Shares of gold mining giants Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) were trading up today as gold prices soared past the $1,500 an ounce mark for the first time in history.
The gold contract for June delivery was up $4.50 at $1,497.40 an ounce Tuesday and has traded as high as $1,500.50 an ounce.
Silver prices for June delivery were up 75 cents to $43.71 an ounce.
The dollar was down against 12 of 16 major peers, losing 1 percent or more versus Norway’s krone and Sweden’s krona. The euro was up against 13 of its 16 major counterparts.
The Canadian dollar strengthened 0.8 percent to $1.0450 after the consumer price index rose 3.3 percent in March over last year, compared with a 2.2 percent pace of increase in the previous month.
Newmont Mining was trading at $58.32, gaining $0.45, or 0.78 percent, as of 2:11 PM EDT. Goldcorp was at $54.61, rising $0.89, or 1.66 percent. Barrick Gold was trading at $54.15, up $0.68, or 1.27 percent.
Showing posts with label Canadian Dollar. Show all posts
Showing posts with label Canadian Dollar. Show all posts
Tuesday, April 19, 2011
Wednesday, November 10, 2010
Teck (NYSE:TCK), Kinross (NYSE:KGC), Goldcorp (NYSE:GG) Drop on Stronger U.S. Dollar
Canadian stocks across the overall market dropped as the U.S. dollar strengthened, including Canadian-based miners Teck Resources Ltd. (NYSE:TCK), Kinross Gold Corp. (NYSE:KGC) and GoldCorp Inc. (NYSE:GG).
Out of the twelve sectors represented on the Toronto Stock Exchange, eleven of them dropped.
The index measuring the diversified metals and mining sector lost 2.56 percent, with Teck Resources closing at $48.08 in New York, dropping $2.07, or 4.13 percent. Lundin Mining (TSE:LUN) closed in Toronto at $6.64, losing $0.19, or 2.79 percent.
Gold miner Kinross fell to $18.47, losing $0.67, or 3.50 percent. Goldcorp closed in New York at $46.30, dropping $1.28, or 2.69 percent. Trading volume on both was far above the 3-month average.
The U.S. dollar bought 1.0078 Canadian dollars at 2000 GMT.
Out of the twelve sectors represented on the Toronto Stock Exchange, eleven of them dropped.
The index measuring the diversified metals and mining sector lost 2.56 percent, with Teck Resources closing at $48.08 in New York, dropping $2.07, or 4.13 percent. Lundin Mining (TSE:LUN) closed in Toronto at $6.64, losing $0.19, or 2.79 percent.
Gold miner Kinross fell to $18.47, losing $0.67, or 3.50 percent. Goldcorp closed in New York at $46.30, dropping $1.28, or 2.69 percent. Trading volume on both was far above the 3-month average.
The U.S. dollar bought 1.0078 Canadian dollars at 2000 GMT.
Wednesday, July 28, 2010
Husky Energy (TSE:HSE) Disappoints Again, Misses Estimates
Husky Energy Inc (TSE:HSE) had another disappointing quarter, as they missed estimates again, while lowering production guidance.
Investors and analysts are starting to get frustrated with the company, as they've missed their own production guidance for six straight years. Some are openly wondering about their ability to see the near-term future and performance of the company.
Earnings came to C$266 million ($256 million), or 31 Canadian cents a share, for the second quarter, down from C$345 million, or 41 Canadian cents a share, for the same quarter last year.
New CEO Asim Ghosh unconvincingly said this about the company's performance and goals, “Husky’s business strategies have historically delivered strong results for shareholders and the company has a tremendous portfolio of assets to fuel mid to long-term growth...however, a key goal is delivering near-term production growth. We are rebalancing Husky’s portfolio to direct a measure of capital to low cost, high return projects to achieve this near-term goal while maintaining the integrity of our long-term objectives.”
The company primarily blamed the strength of the Canadian dollar in connection to decreasing the value of commodity prices, which had performed strong in the quarter, for their dismal numbers. They also used the poor weather in Western Canada as a reason for lower heavy oil production.
Since the latter part of September 2008, the share price of the company has gone nowhere, and there's nothing in this report to indicate that's going to change any time soon.
Investors and analysts are starting to get frustrated with the company, as they've missed their own production guidance for six straight years. Some are openly wondering about their ability to see the near-term future and performance of the company.
Earnings came to C$266 million ($256 million), or 31 Canadian cents a share, for the second quarter, down from C$345 million, or 41 Canadian cents a share, for the same quarter last year.
New CEO Asim Ghosh unconvincingly said this about the company's performance and goals, “Husky’s business strategies have historically delivered strong results for shareholders and the company has a tremendous portfolio of assets to fuel mid to long-term growth...however, a key goal is delivering near-term production growth. We are rebalancing Husky’s portfolio to direct a measure of capital to low cost, high return projects to achieve this near-term goal while maintaining the integrity of our long-term objectives.”
The company primarily blamed the strength of the Canadian dollar in connection to decreasing the value of commodity prices, which had performed strong in the quarter, for their dismal numbers. They also used the poor weather in Western Canada as a reason for lower heavy oil production.
Since the latter part of September 2008, the share price of the company has gone nowhere, and there's nothing in this report to indicate that's going to change any time soon.
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