It was a wild ride for the TSX composite index over the May 4-10 period.
The index fell sharply with global markets on May 6 owing to jitters over Greece’s debt situation and perhaps a mistaken sell order in New York. The events had the TSX composite down to a low of 11,422.73 on that day.
A massive financial package for Greece announced on May 10, however, had markets rebounding and the TSX regained more than half of what it had lost, finishing the period at 12,001.15 — down roughly 195 points from where it began the period.
Fears over European debt were, however, positive for gold. The yellow metal was seen as one of the few safe havens during the tumultuous period and its value rose by roughly US$10 to finish at US$1,196.50. It did, however, break through the US$1,200 mark on May 7. The Global Gold index tracked the metal’s price as it was up roughly 24 points to 375.71.
But European debt and its negative ramifications for the global economy took its toll on other resources. The prices of aluminum, nickel, tin, lead and zinc all took haircuts and the Capped Metals & Mining index fell 33 points to finish at 972.14.
Drill results from Sabina Gold & Silver’s Back River gold project in southwest Nunavut had the company’s shares up by more percentage points than any other miner for the period. Sabina was up 41% to $1.92 after releasing assays from holes drilled under Llama Lake that were highlighted by 53.6 metres grading 2.3 grams gold per tonne and 22.2 metres grading 7.61 grams gold.
A construction permit for a key railway line helped lift Labrador Iron Mines Holdings fortunes for the period. The company was up 16% after announcing it could start building a 4.5 km railway spur line from its Schefferville, Que., iron ore project to the existing Tshiuetin Rail line in Labrador.
Third quarter results highlighted by gold production of 36,621 oz., an average sale price of US$1,105 per oz. and cash operating costs of US$403 per oz. had Centamin Egypt’s shares up 11% to $2.37 for the period. The results are from the company’s Sukari gold mine in Egypt where the company also announced that the processing plant reached nameplate capacity of 4 million tonnes per year with metallurgical recovery averaging 90%. Reserves at the mine were also increased and now stand at 7.1 million oz. gold.
Investors appeared to be anticipating negative financial results from SouthGobi Energy. The company, which has its board stocked with key members of Ivanhoe Mine’s team, saw its share price fall by 17% to $11.40 for the period. SouthGobi has significant coal assets in Mongolia and said that it would release financial results from its first quarter on May 14.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Eastern Platin | ELR | 50739 | 1.40 | 1.16 | 1.26 | -0.17 |
Western C Coal | WTN | 49586 | 5.87 | 4.99 | 5.66 | + 0.02 |
Lundin Mng | LUN | 46658 | 4.60 | 3.87 | 4.20 | -0.46 |
Breakwater Res | BWR | 38694 | 0.40 | 0.31 | 0.35 | -0.06 |
Yamana Gold | YRI | 34226 | 11.36 | 10.42 | 10.97 | + 0.09 |
Barrick Gold | ABX | 31476 | 46.55 | 42.95 | 44.95 | + 1.61 |
Teck B | TCKB | 31205 | 39.55 | 34.67 | 39.53 | + 0.73 |
Eldorado Gold | ELD | 29716 | 17.02 | 15.30 | 16.56 | + 0.87 |
New Gold | NGD | 29078 | 6.25 | 5.40 | 5.93 | + 0.13 |
KinrossGold | K | 26839 | 19.20 | 17.57 | 17.85 | -1.03 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Sabina Silver | SBB | 3250 | 1.93 | 1.35 | 1.92 | + 41.1 |
Crescent Gold | CRA | 60 | 0.17 | 0.12 | 0.16 | + 33.3 |
Crystallex Int | KRY | 1213 | 0.51 | 0.39 | 0.49 | + 22.5 |
Malaga | MLG | 706 | 0.14 | 0.11 | 0.14 | + 16.6 |
Inter-Citic Mn | ICI | 2939 | 1.76 | 1.34 | 1.75 | + 16.6 |
Labdr Iron Mns | LIM | 1395 | 6.77 | 5.40 | 6.60 | + 15.7 |
Nord Res | NRD | 33 | 0.30 | 0.24 | 0.30 | + 15.3 |
Starfield Res | SRU | 1975 | 0.09 | 0.08 | 0.09 | + 12.5 |
Diamond Fields | DFI | 93 | 0.09 | 0.09 | 0.09 | + 12.5 |
Centamin Egypt | CEE | 17326 | 2.42 | 1.98 | 2.37 | + 11.2 |
TriAusMin | TOR | 20 | 0.10 | 0.10 | 0.10 | -23.0 |
INV Metals | INV | 513 | 0.93 | 0.72 | 0.77 | -23.0 |
Mega Uranium | MGA | 4538 | 0.54 | 0.43 | 0.44 | -20.0 |
Treasury Metal | TML | 600 | 0.70 | 0.50 | 0.54 | -19.4 |
Zazu Metals | ZAZ | 482 | 0.22 | 0.16 | 0.17 | -19.0 |
Goldstone Res | GRC | 3382 | 0.58 | 0.40 | 0.47 | -18.9 |
Katanga Mng | KAT | 5720 | 1.26 | 0.98 | 1.02 | -17.7 |
Niocan Inc | NIO | 45 | 0.47 | 0.40 | 0.43 | -17.3 |
SouthGobi Engy | SGQ | 723 | 13.76 | 10.96 | 11.40 | -17.2 |
Golden Peaks | GL | 360 | 0.71 | 0.57 | 0.58 | -17.1 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
IShCOMEXGTr | IGT | 49791 | 120.91 | + 3.86 |
Red Back Mng | RBI | 11729795 | 26.88 | + 2.48 |
CentralGold-T | GTU_U | 26404 | 50.50 | + 2.29 |
Barrick Gold | ABX | 31475619 | 44.95 | + 1.61 |
Newmont Mng | NMC | 71419 | 56.82 | + 1.48 |
Goldcorp | G | 23495138 | 44.60 | + 1.44 |
Agnico-Ea gle |
AEM | 6328615 | 64.76 | + 1.41 |
Detour Gold | DGC | 3172628 | 21.91 | + 1.33 |
Inmet Mining | IMN | 3031756 | 52.15 | + 1.23 |
Ivanhoe Mines | IVN | 5975151 | 16.54 | + 0.93 |
PotashCpSask | POT | 6579698 | 106.27 | -3.74 |
Agrium | AGU | 5475651 | 60.45 | -2.55 |
SouthGobi Engy | SGQ | 723333 | 11.40 | -2.37 |
Russell Metals | RUS | 1548592 | 19.42 | -1.61 |
HudBay Minls | HBM | 14809687 | 11.52 | -1.27 |
Imperial Metal | III | 487623 | 19.22 | -1.14 |
Quadra Mng | QUA | 9506450 | 13.83 | -1.03 |
Kinross Gold | K | 26838550 | 17.85 | -1.03 |
Major Drilling | MDI | 658682 | 24.82 | -0.88 |
FNX Mining | FNX | 9254228 | 11.98 | -0.87 |
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