The TSX composite index continued to show strength as it gained roughly 150 points over the March 30-April 5 period, finishing at 12,188.42 points.
The index partook in a global upward trend fueled by assurances from the U.S. Fed that it would keep interest lows and more positive indicators that show the global economy to be regaining its health.
The rising Canadian dollar — it reached parity with the U.S. greenback — signaled weakness on the U.S. side, which in turn, was bullish for gold. The yellow metal was up roughly US$26 for the period finishing at US$1,123.50. That move had the Global Gold index climbing in-step, as it was up 11 points to 327.89.
The base metals also enjoyed a strong period with the prices of copper, aluminum, nickel, tin, lead and zinc all rising. That strength was reflected in the Capped Metals & Mining index, which was up 35 points to finish at 1,154.85.
Despite reporting a loss of $311 million for 2009, Crystallex International managed to be one of the period’s top gainers by percentage. The Toronto-based company saw its share price rise 47% to finish at 47¢ for the period. And while such a gain may be seen as a signal that the company’s fortunes could be turning for the better in Venezuela, Crystallex reported that it has still not had any word from the government with regards to its appeal of the government’s decision to not issue the environmental permit needed for the Las Cristinas project.
Globestar Mining’s announced healthy financial results, driving the company’s shares up 36%. Globestar announced fourth quarter revenues of $26.5 million and cash flows from operations of $7.1 million. Cash costs per payable pound of copper sold came in at just US0.81¢ after byproduct credits. Globestar brought its Cerro de Maimon copper project in the Dominican Republic into commercial production at the beginning of the year.
Comaplex Minerals also partook in a strong push upwards. The company saw its shares jump 28% to $9.90 during the period thanks to an all-share offer from Agnico-Eagle Mines for its Meliadine gold project in Nunavut. Agnico shares finished $1.00 higher at $58.37, signaling that the market believes the deal to be good for both parties. If approved, Meliadine’s gold-rich deposit would increase Agnico’s overall resource base by 17%. The deal values the project at roughly $650 million.
Failing to meet expectations cost Gammon Gold shareholders. The company’s share price fell 14% over the period to finish at $7.42 after it announced an 18% decline in its gold reserves for 2009. The announcement led to TD Newcrest to downgrade its price target to $7 from $9. The decrease in reserves came despite Gammon drilling 115,000 metres at its Ocampo project in Mexico.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Erdene Res Dev | ERD | 16993 | 0.54 | 0.30 | 0.41 | + 0.12 |
Eastern Platin | ELR | 16487 | 1.61 | 1.44 | 1.60 | + 0.14 |
Western C Coal | WTN | 14380 | 6.44 | 6.05 | 6.38 | + 0.26 |
Lundin Mng | LUN | 14003 | 5.64 | 5.12 | 5.61 | + 0.56 |
Uranium One | UUU | 13451 | 2.85 | 2.66 | 2.81 | + 0.10 |
Mercator Mnls | ML | 13258 | 2.66 | 2.25 | 2.26 | -0.36 |
Yamana Gold | YRI | 13071 | 10.42 | 9.97 | 10.29 | + 0.07 |
Farallon Res | FAN | 11420 | 0.64 | 0.56 | 0.62 | 0.00 |
Equinox Minls | EQN | 10704 | 4.19 | 3.75 | 4.13 | + 0.34 |
Crew Gold | CRU | 10629 | 0.46 | 0.35 | 0.38 | -0.06 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
TriAusMin | TOR | 159 | 0.12 | 0.08 | 0.12 | + 50.0 |
Crystallex Int | KRY | 5717 | 0.49 | 0.32 | 0.47 | + 46.8 |
Erdene Res Dev | ERD | 16993 | 0.54 | 0.30 | 0.41 | + 41.3 |
Globestar Mng | GMI | 8746 | 1.43 | 0.99 | 1.36 | + 36.0 |
Labdr Iron Mns | LIM | 3024 | 7.65 | 5.65 | 7.52 | + 35.5 |
Crescent Gold | CRA | 30 | 0.17 | 0.13 | 0.17 | + 30.7 |
Anaconda Mng | ANX | 1049 | 0.26 | 0.21 | 0.26 | + 30.0 |
Comaplex Mnrl | CMF | 2974 | 10.00 | 7.65 | 9.90 | + 27.7 |
BRC DiamondCr | BCD | 232 | 0.14 | 0.11 | 0.14 | + 27.2 |
Baffinland Irn | BIM | 6798 | 0.77 | 0.58 | 0.74 | + 25.4 |
Linear Metals | LRM | 725 | 0.17 | 0.14 | 0.14 | -17.6 |
Nord Res | NRD | 52 | 0.44 | 0.33 | 0.33 | -17.5 |
Virgin Metals | VGM | 276 | 0.05 | 0.05 | 0.05 | -16.6 |
Gammon Gold | GAM | 7770 | 8.74 | 7.03 | 7.42 | -14.1 |
Mercator Mnls | ML | 13258 | 2.66 | 2.25 | 2.26 | -13.7 |
Crew Gold | CRU | 10629 | 0.46 | 0.35 | 0.38 | -13.6 |
Revett Mnls | RVM | 3951 | 0.44 | 0.31 | 0.39 | -13.3 |
Rockwell Diam | RDI | 6571 | 0.08 | 0.07 | 0.07 | -12.5 |
Diamond Fields | DFI | 212 | 0.09 | 0.08 | 0.08 | -11.1 |
Aeroquest Intl | AQL | 95 | 0.59 | 0.53 | 0.54 | -10.0 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Inmet Mining | IMN | 2226330 | 61.40 | + 4.84 |
Labdr I-Ore Ro | LIF_U | 469120 | 53.10 | + 3.42 |
Royal Gold | RGL | 22417 | 50.14 | + 3.26 |
Teck A | TCKA | 22598 | 46.60 | + 3.24 |
Teck B | TCKB | 10590212 | 46.20 | + 3.01 |
Newmont Mng | NMC | 18310 < /td> | 54.04 | + 2.56 |
Comaplex Mnrl | CMF | 2974331 | 9.90 | + 2.15 |
Labdr Iron Mns | LIM | 3023988 | 7.52 | + 1.97 |
CentralGold-T | GTU_U | 30668 | 45.38 | + 1.72 |
Major Drilling | MDI | 311369 | 27.09 | + 1.64 |
PotashCpSask | POT | 3867625 | 116.10 | -6.90 |
First Quantum | FM | 2736769 | 86.57 | -5.99 |
Gammon Gold | GAM | 7769545 | 7.42 | -1.22 |
Agrium | AGU | 1828826 | 71.40 | -0.79 |
Cameco Corp | CCO | 5024163 | 27.17 | -0.77 |
HoriznsGBear | HGD | 4049686 | 4.38 | -0.36 |
Mercator Mnls | ML | 13257527 | 2.26 | -0.36 |
Argonaut Gold | AR | 31066 | 2.82 | -0.26 |
Aura Mnls | ORA | 6132083 | 3.47 | -0.24 |
Imperial Metal | III | 385950 | 19.85 | -0.19 |
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