viewCanadian Market Wrap

Monday's most followed in Canada including Ritchie Bros, Capstone, Klondex Mines, Golden Queen Mining, Caza Oil, iCo Therapeutics, El Tigre Silver, Northern Gold Mining


Toronto's main market rose for a seventh day on Monday as higher commodity prices lifted energy producers and miners, and housing starts rose to their strongest level in seven months.

In corporate activity, Ritchie Bros. Auctioneers Inc. (TSE:RBA), the world's largest auctioneer of industrial equipment, jumped 4.3% to $26.32 after analysts at Cantor Fitzgerald LP raised the stock’s rating on rising auction proceeds. 

Capstone Mining Corp. (TSE:CS), the owner of copper mines in Mexico and Canada, fell 2.4% to $2.48. The company said production at its Cozamin mine in Mexico after a three-day shutdown that followed a fatal accident at the mine. 

Klondex Mines (TSE:KDX) (OTCQX:KLNDF) has received the final permit for the water management system at its flagship Fire Creek asset in Nevada, essentially completing the final development milestone at the project. The Rapid Infiltration Basin (RIB) at the property is expected to be complete in the third quarter, the Nevada-focused gold producer said Monday, representing the final construction project for operations at Fire Creek.

Shares of Golden Queen Mining (TSE:GQM) (OTCQX:GQMNF) advanced Monday after agreeing with merchant bank Leucadia National Corp (NYSE:LUK) and members of the Clay family -- a shareholder group which together owns about 27% of the company's shares -- on a joint venture deal that will see the new partners take a 50% stake in the Soledad Mountain project in exchange for $110 million in cash.

Moving to energy, Caza Oil & Gas (LON:CAZA) (TSE:CAZ) has revealed a 13% increase in oil and gas reserves for the Bone Springs play in New Mexico. The AIM and TSX quoted oil firm has soared due to recent well successes and currently has gross interests in 21 wells in production from the Bone Springs play.

In Canada's junior markets, iCo Therapeutics Inc. (CVE:ICO), a biotechnology company, tumbled by more than five times after reporting negative results related to the eight-month visual acuity (VA) primary endpoint for subjects enrolled in a phase 2 testing iCo-007 in patients with Diabetic Macular Edema (DME).

El Tigre Silver Corp. (CVE:ELS) (OTCQX:EGRTF) has unveiled high grade sampling results extending beyond the resource area at its flagship silver and gold project in northern Sonora, Mexico. The results are from the recently completed underground and surface sampling program at the property, with today's reported assays hailing from the historic mine levels in the Espuelas Canyon area. 

Northern Gold Mining (CVE:NGM) has named founder Eric Moeller as president and CEO of the company as it moves its Garrison property towards production, in an announcement Monday reflecting several changes to management.

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