Toronto Stock Exchange October 10-16

The market made a healthy gain over the Oct. 10-16 trading session, as both gold and base metals rallied. Overall the TSX Composite Index gained 3% to 12,061.54. Gold was up US$16.85 per oz., pushing the capped gold index 6% higher to 285.10 points.

Gains in the price of copper, lead and zinc — along with nickel topping the US$15 mark — helped the diversified miners’ index grow by 9%, ending the period at 576.38 points.

Bema Gold was the most popular miner for the period, trading just over 28 million shares and gaining 41 to close at $5.10.

Robert McEwen, founder and former president and CEO of Goldcorp, kept the company in the headlines and among the most actively traded. McEwen is leading a legal challenge to force Goldcorp to put its attempted takeover of Glamis Gold — which McEwen says, is not in the best interest of shareholders — to a shareholder vote. Shares in Goldcorp were up $1.56 to $26.02 on volume of over 20 million. Glamis shares were up $2.76 on the week at $43.36.

Ahead of the Oct. 29 runoff vote date between the Democratic Republic of the Congo’s (DRC) incumbent president Joseph Kabila, and vice-president Jean-Pierre Bemba, Congolese gold exploration companies found favour with the market.

Toronto-based Banro was the largest gainer by percentage for the period, up over 45% to $13.25. Banro owns four properties along a major gold belt in eastern DRC.

Moto Goldmines, which has completed a prefeasibility study on its project on the Kilo-Moto gold belt in northeastern DRC, gained roughly 26% to $5.76.

On the losing side was NEMI Northern Energy & Mining; its shares were off nearly 33%, finishing the period at a miserable 37 apiece. The company first announced that it needed a loan of an additional $5 million from Anglo Coal Canada, and then announced that it was transferring all of its B.C. metallurgical coal assets into a partnership with Anglo Coal and Hillsborough Resources. NEMI will have a 20% stake in the partnership.

Tahera Diamond came out on the losing side as well. The company announced continuing operational problems at its Jericho diamond mine in Nunavut, where production is only at 85% of the operation’s 2,000-tonne-per-day capacity. The average grade of kimberlite being mined is also 25% lower than expected. Shares in the Toronto-based company dropped more than 28% to $1.28 on the news.

Bad news continued to flow from Pine Valley Mining, as more than expected — and potentially worthless — oxidized coal was discovered at its Willow Creek project in northeastern B.C. The company also announced a loan and credit facility that fell $17.5 million short of what it had previously announced it was seeking. Shares in the company were off 25% to 33 apiece.

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Rio Narcea wt	RNG.WT	324	0.385	0.25	0.385	+60.4
Banro Res	BAA	514	13.40	9.10	13.25	+45.6
Northgate M wt	NGX.WT	1793	0.72	0.48	0.72	+44.0
QGX	QGX	808	2.15	1.45	2.03	+43.9
Northgate wtA	NGX.WT.A	2869	0.69	0.46	0.68	+36.0
Moto Gold Mine	MGL	282	5.76	4.45	5.76	+27.1
Entree Gold	ETG	727	1.37	0.95	1.32	+25.7
Northern Or wt	NNO.WT	212	3.05	2.40	3.00	+25.0
Agnico-Eag wt*	AEM.WT.U	65	16.16	12.23	16.16	+24.3
Cancor Mines	KCR	89	0.33	0.21	0.31	+24.0
NEMI Nor En&Mg	NNE.A	573	0.52	0.355	0.37	-32.7
Tahera Diam	TAH	8066	1.80	1.10	1.28	-28.4
Timminco	TIM	30	0.34	0.24	0.245	-27.9
Pine Valley Mg	PVM	1615	0.435	0.325	0.33	-25.0
Brazilian Diam	BDY	201	0.18	0.14	0.15	-16.6
Ontex Res	ONT	714	0.13	0.10	0.105	-16.0
BrazMin	BZM	626	0.75	0.67	0.70	-12.5
GLR Res	GRS	139	0.355	0.27	0.31	-11.4
Cambior wtC	CBJ.WT.C	166	1.25	1.16	1.16	-10.7
Globex Mng	GMX	58	4.60	3.80	4.04	-10.2

TSX greatest value change

		VOLUME	CLOSE	CHANGE
Teck Comin B	TCK.B	7211876	80.25	+9.17
First Quantum	FM	1783988	65.04	+7.78
Inmet Mining	IMN	2222283	50.95	+7.26
Lundin Mng	LUN	803035	35.50	+5.31
Dundee Bancrp	DBC.A	276159	55.30	+4.96
Potash Cp Sask	POT	1679417	126.75	+4.87
Agnico-Eagle	AEM	4823367	37.90	+4.43
Alcan	AL	6441994	48.68	+4.34
Banro Res	BAA	513581	13.25	+4.15
Cameco Corp	CCO	8481407	43.78	+4.14
Tahera Diam	TAH	8066331	1.28	-0.51
Globex Mng	GMX	58109	4.04	-0.46
Kirkland Lk Gd	KGI	189745	8.04	-0.45
NovaGold Res	NG	1532758	17.27	-0.37
Corriente Res	CTQ	530280	4.25	-0.26
CIC Energy	ELC	269092	7.27	-0.23
IAMGold Corp	IMG	7812143	9.51	-0.23
Alexco Res	AXR	175900	2.60	-0.22
NEMI Nor En&Mg	NNE.A	572570	0.37	-0.18
NewWest Gold	NWG	70500	2.40	-0.15

TSX most active issues

12196

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Bema Gold	BGO	28012	5.23	4.53	5.10	+0.41
Goldcorp	G	20651	26.32	23.73	26.02	+1.56
Eldorado Gold	ELD	18022	4.89	4.41	4.82	+0.22
Campbell Res	CCH	17253	0.085	0.065	0.075	-0.005
EuroZinc Mng	EZM	16608	3.32	2.83	3.30	+0.50
Kinross Gold	K	15201	14.39	12.67	14.16	+1.03
Cambior Inc	CBJ	14632	4.05	3.86	3.96	-0.08
Northgate Mnls	NGX	13485	3.59	3.22	3.58	+0.23
Inco Ltd	N	12967	85.79	85.40	85.67	+0.09
HudBay Minls	HBM	17.59	14.39	17.34	+2.70