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by Stockwatch Business Reporter
New York spot gold added $8.40 to $1,464.00 on Friday. The TSX Venture Exchange dipped 0.50 point to 531.81 while the TSX Gold Index added 2.48 points to 243.66. Kirkland Lake Gold Ltd. (KL) had a third consecutive up day since it slumped nearly $15 on word that it plans to acquire Detour Gold Corp. (DGC), adding 99 cents to $55.79 on 3.47 million shares. Detour followed suit, gaining 70 cents to $24.60 on 2.27 million shares.
Mike England's floundering -- but not quite foundering -- gold explorer, Sky Gold Corp. (SKYG), lost one-half cent to one-half cent on 129,000 shares. The company will roll back its stock 1:10 at the open on Tuesday. Mr. England, chief executive officer, says the consolidation will improve the company's competitiveness in the marketplace, as well as its flexibility -- true, since the stock will now have room to fall. Mr. England adds that the rollback will make the stock "more attractive to a wider audience of investors," thereby resulting in a more efficient market. (He is apparently targeting investors who would scorn a half-center but leap to buy a nickel stock.)
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