The Vancouver Sun reports in its Saturday edition that Barrick Gold rode a rebound in bullion to become Canada's most valuable gold miner this week for the first time in 19 months, taking the mantle from Goldcorp. A Bloomberg dispatch to The Sun says Barrick shares have gained more than 10 per cent this year in Toronto as demand for haven assets boosts gold prices and mining companies. On Friday, Barrick closed at $11.49, up 59 cents on the Toronto Stock Exchange. Goldcorp, which was downgraded to neutral from outperform this week by Credit Suisse Group, missed out on the rally. The bank cited potential headwinds from a management change and a flat production outlook.
Barrick's market cap is $13.4-billion, compared with $12.5-billion for Goldcorp. Goldcorp shares are down 6.1 per cent this year. Gold futures for February delivery advanced 2.9 per cent.
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