00:25:21 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,215,209
Close 2016-05-03 C$ 23.33
Market Cap C$ 27,184,470,826
Recent Sedar Documents

Globe says rallying Teck, rivals starting to stumble

2016-05-04 06:26 ET - In the News

See In the News (C-TCK) Teck Resources Ltd

The Globe and Mail reports in its Wednesday edition that the exuberant rally in mining shares this year is hitting a rough patch. The Globe's Ian McGugan writes that a weak reading on China's manufacturing sector hammered the stocks of many miners on Tuesday. Analysts cautioned that the recent surge in mining shares may have been too much, too fast, for a sector that was devastated in 2015. Capital Economics analyst Caroline Bain says in a note: "We are a little concerned about the scale of recent gains. Prices are starting to look vulnerable if, as we expect, the U.S. economy bounces back." All of the top 10 performing stocks on the Toronto Stock Exchange this year are miners. Several of the big gainers, including Kinross Gold, Barrick Gold and Teck Resources, have more than doubled since Jan. 1. The sector's huge advance, however, is now creating skeptics. Citigroup analysts argued in a report last month that the share prices of global miners had "run too hard, too fast and valuations look stretched." Ms. Bain was previously more optimistic on commodities, but has now reversed the view. Her new, darker outlook is based on a rebounding United States dollar.

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