Stockhouse @ the Bell: Stocks get oil boost

Today on Stockhouse

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Ticker Trax’s Thom Calandra describes what he thinks is Bellhaven's (BHV) porphyry payoff.

While Andrew Mickey of Q1 Publishing profiles recent gold discoveries and suggests where to look next.

Top Bullboards post: “There are two things going on at the same time with this play. The first thing is the block model. The second thing is the blue sky extension to the east. The block model is let’s say 2.5 million ounces to make the math simple. Every hole on the block model reported so far confirms the mineralisation and the grade. 43-101 inferred is assigned a value of $100/ounce so that would give a market cap of 250 million. Frank said he hopes to be there by the end of this year. When he moves it into the proven and probable, which requires more drilling and a feasibility study, it becomes $200/ounce for a market cap of $500. Say this takes a year and there are 200 million shares out by then this gives a share price of $2.50.” From oscar1412 on the Gold Bullion Development (TSX: V.GBB, Stock Forum) board.

Top Bullboard: Gold Bullion Development (TSX: V.GBB, Stock Forum) was #1 in both reads and posts, while Copper Fox Metals (TSX: V.CUU, Stock Forum) was #2.

Top blog: littleguy123 debates whether it’s time for gold miners to decouple from the broader stock market in the Outside the Market blog.

For news about small stocks that made big moves in Friday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.

Word on Wall Street

"There's been so much negativity that it doesn't take much in terms of data beating expectations to propel the market," said Hank Smith, chief investment officer at Haverford Investments, in an interview with Associated Press.

Today In The Markets

TSX closes higher on strength of gold stocks and soaring oil price

DJIA	10,462.77	+47.53
NASDAQ	2,242.48	+6.28
S&P500	1,109.55	+5.37
S&P/TSX	12,097.09	+63.56
S&P/TSX Venture	1,596.50	+14.50

TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market gained traction in the final minutes of trading Friday, closing higher on the strength of the gold sector and a soaring oil price.

The S&P/TSX composite index added 63.56 points to 12,097.09, while the TSX Venture Exchange gained 14.5 points to 1,596.5.

Wall Street moved higher after a report said inventories held by U.S. wholesalers rose in July by 1.3 per cent — the largest amount in two years — while sales rebounded 0.6 per cent after two straight declines.

The Dow Jones industrial average added 47.53 points to 10,462.77. The Nasdaq composite index was up 6.28 points to 2,242.48, while the S&P 500 gained 5.37 points to 1,109.55.

Please click here for the complete U.S. and Canadian market summaries.

After-Hours News

Enbridge Energy Partners, L.P. (NYSE:EEP, Stock Forum)
Enbridge Energy Partners, L.P. released an update on the progress of clean-up efforts in response to the leak that occurred on Line 6A of the Lakehead System in Romeoville, Illinois, on Sept. 9, 2010. There are now about 200 personnel working on scene and the leak site has been contained. Neither the size nor the cause of the leak has been determined.

Africa Oil Corp. (TSX: V.AOI, Stock Forum)
Africa Oil Corp. and Alberta Oilsands Inc. (TSX: V.AOS, Stock Forum) ("AOS") said they are pleased that the assignment, from Platform Resources Inc., a wholly-owned subsidiary of AOS, to Africa Oil Kenya B.V., a wholly-owned subsidiary of Africa Oil, of Platform's 100% interest in Blocks 12A and 13T in Kenya has received regulatory approval and is now complete.