Toronto Stock Exchange July 24-30

Those who thought the TSX Composite Index was due for a correction were proved right during the July 24-30 trading period. The index fell 603.61 points to 13,864.72.

The fall — which was largely concentrated on July 24, when the index shed over 400 points — was attributed to disappointing earnings news, drops in the energy and financial sectors, and hints of higher interest rates.

The Global Gold Index followed the price of gold and the overall market trend downward. It lost 10.18 points to 290.02 for the period while the price of gold fell US$20.50 to US$661.50 per oz.

The Capped Metals and Mining Index also failed to disrupt the melancholic mood. It fell 58.28 points to finish the period at 880.34 as copper, aluminum, nickel, lead and zinc prices all lost ground. Only tin managed to buck the trend as it climbed 5 to US$7.08 per lb.

A liquidation of roughly 4.4 million shares by U.S. Energy and Crested Corp. helped push SXR Uranium One shares to near the top of the most actively traded list. The selling, however, coupled with weaker uranium prices, brought the company’s shares down 82 to $12.68 on 31 million shares traded.

Equinox Minerals was again the most actively traded miner. It gained 1 to $4.17 on 48.4 million shares traded. The company has roughly 580 million shares outstanding.

Breakwater Resources rounded out the top three with 30 million shares traded. Its share price lost 15 to $3.35 over the period. The company announced second-quarter results that revealed a decrease in concentrate sales to 51,553 tonnes from 59,779 in the second quarter of 2006.

A large gainer was Gitennes Exploration, which jumped 29% to 45. On July 30, the company announced an update from its TotoRoko property, in Peru, which included a new zone returning up to 1,230 grams per tonne silver and 3.26 grams gold.

Southwestern Resources managed a 19% bounce back to $2.65 a week after announcing it was retracting drill results from its Boka gold project, in China.

News that Glencairn Gold had to suspend operations at its Bellavista mine, in Costa Rica, because of ground movement sent its share price down 32% to 39. The company said movements of about 1 cm a day were measured in sections of the leach pad and waste pile at the open-pit gold operation. The company blamed higher than normal rainfall over the past several years for the problem.

Metalore Resources was both the greatest percentage gainer and the greratest value gainer, shooting up an impressive $8.50, or 49% to $26 on no news. Earlier in July, the company released partial results from a 23-hole drilling campaign at its wholly owned Cedartree gold property located between Fort Frances and Kenora, Ont. The company reported holes such as MC-06-16, which returned 4.3 metres grading 104 grams gold per tonne within quartz flooded altered diorite.

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Metalore Res	MET	16	27.50	17.70	26.00	+	48.5
Gitennes Expl	GIT	949	0.46	0.34	0.45	+	28.5
Southwstrn Res	SWG	6229	3.30	2.34	2.65	+	18.8
Wallbridge Mng	WM	915	0.63	0.55	0.62	+	16.9
Carlisle Goldf	CGJ	137	0.30	0.24	0.30	+	15.3
Eastmain Res	ER	1005	0.82	0.67	0.78	+	14.7
Australn Solom	SGA	34	1.38	1.23	1.38	+	13.1
South Am Silvr	SAC	1086	1.22	1.00	1.20	+	11.1
Moydow Mns Int	MOY	192	0.24	0.18	0.22	+	10.0
Revett Mnls	RVM	372	1.26	1.17	1.26	+	7.6
Glencairn G wt	GGG_T	836	0.115	0.06	0.07	–	39.1
New Gold wt	NGD_T	41	0.25	0.155	0.155	–	38.0
Glencairn Gold	GGG	4143	0.58	0.37	0.385	–	32.4
Inspiration Mg	ISM	771	5.30	3.95	4.19	–	20.9
Spur Ventures	SVU	955	0.87	0.65	0.74	–	17.7
UEX Corp	UEX	5987	7.89	6.25	6.57	–	16.8
Pure Diam Expl	PUG	625	0.23	0.185	0.185	–	15.9
Olympus Pacif	OYM	1222	0.72	0.60	0.60	–	15.4
Fortune Mnrls	FT	231	2.90	2.40	2.48	–	15.3
Strateco Res	RSC	3414	2.17	1.77	1.87	–	15.0

TSX greatest value change

		VOLUME	CLOSE		CHANGE
Metalore Res	MET	15556	26.00	+	8.50
Alcan	AL	11948421	103.62	+	2.10
Southwstrn Res	SWG	6228742	2.65	+	0.42
Potash Cp Sask	POT	6966434	86.71	+	0.30
Teal Expl & Mg	TL	94496	5.88	+	0.27
Australn Solom	SGA	34350	1.38	+	0.16
CIC Energy	ELC	59866	17.35	+	0.15
Allied Nevada	ANV	76875	5.80	+	0.14
Fording C C T	FDG_U	2475124	35.02	+	0.13
Solitario Res	SLR	29360	5.15	+	0.13
First Quantum	FM	2501883	101.49	–	7.31
Teck Comin B	TCKB	14888404	46.70	–	5.30
FNX Mining	FNX	3222060	31.94	–	3.54
Inmet Mining	IMN	1695144	95.01	–	3.44
Teck Comin A	TCKA	23975	54.00	–	3.34
Cameco Corp	CCO	20527646	42.85	–	3.28
Pan Am Silver	PAA	843732	29.10	–	2.89
Pan Am Silv wt	PAA_T	16292	17.37	–	2.83
Silver Std Res	SSO	390399	37.42	–	2.53
Russell Metals	RUS	1485862	29.90	–	2.00

TSX most active issues

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		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Equinox Minls	EQN	48399	4.17	3.80	4.17	+	0.01
Uranium One	SXR	31169	13.28	11.14	12.68	–	0.82
Breakwater Res	BWR	30297	3.54	2.88	3.35	–	0.15
Eastern Platin	ELR	26680	2.64	2.35	2.50	–	0.09
Kinross Gold	21326	14.93	13.73	14.25	–	0.51
Goldcorp	G	20864	29.05	26.23	27.48	–	1.32
Cameco Corp	CCO	20528	45.49	41.45	42.85	–	3.28
Paladin Res	PDN	17533	7.58	6.45	6.79	–	0.93
Eldorado Gold	ELD	15990	5.08	4.53	4.70	–	0.30
Yamana Gold	YRI	15982	13.10	11.64	12.06	–	1.00