Toronto's main market rose Wednesday as Canada's central bank kept interest rates steady and faster-than-expected growth in China, the nation's second-biggest trading partner, lifted commodity producers.
In corporate activity, Barrick Gold Corp. (TSE:ABX) rose 2.3 percent to $20.17 after announcing executive changes. Chief Executive Officer Jamie Sokalsky said he will be stepping down two years into the job. Kelvin Dushnisky and Jim Gowans will be appointed co-presidents.
Sokalsky, who has presided over the company in one of the toughest times of its history amid a declining gold price, was appointed to the chief executive role after two decades with the company in various positions, following the sudden exit of Aaron Regent in 2012 for failing to boost Barrick's stock price.
Endeavour Mining's (TSE:EDV) (ASX:EVR) (OTCQX:EDVMF) shares rallied 5.7 percent to 93 Canadian cents on Wednesday after the gold miner reported strong second quarter production, saying it expects to hit the upper end of its forecast for full year output.
Klondex Mines (TSE:KDX) (OTCQX:KLNDF), Nevada's newest precious metals producer, has posted a sharp increase in quarter-on-quarter ounces recovered and sold as it continues to ramp up its operations. For the second quarter, the company recovered 22,239 ounces of gold equivalent, compared to 16,052 ounces in the first quarter. It also sold 25,724 ounces of gold equivalent during the latest period, compared to just 4,288 for the first three months of the year.
Canarc Resource (TSE:CCM) (OTCBB:CRCUF) shares rose more than 11 percent Wednesday, after finding another turnaround opportunity to sink its teeth into, with the company announcing a strategic share exchange agreement with New Mexico's Santa Fe Gold. Under the terms of the latest deal, Santa Fe will issue 66 million shares of its common stock to Canarc, which will also issue 33 million of its own shares to Sante Fe. Santa Fe will own about 17 percent of Canarc and Canarc will hold roughly 34 percent of Santa Fe once the deal is complete. The deal gives Canarc access to a near-term producing gold-silver mine with significant turnaround potential, the company said.
Cameco (TSE:CCO)(NYSE:CCJ) shares gained more than 3 percent on Wednesday even after the uranium producer said its 2014 production target may be affected by its Cigar Lake operations in northern Saskatchewan. The company told investors that as part of the ongoing commissiong process at the mine, the ground freezing has not advanced as quickly as expected in some localized areas of the asset and has therefore decided to temporarily stop jet-boring at Cigar Lake to allow the ore body to freeze more thoroughly in these areas.
Uranium miners rallied on Wednesday, however, as investors reacted to news that brings Japan closer to restarting nuclear reactors halted after the Fukushima disaster of 2011. Japan's nuclear regulator, the Nuclear Regulatory Authority (NRA), today confirmed the safety of two reactors at the Sendai nuclear power plant in northern Japan.
In other stock news, Precision Drilling Corp. (TSE:PD), a drilling and energy services provider, added 3.5 percent to $14.91 after agreeing to a strategic technology and service agreement with Schlumberger Ltd.
Blackberry Ltd. (TSE:BB), the Waterloo, Ontario-based smartphone maker, tumbled 9.6 percent to C$10.98 after longtime competitors Apple Inc. (NASDAQ:AAPL) and International Business Machines Corp. (NYSE:IBM) agreed to a partnership to reach more businesses.
Bombardier Inc. (TSE:BBD.B), the world's third-biggest aircraft maker, wavered between small losses and gains after saying an African airline has signed a letter of intent to acquire five CSeries airliners. The Montreal-based company also said another unidentified customer has placed an additional conditional order for seven firm CS300 airliners and obtained purchase rights for six additional CS300 aircraft.
Moving to junior markets in Canada, shares of RESAAS Services (CSE:RSS), which has built a social and global referral network for real estate agents, climbed more than 13 percent to C$3.45 after adding yet another brokerage to its platform with the addition of HomeLife Capital Realty. HomeLife is a full-service real estate brokerage based in Ottawa, Ontario.
Falco Pacific Resource Group (CVE:FPC) is changing its name to Falco Resources, after its board of directors approved the move today. "The new corporate name is intended to better reflect our roots within the Abitibi region of Quebec, where we own 70% of the Rouyn-Noranda mining camp," said president and CEO Trent Mell. Reported by Proactive Investors 12 hours ago.
In corporate activity, Barrick Gold Corp. (TSE:ABX) rose 2.3 percent to $20.17 after announcing executive changes. Chief Executive Officer Jamie Sokalsky said he will be stepping down two years into the job. Kelvin Dushnisky and Jim Gowans will be appointed co-presidents.
Sokalsky, who has presided over the company in one of the toughest times of its history amid a declining gold price, was appointed to the chief executive role after two decades with the company in various positions, following the sudden exit of Aaron Regent in 2012 for failing to boost Barrick's stock price.
Endeavour Mining's (TSE:EDV) (ASX:EVR) (OTCQX:EDVMF) shares rallied 5.7 percent to 93 Canadian cents on Wednesday after the gold miner reported strong second quarter production, saying it expects to hit the upper end of its forecast for full year output.
Klondex Mines (TSE:KDX) (OTCQX:KLNDF), Nevada's newest precious metals producer, has posted a sharp increase in quarter-on-quarter ounces recovered and sold as it continues to ramp up its operations. For the second quarter, the company recovered 22,239 ounces of gold equivalent, compared to 16,052 ounces in the first quarter. It also sold 25,724 ounces of gold equivalent during the latest period, compared to just 4,288 for the first three months of the year.
Canarc Resource (TSE:CCM) (OTCBB:CRCUF) shares rose more than 11 percent Wednesday, after finding another turnaround opportunity to sink its teeth into, with the company announcing a strategic share exchange agreement with New Mexico's Santa Fe Gold. Under the terms of the latest deal, Santa Fe will issue 66 million shares of its common stock to Canarc, which will also issue 33 million of its own shares to Sante Fe. Santa Fe will own about 17 percent of Canarc and Canarc will hold roughly 34 percent of Santa Fe once the deal is complete. The deal gives Canarc access to a near-term producing gold-silver mine with significant turnaround potential, the company said.
Cameco (TSE:CCO)(NYSE:CCJ) shares gained more than 3 percent on Wednesday even after the uranium producer said its 2014 production target may be affected by its Cigar Lake operations in northern Saskatchewan. The company told investors that as part of the ongoing commissiong process at the mine, the ground freezing has not advanced as quickly as expected in some localized areas of the asset and has therefore decided to temporarily stop jet-boring at Cigar Lake to allow the ore body to freeze more thoroughly in these areas.
Uranium miners rallied on Wednesday, however, as investors reacted to news that brings Japan closer to restarting nuclear reactors halted after the Fukushima disaster of 2011. Japan's nuclear regulator, the Nuclear Regulatory Authority (NRA), today confirmed the safety of two reactors at the Sendai nuclear power plant in northern Japan.
In other stock news, Precision Drilling Corp. (TSE:PD), a drilling and energy services provider, added 3.5 percent to $14.91 after agreeing to a strategic technology and service agreement with Schlumberger Ltd.
Blackberry Ltd. (TSE:BB), the Waterloo, Ontario-based smartphone maker, tumbled 9.6 percent to C$10.98 after longtime competitors Apple Inc. (NASDAQ:AAPL) and International Business Machines Corp. (NYSE:IBM) agreed to a partnership to reach more businesses.
Bombardier Inc. (TSE:BBD.B), the world's third-biggest aircraft maker, wavered between small losses and gains after saying an African airline has signed a letter of intent to acquire five CSeries airliners. The Montreal-based company also said another unidentified customer has placed an additional conditional order for seven firm CS300 airliners and obtained purchase rights for six additional CS300 aircraft.
Moving to junior markets in Canada, shares of RESAAS Services (CSE:RSS), which has built a social and global referral network for real estate agents, climbed more than 13 percent to C$3.45 after adding yet another brokerage to its platform with the addition of HomeLife Capital Realty. HomeLife is a full-service real estate brokerage based in Ottawa, Ontario.
Falco Pacific Resource Group (CVE:FPC) is changing its name to Falco Resources, after its board of directors approved the move today. "The new corporate name is intended to better reflect our roots within the Abitibi region of Quebec, where we own 70% of the Rouyn-Noranda mining camp," said president and CEO Trent Mell. Reported by Proactive Investors 12 hours ago.