Up 10.68% near the close Friday and still no explaCan someone more knowledgeable than I explain or at least give me an educated guess as to why there is still a huge $8.50CAD bid on KGI?
I can envisage several scenarios but I still can’t dig up a concrete one.
I really don’t think a S&P listing was the reason.
It certainly didn’t do much for Northgate.
VANCOUVER, March 22 /PRNewswire-FirstCall/ - Northgate Minerals Corporation ("Northgate") (TSX: NGX, NYSE Amex: NXG) is pleased to announce that it will be added to the S&P/TSX Composite Index (the "Index") effective when trading begins today, Monday, March 22, 2010. The Index is the premier indicator of market activity for the Canadian equity markets. In addition to the inclusion on the Index, Northgate has also been added to the S&P/TSX Global Gold Index as well as the S&P/TSX Global Mining Index, both leading benchmarks of gold and mining portfolios and investment vehicles.