Toronto Stock Exchange – June 16-22

The TSX retreated during the June 16-22 reporting period, with the S&P/TSX composite index down 561 points, or 5.4%, to 9,834. The Capped Metals and Mining index fell harder, losing 62 points, or 9.8%, to 567, and the Capped Materials index declined 23 points, or 8.2%, to 257.

Investors soured on stocks after a projection by the World Bank that the world economy would shrink by 2.9% this year, followed by a tepid 2% rebound next year. But National Bank economist Stfane Marion expects an improvement in U. S. economic activity and the job market based on the latest Philadelphia Federal Reserve report.

Precious metal prices were down on lower investment demand, with signs that the economic downturn was close to bottoming. Gold miner Agnico-Eagle Mines fell $3.13 to $56.27, and silver miner Pan American Silver lost $2.72 to $20.78.

But a number of precious metal issues managed to post gains. Coeur d’Alene Mines added 45¢ to $13.12 after a decision by the U. S. Supreme Court to uphold a previously granted permit for a tailings facility at the Kensington gold mine, in Alaska.

Zimbabwe-focused New Dawn Mining jumped 37¢ to $1.52 after announcing 28.5 kg in gold production in May.

Gold explorer Rubicon Minerals, in the midst of an intensive drilling campaign on its Phoenix exploration project near Red Lake, Ont., rose 33¢ to $3.50. Analysts Catherine Gignac of Sandfire Securities and Daniel Earle and Shey Ylonen of TD Newcrest have a $5 target for Rubicon.

Osisko Mining climbed 20¢ to $6.60. The company, which is advancing the Canadian Malartic gold project in Quebec, issued a release stating that it was not aware of any reason for the recent increase in the company’s stock price and trading volumes.

The uranium sector declined, with leader Cameco falling $2.26 to $26.84, and mid-tier producers Uranium One and Denison Mines also losing altitude. The declines occurred despite a US$3 rise in the spot price of uranium oxide to US$53 per lb. In Scotiabank’s commodity price report in May, economist Patricia Mohr projected that the price would increase to above US$70-75 per lb. in the medium term.

First Uranium, which is advancing the Ezulwini and MWS gold-uranium projects in South Africa, fell $2.16 to $4.14 after reporting a US$16.3-million loss in the year to March 31.

The fertilizer sector retreated, with Potash Corp. of Saskatchewan dropping $25.20 to $100.85, and Agrium likewise losing ground. German producer Kali und Salz lowered potash prices from US$750 to US$600 per tonne on weak demand, and Potash Corp. cut production on high inventories and slow sales. Potash One also declined after filing a prefeasibility study for its Legacy project in Saskatchewan.

TSX most active issues
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Teck B	TCKB	51054	20.21	16.50	16.76	-2.64
Lundin Mng	LUN	40519	3.39	3.01	3.24	-0.12
Uranium One	UUU	37290	2.98	2.57	2.67	-0.27
Great Basin Go	GBG	36072	1.91	1.57	1.62	-0.20
Yamana Gold	YRI	34159	10.63	9.70	9.70	-0.46
Centamin Egypt	CEE	33680	1.70	1.34	1.56	+ 0.14
Denison Mines	DML	27498	2.05	1.65	1.78	-0.22
Mercator Mnls	ML	25364	1.83	1.37	1.42	-0.33
Equinox Minls	EQN	23192	2.84	2.45	2.46	-0.10
Potash One	KCL	21719	3.87	2.87	2.95	-0.60

TSX greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
New Dawn Mng	ND	235	1.85	1.22	1.52	+ 32.1
Yorbeau Res A	YRBA	32	0.15	0.14	0.14	+ 27.2
Grandview Gld	GVX	752	0.12	0.07	0.10	+ 25.0
Zaruma Res	ZMR	1776	0.05	0.04	0.05	+ 25.0
Velocity Minls	VLC	35	0.17	0.14	0.17	+ 21.4
Caledonia Mng	CAL	536	0.09	0.08	0.08	+ 14.2
Franc-Or Res	FOR	110	0.08	0.08	0.08	+ 14.2
Scorpio Mining	SPM	4668	0.50	0.38	0.44	+ 12.8
Comaplex Mnrl	CMF	139	4.40	4.01	4.30	+ 12.8
Canadn Royalts	CZZ	1299	0.41	0.36	0.40	+ 11.1
Rockwell Diam	RDI	9160	0.09	0.05	0.05	-50.0
Gitennes Expl	GIT	96	0.09	0.06	0.06	-45.4
First Uranium	FIU	16781	6.43	4.07	4.14	-34.2
First Metals	FMA	8104	0.06	0.03	0.04	-33.3
BRC DiamondCr	BCD	27	0.09	0.07	0.07	-30.0
Niocan Inc	NIO	27	0.36	0.25	0.25	-28.5
Vista Gold	VGZ	282	2.48	1.71	1.71	-27.2
North Atlc Res	NAC	219	0.10	0.08	0.08	-27.2
First Nickel	FNI	9746	0.19	0.10	0.11	-26.6
Silver Wtn wtA	SLW_TA	68	1.05	0.76	0.77	-26.6

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
IShCOMEXGTr	IGT	11926	104.40	+ 1.07
Central Gold-T	GTU_U	32633	42.27	+ 0.88
Royal Gold	RGL	18763	47.81	+ 0.54
Comaplex Mnrl	CMF	138785	4.30	+ 0.49
Coeur d Alene	CDM	290590	13.12	+ 0.45
New Dawn Mng	ND	234736	1.52	+ 0.37
Rubicon Mnrls	RMX	4883617	3.50	+ 0.33
Allied Nevada	ANV	2324512	9.60	+ 0.23
Osisko Mng	OSK	17208314	6.60	+ 0.20
Horizns G Bear	HGD	12671636	7.49	+ 0.20
Potash Cp Sask	POT	8608391	100.85	-25.20
Agrium	AGU	8425018	44.92	-9.63
Franco-Nevada	FNV	3808322	26.46	-4.29
First Quantum	FM	5214599	50.55	-4.21
Agnico-Eagle	AEM	3420689	56.27	-3.13
Major Drilling	MDI	1088712	18.45	-2.98
Pan Am Silver	PAA	1080897	20.78	-2.72
Teck B	TCKB	51054378	16.76	-2.64
Inmet Mining	IMN	3919787	38.70	-2.50
Silver Std Res	SSO	693557	20.03	-2.48