from China, the U.S. and
Japan, the three biggest users.
Copper for delivery in three months rose 0.6 percent to
$3,005.50 a ton on the LME. It earlier reached $3,023, the
highest since Oct. 13.
Alcan, the world's second-biggest aluminum maker, added 20
cents to C$60.79 in early trading.
Canada's dollar headed toward 84 U.S. cents, the highest
since August 1992, on speculation the U.S. dollar has more room
to decline and the Bank of Canada will lift its target interest
rate again next month.
The following is a list of companies whose shares may make
significant gains or losses in the Canadian market. Stock symbols
are in parentheses after company names. Prices are from
yesterday's close. |
