The Canadian Press
TORONTO - Gold stocks were still top of mind Tuesday among traders on the Toronto Stock Exchange, although mercifully, most were in positive territory after severe losses the previous session.
The stabilizing stock prices match similar moves by gold bullion, which saw the June contract rise $16.70 to US$1,377.80 an ounce after Monday's plunge of US$140.
That nine per cent drop was the biggest one-day decline in more than 30 years, knocking the price of the precious metal to its lowest level in two years.
Osisko Mining Corp. (TSX:OSK), one of the most heavily traded issues on Monday, was the most active stock in early afternoon trading on the TSX, up eight cents or less than two per cent at $4.12 on volume of 4.5 million shares.
However, the recovery was just a fraction of the nearly 21 per cent loss the Montreal-based precious metal producer, with operations focused in Quebec, suffered a day earlier.
Kinross Gold (TSX:K) was also trading higher, up 1.62 per cent at $5.60 after plunging 13.5 per cent Monday, as was Yamana Gold (TSX:YRI), ahead 1.15 per cent at $12.29 after falling more than eight per cent.
And Goldcorp (TSX:G). the runaway volume leader Monday at 33.5 million shares as it fell 5.6 per cent, was up just under one per cent at $28.65.
However, Barrick Gold Corp. (TSX:ABX) stock continued in negative territory, although down only 13 cents at just over half a per cent at $20.17.
Barrick stock, which fell more than 11 per cent Monday on top of losses of more than 15 per cent last week, is facing a number of challenges in addition to the falling price of bullion.
Among them, its shares have been hit by a Chilean court decision to suspend construction on its $8-billion Pascua-Lama mine located on the border with Argentina after indigenous communities complained that the project is threatening their water supply and polluting glaciers.