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by Stockwatch Business Reporter
New York spot gold gained $1.40 to $1,514.10 on Friday. The TSX Venture Exchange rose 3.12 points to 541.49 while the TSX Gold Index fell 2.81 points to 247.01. Detour Gold Corp. (DGC) lost 73 cents to $21.14 on 1.21 million shares. The company, which has had no recent news, will reveal its third quarter results in two weeks.
Meanwhile, the market aftershocks have died down after Wednesday's bad news from Centerra Gold Inc. (CG). Centerra, $13 a week ago, shed $2.03 to $10.62 on 3.66 million shares Wednesday, on word that it lost $165-million (U.S.) in its third quarter. Worse, the company thinks its reserves at the Mount Milligan mine will be "materially reduced." Not to worry, said Canaccord analyst, Dalton Baretto, the sell-off was overdone as it wiped out more market value than the mine was worth. Centerra recovered from the grim news and grimmer reaction, regaining 61 cents to $11.23 on 2.27 million shares Thursday. The stock has, for now, stabilized at its new, lower perch, gaining four cents to $11.27 on 1.4 million shares today.
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