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Canadian Market Wrap

Tuesday's most followed in Canada including TD, Barrick, Rockwell Diamonds, New Millennium, Klondex Mines, Valeant, Avigilon, Rambler Metals

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Toronto's main market moved up ever so slightly on Tuesday as declining commodity prices offset gains in financials. 

Toronto-Dominion Bank (TSE:TD), the second-largest lender, tacked on 0.7% to C$91.42. National Bank Financial raised its target price to C$99 from C$97 after the bank agreed to buy about half of Canadian Imperial Bank of Commerce's (TSE:CM) Aeroplan Visa credit card portfolio.

Elsewhere, in materials, Barrick Gold Corp. (TSE:ABX), the world’s largest producer of the metal by volume, gave back 0.3% to C$18.69. Investors turn up the heat on the company to shake up its board and quicken founder Peter Munk’s exit, according to media reports. 

Rockwell Diamonds Inc. (TSE:RDI), which mines for diamonds in the Democratic Republic of Congo, leaped 28% to a 52-week intraday high of 38 Canadian cents after finding four rough diamonds of at least 100 carats.

New Millennium Iron Corp. (TSE:NML) (OTCQX:NWLNF) shares surged Tuesday after the company said that Tata Steel Minerals Canada (TSMC), the joint venture in which it owns a 20 per cent stake, has made the first shipment of products from its direct shipping ore (DSO) project. Tata Steel, one of the largest steel producers in the world and a 26 per cent shareholder in New Millennium, owns the remaining 80 per cent stake in the joint venture. 

Back to gold, Klondex Mines (TSE:KDX) (OTCQX:KLNDF) has in hand its new mineral resource estimate for its Fire Creek project in Nevada, with the report proving the high grades at the property and moving the company one step closer to production. The new resource consists of 295,900 ounces of gold at a grade of 44.7 grams per tonne (g/t) in the measured and indicated category, and 421,400 ounces of gold at a grade of 19.2 g/t, applying a 7 g/t gold cut off. The Vancouver, British Columbia-based company, whose shares were halted on Monday prior to the release of the news, said the report illustrates the high grades and confirms the continuity of gold mineralization down dip and along strike from work mainly completed in the Main zone.

Meanwhile, chairman of Orosur Mining (LON:OMI) (TSE:OMI) John Walmsley now has an interest of 0.18% in the miner company following a share transaction. It followed a purchase of 140,350 shares at £0.1425  per share through his spouse - at a cost of £19,999.875. Shares in the company shot up last week as the group’s production figures came in well ahead of expectations, while costs dropped significantly.

In other equities, Valeant Pharmaceuticals International Inc. (TSE:VRX), Canada’s largest drug-maker, jumped 1.4% to C$106.03 after an analyst with Goldman Sachs Group Inc. rated the stock a “conviction buy.”

Avigilon Corp. (TSE:AVO), a video surveillance company, jumped over 7.7% to C$17.16 after  CIBC started the stock with sector outperform rating, and a price target of C$20. CIBC said as global expansion into all verticals continues, shares should move higher. 

Moving to junior markets in Canada, junior miner Rambler Metals and Mining (LON:RMM) (CVE:RAB) is set to buy a dormant copper mine project in  Newfoundland. The Little Deer project is in a similar state to how the firm's now producing Ming Mine in Bai Verte was five years ago, the company noted. The copper deposit and associated Whalesback mine lie less than 140km from Rambler's Nugget Pond facility and only 30km from the Goodyear's Cove port. Shares of the company advanced over 8% to 39 Canadian cents. 

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