Positive economic indicators out of both the U.S. and Canada helped to keep the TSX composite index at respectable levels for the Feb. 23 -March 1 period. Canada reported that gross domestic product grew by 5% in the fourth quarter, but the Bank of Canada maintained historic low interest rates at 0.25%, providing support for the market.
And while the index still finished off just slightly for the period — it was down 31 points at 11,732.12 — markets were beginning to rally at presstime.
Positive economic indicators, however, hadn’t yet worked there way through to commodity prices. Gold finished the period flat in the US$1,115.00 range, and the Global Gold index was mostly flat as it finished the period down a single point to 325.02.
As for base metals, only the price of nickel made significant gains as it finished the period trading for US$9.69 per lb. The prices for copper, aluminum, tin, lead and zinc were all relatively flat. The lack of activity in metals pricing was reflected in the indexes with the Capped Metals & Mining index finishing the period at 1,047 points (down three points) while the Global Mining index was off just 0.27 point to 99.29.
A takeover offer from Russian steel giant Severstal had Crew Gold leap to the top of the biggest gainers by percentage for the period. Crew’s shares jumped 73% to finish at 38¢ after Severstal announced that it was looking to acquire the rest of the company — Severstal already has a 27% stake in Crew — for 20¢ a share. Crew’s key asset is the LEFA mine in Guinea, which is expected to produce 250,000 oz. gold per year.
Severstal’s interest also had a positive spillover effect for Endeavour Financial. Endeavour has a 37% stake in Crew after making a shrewd move roughly a month ago. Endeavour was able to purchase Crew shares at an average price of 12¢ per share. Endeavour shares were up 32% for the period to finish at $2.50.
Two new resource estimates grabbed positive market attention for Powertech Uranium. First the Vancouver-based company released results from its Centennial project where it put 6.8 million tons averaging 0.09% U3O8 for 10.3 million lbs. U3O8 in the indicated category. Then, just a week later on March 1, the company released an estimate for its Dewey-Burdock project in South Dakota. There the company says it has outlined 1.5 million tons averaging 0.214% U3O8 for 6.7 million lbs. of U3O8 in the indicated category. Powertech shares climbed 25% to finish the period at 35¢.
It was also a good period for Chariot Resources. The Toronto-based company, with a key copper asset in Peru, announced that its search for a suitor could well be over as Hong Kong-based China Sci-Tech made a 67¢ per share offer for the company. The news had Chariot shares up 18% to 65¢ for the period.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| First Uranium | FIU | 32838 | 1.87 | 1.16 | 1.45 | + 0.24 |
| Crew Gold | CRU | 28747 | 0.39 | 0.22 | 0.38 | + 0.16 |
| Chariot Res | CHD | 25708 | 0.66 | 0.56 | 0.65 | + 0.10 |
| Barrick Gold | ABX | 20610 | 40.19 | 38.21 | 40.05 | -0.02 |
| Eastern Platin | ELR | 18409 | 1.34 | 1.26 | 1.34 | + 0.03 |
| Yamana Gold | YRI | 17676 | 11.24 | 10.53 | 11.19 | + 0.29 |
| Lundin Mng | LUN | 17575 | 4.52 | 4.27 | 4.38 | -0.12 |
| Endeavour Finl | EDV | 16632 | 2.55 | 1.81 | 2.50 | + 0.61 |
| Equinox Minls | EQN | 16565 | 3.45 | 3.22 | 3.38 | -0.07 |
| Teck B | TCKB | 13840 | 39.97 | 36.80 | 39.94 | + 0.22 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Crew Gold | CRU | 28747 | 0.39 | 0.22 | 0.38 | + 72.7 |
| BRC DiamondCr | BCD | 29 | 0.16 | 0.12 | 0.15 | + 36.3 |
| Endeavour Finl | EDV | 16632 | 2.55 | 1.81 | 2.50 | + 32.2 |
| Powertech Uran | PWE | 153 | 0.36 | 0.31 | 0.35 | + 25.0 |
| First Uranium | FIU | 32838 | 1.87 | 1.16 | 1.45 | + 19.8 |
| Coro Mining | COP | 773 | 0.55 | 0.42 | 0.55 | + 19.5 |
| Northland Res | NAU | 76 | 2.07 | 1.70 | 2.02 | + 18.8 |
| Chariot Res | CHD | 25708 | 0.66 | 0.56 | 0.65 | + 18.1 |
| Tri Origin Mnl | TOR | 10 | 0.14 | 0.14 | 0.14 | + 16.6 |
| Arehada Mining | AHD | 700 | 0.20 | 0.12 | 0.15 | + 15.3 |
| Zazu Metals | ZAZ | 672 | 0.34 | 0.23 | 0.23 | -30.3 |
| PolyMet Mng | POM | 1267 | 3.15 | 2.40 | 2.53 | -22.1 |
| Niocan Inc | NIO | 12 | 0.34 | 0.28 | 0.28 | -17.6 |
| X-Cal Res | XCL | 275 | 0.14 | 0.12 | 0.12 | -14.2 |
| Allied Gold | ALG | 67 | 0.28 | 0.25 | 0.25 | -13.7 |
| Khan Res | KRI | 5790 | 1.08 | 0.88 | 0.92 | -13.2 |
| Pac NW Cap | PFN | 154 | 0.17 | 0.14 | 0.14 | -12.5 |
| Acadian Mng | ADA | 1099 | 0.08 | 0.06 | 0.07 | -12.5 |
| Crescent Gold | CRA | 11 | 0.16 | 0.14 | 0.14 | -12.5 |
| Talon Metals | TLO | 10 | 0.35 | 0.34 | 0.35 | -12.5 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Newmont Mng | NMC | 37827 | 52.40 | + 2.40 |
| Red Back Mng | RBI | 9449529 | 21.19 | + 2.27 |
| Royal Gold | RGL | 56443 | 47.31 | + 1.45 |
| Agrium | AGU | 3524731 | 68.67 | + 1.20 |
| Imperial Metal | III | 238698 | 14.71 | + 1.01 |
| Major Drilling | MDI | 223624 | 27.52 | + 0.85 |
| Agnico-Eagle | AEM | 3395971 | 61.26 | + 0.84 |
| IShCOMEXGTr | IGT | 11549 | 114.30 | + 0.72 |
| FNX Mining | FNX | 4906121 | 12.89 | + 0.68 |
| Endeavour Finl | EDV | 16632311 | 2.50 | + 0.61 |
| Inmet Mining | IMN | 1898199 | 55.92 | -4.33 |
| Cameco Corp | CCO | 5449732 | 29.05 | -1.41 |
| First Quantum | FM | 2461492 | 80.35 | -0.80 |
| PolyMet Mng | POM | 1267197 | 2.53 | -0.72 |
| SouthGobi Engy | SGQ | 511995 | 16.31 | -0.69 |
| Golden Mnls | AUM | 16790 | 9.90 | -0.60 |
| Far West Mng | FWM | 49544 | 4.15 | -0.41 |
| PotashCpSask | POT | 3818907 | 117.83 | -0.38 |
| Russell Metals | RUS | 1257790 | 18.60 | -0.35 |
| Detour Gold | DGC | 939573 | 17.04 | -0.30 |
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