Toronto Stock Exchange November 20-26

Toronto’s main stock market index continued to falter as lingering worries over lending markets, the health of the U.S. economy and a weaker U.S. dollar battered investor confidence. The TSX Composite Index fell 138.72 points over the Nov. 20-26 period to finish at 13,321.05.

Meanwhile, gold prices retreated somewhat after hitting US$845.40 an oz. earlier this month — their highest level since January 1980. The spot price of gold closed at US$826.80 per oz. on Nov. 26. The Global Gold Index fell 3.24 points to 312.650.

Despite the drop in the index, however, big-name gold companies still fared well for the most part during the trading period as investors continued to hedge their bets with gold against the ongoing turbulence in the financial and credit markets.

Barrick Gold was up $2.90 to $41.17 a share and Goldcorp rose $3.07 to close at $33.20 per share. Kinross Gold’s shares were up $1.14 to $17.75 apiece, while its warrants rose sharply by 58.6% to 92.

Newmont Mining, meanwhile, was riding high on news released Nov. 21 that it plans to launch an initial public offering of its Franco-Nevada unit.

Newmont is expected to raise about $1 billion from the IPO of the former TSX-listed company that it bought in 2002. Newmont shares rose $2.01 to $49.91.

NovaGold Resources was hammered on news that development has been suspended at its Galore Creek copper-gold-silver project, a joint venture with Teck Cominco. The companies announced that soaring costs and a much delayed construction schedule were to blame, along with shrinking operating margins, which they attributed to the stronger Canadian dollar. The project will be put on care and maintenance while the companies examine alternative development strategies. NovaGold shares fell $8.74 to close at $9.25 apiece.

Overall, the Capped Metals and Mining Index had a bad week as well, falling 19.63 points to 744.73. A handful of base metal miners reflected that poor performance. Teck Cominco’s A-series shares fell $4.05 to $44.20 while its B-series stock dropped $3.66 to $35.67. Pure Nickel, meanwhile, fell 27% to 54 and Constellation Copper dropped 28.5% to 7.5.Equinox Minerals was the period’s most actively traded, with roughly 66 million shares changing hands. Infill drilling has indicated that its Lumwana copper deposit, in northwestern Zambia, also hosts discrete zones of high-grade uranium mineralization.

The 1,355-sq.-km Lumwana project — which will be Africa’s largest copper mine when it goes into production — hosts measured and indicated reserves of 321 million tonnes averaging 0.73% copper, plus 417 million inferred tonnes of 0.6% copper. Equinox’s shares finished 32 lower at $4.16.

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Kinross Gld wt	K_T	6001	1.16	0.64	0.92	+	58.6
Extract Res	EXT	33	1.20	0.90	1.20	+	44.5
South Am Silvr	SAC	913	0.62	0.465	0.62	+	37.7
Birch Mountn	BMD	1042	0.90	0.58	0.77	+	28.3
Ascendant C wt	ACX_T	60	0.05	0.03	0.05	+	25.0
CGA Mining	CGA	430	1.80	1.33	1.65	+	24.0
Euro Res	EUR	15	1.35	1.10	1.35	+	22.7
Capital Gold	CGC	392	0.77	0.63	0.77	+	22.2
HMZ Metals	HMZ	748	0.03	0.025	0.03	+	20.0
Australn Solom	SGA	88	0.78	0.68	0.78	+	20.0
NovaGold Res	NG	9598	19.99	9.09	9.25	–	48.5
La Mancha Res	LMA	530	0.55	0.35	0.39	–	31.5
Constel Copper	CCU	17356	0.12	0.065	0.075	–	28.5
Inspiration Mg	ISM	598	4.80	3.34	3.42	–	27.2
Pure Nickel	NIC	949	0.92	0.54	0.54	–	27.0
New Gold wt	NGD_T	50	0.12	0.05	0.05	–	23.0
Vaaldiam Res	VAA	906	0.68	0.52	0.57	–	16.1
OceanaGold	OGC	355	2.65	2.15	2.15	–	15.6
Independent Ni	INI	359	0.44	0.38	0.38	–	15.5
Baffinland Irn	BIM	404	3.93	3.31	3.35	–	14.9

TSX greatest value change

		VOLUME	CLOSE		CHANGE
ISh COMEX G Tr	IGT	24243	80.50	+	4.40
Major Drilling	MDI	349106	57.00	+	3.97
Goldcorp	G	15874959	33.20	+	3.07
Barrick Gold	ABX	12225655	41.17	+	2.90
Pan Am Silv wt	PAA_T	42676	21.00	+	2.66
Fording C C T	FDG_U	2912398	32.25	+	2.43
Central Gold-T	GTU_U	38505	31.00	+	2.10
Meridian Gold	MNG	583310	36.63	+	2.06
Thompson Creek	TCM	6794850	19.24	+	2.04
Newmont Mng	NMC	155928	49.91	+	2.01
NovaGold Res	NG	9598141	9.25	–	8.74
Teck Comin A	TCKA	22829	44.20	–	4.05
Teck Comin B	TCKB	19450705	35.67	–	3.66
Inmet Mining	IMN	2161354	77.68	–	2.82
Labdr I-Ore Ro	LIF_U	244758	40.14	–	1.86
Horizns G Bear	HGD	1467563	13.47	–	1.53
Russell Metals	RUS	3700530	23.50	–	1.47
Altius Mnrls	ALS	372355	24.35	–	1.46
Katanga Mng	KAT	1066629	13.60	–	1.41
Inspiration Mg	ISM	597623	3.42	–	1.28

TSX most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Equinox Minls	EQN	66758	4.60	3.98	4.16	–	0.32
Breakwater Res	BWR	44013	1.90	1.62	1.66	–	0.05
Yamana Gold	YRI	23484	14.04	12.53	13.31	+	0.94
Uranium One	UUU	21381	9.54	8.43	8.70	–	0.30
Teck Comin B	TCKB	19451	39.94	35.45	35.67	–	3.66
Kinross Gold	K	19413	18.46	16.90	17.75	+	1.14
Eastern Platin	ELR	18230	2.68	2.35	2.63	+	0.12
Constel Copper	CCU	17356	0.12	0.065	0.075	–	0.03
Goldcorp	G	15875	34.28	30.84	33.20	+	3.07
Redcorp Vent	RDV	14304	0.24	0.19	0.20	–	0.035