Toronto Stock Exchange October 9-15

The TSX Composite Index finished the Oct. 9-15 trading period down, if only slightly, as it lost 2.06 points to finish at 14,231.28. The losses stemmed from poor performance in the financial sector as U.S. banks warned that consumer loan delinquencies may increase. The overall loss, however, was not reflective of energy and mining stocks, as higher oil, gold and base metal prices continued to push up the shares of their corresponding companies.

With the price of gold stretching to US$758.85 per oz. — up US$25.10 for the period — the Global Gold Index climbed 15.7 points to 318.57. Mid-tier producer Yamana Gold was up $1.98 to $13.62, while Meridian Gold gained $4.63 to $37.52 and Agnico-Eagle Mines was up $3.16 to $54.12.

The diversified miners also fared well, as reflected in the Capped Metals and Mining Index — which swelled to 929.68 from its close of 907.38 at the onset of the period. Copper, aluminum, nickel, lead, tin and zinc all finished the period higher.

News that Newmont Mining is looking to replace its depleting gold ounces via a takeover of Miramar Mining — which owns the Hope Bay gold project in Nunavut — propelled Miramar to the top of the most active list. The company’s shares gained 23% to $6.36 on roughly 214 million shares traded.

Newmont’s all-cash offer is for $6.25 per share, valuing Miramar at $1.5 billion — a 29% premium over its 20-day volume-weighted average trading price prior to the bid. Miramar’s board supports the offer, recommending that shareholders tender to it. Newmont already has an 8.4% stake in Miramar, which rises to 15% on a fully diluted basis.

By continuing to shore up its claim to a 75% interest in the rich Kalukundi copper-cobalt project in the Democratic Republic of the Congo (DRC), Africo Resources is winning market support. The company’s shares gained over 40% for the period, finishing at $2.80 apiece after announcing it had signed an agreement with the Congolese Ministry of Social Affairs regarding sustainable projects for surrounding communities. The company has been locked in a struggle with Akam Mining over who holds the stake, but a series of recent decisions from the government has increased market confidence in Africo’s claim.

A resource report from Andean Resources helped to bolster the company’s shares by 35% to $1.27. The Perth, Australia-based company announced results from its Cerro Negro gold project, in Southern Argentina, which pegged one zone with an inferred resource of 3.05 million tonnes grading 6.4 grams gold and 82 grams silver per tonne.

“Positive and encouraging, but not thrilling,” was how US Gold chairman and chief executive Robert McEwen recently characterized exploration results from the company’s Nevada projects. Since the announcement on Oct. 4, US Gold shares have fallen 32%. For the week, they were down 18% to $4.53.

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Kinross Gld wt	K_T	5974	0.64	0.29	0.63	+	90.9
Glencairn G wt	GGG_T	450	0.065	0.03	0.045	+	50.0
Thundermin Res	THR	5711	0.465	0.245	0.39	+	47.1
Africo Res	ARL	300	2.80	1.90	2.80	+	40.7
Cline Mng	CMK	1487	0.335	0.195	0.33	+	37.5
Adanac Moly	AUA	5673	1.63	1.19	1.61	+	36.4
Andean Res	AND	566	1.38	1.10	1.27	+	35.1
Shore Gold	SGF	8249	4.45	3.25	4.35	+	35.0
Inter-Citic Mn	ICI	607	1.93	1.35	1.83	+	30.7
Mundoro Mng	MUN	669	0.85	0.61	0.85	+	30.7
US Gold Can Ac	UXE	845	5.60	4.05	4.30	–	21.9
US Gold	UXG	927	5.58	4.47	4.53	–	17.7
Intl Nickel Vn	INV	154	1.09	0.89	0.90	–	17.4
Atlanta Gold	ATG	351	0.60	0.50	0.50	–	16.6
New Gold wt	NGD_T	27	0.12	0.08	0.09	–	14.2
Energem Res	ENM	1746	0.35	0.285	0.30	–	14.2
Caldera Res	CDR	691	0.065	0.06	0.06	–	14.2
Orezone Res	OZN	1409	1.85	1.51	1.51	–	13.7
Uranium One	UUU	59124	12.43	10.01	10.83	–	12.1
SouthernEra Di	SDM	404	0.50	0.44	0.445	–	11.0

TSX greatest value change

		VOLUME	CLOSE		CHANGE
Altius Mnrls	ALS	1907638	30.00	+	5.85
Meridian Gold	MNG	10358462	37.52	+	4.63
Aber Diamond	ABZ	1063022	43.18	+	3.91
Inmet Mining	IMN	1243591	104.83	+	3.53
Potash Cp Sask	POT	5624526	106.55	+	3.36
Agnico-Eagle	AEM	4344485	54.12	+	3.16
Aurora Energy	AXU	1183200	16.40	+	2.80
Centerra Gold	CG	3092853	11.99	+	2.65
Cameco Corp	CCO	11071279	44.31	+	2.55
Horizns G Bull	HGU	1278260	26.62	+	2.44
Uranium One	UUU	59124150	10.83	–	1.50
Horizns G Bear	HGD	1584164	13.75	–	1.37
US Gold Can Ac	UXE	844556	4.30	–	1.21
US Gold	UXG	926993	4.53	–	0.98
Gammon Gold	GAM	3337450	10.50	–	0.75
Russell Metals	RUS	545900	31.00	–	0.61
Fording C C T	FDG_U	4211470	38.63	–	0.47
Alcan	AL	5416190	98.31	–	0.45
Skye Res	SKR	1045528	11.97	–	0.39
Katanga Mng	KAT	1322500	16.40	–	0.36

TSX most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Miramar Mng	MAE	213663	6.40	6.14	6.36	+	1.17
Yamana Gold	YRI	78505	13.89	11.47	13.62	+	1.98
Uranium One	UUU	59124	12.43	10.01	10.83	–	1.50
Eastern Platin	ELR	50659	2.70	2.31	2.61	+	0.30
Kinross Gold	K	39542	16.75	14.80	16.73	+	1.73
Breakwater Res	BWR	33898	3.41	3.08	3.12	–	0.05
Paladin Res	PDN	21806	6.75	5.90	6.63	+	0.36
Equinox Minls	EQN	20626	4.75	4.35	4.49	+	0.02
Red Back Mng	RBI	20471	7.29	6.50	6.98	+	0.47
Eldorado Gold	ELD	19323	6.85	6.05	6.84	+	0.72