While the market was digesting mixed signals from the broader economy the TSX composite index managed to scratch out a 161 point gain to finish the Aug. 23-27 period at 11,879.72.
The stronger period came despite Canadian retail sales sliding and corporate profits being off for the first time in four quarters. That bad news, however, was buttressed by word that home prices showed a 14% year-over-year gain and a growing consensus that the Bank of Canada will not raise rates as much as originally expected over the coming 12 months.
Gold continued its strong run, as risk aversion kept investors seeking the store of value that the yellow metal represents. Such sentiment had gold up another US$10 to finish the period at US$1,235. That good news helped spur gold miners as evidenced by the Global Gold index, which was up 20 points to 394.54.
While it wasn’t the strongest week for base metal prices the Capped Metals and Mining index still managed to carve out a modest gain of 20 points as it finished at 931.71. Concerns over global economic growth prospects kept the price of copper and lead flat while the price for aluminum, nickel and zinc were all lower than where they were the period previous.
Word that Goldstone Resources had halted its drilling program at Key Lake actually had a positive impact on the company’s share price. The company said drilling had to stop after its geologists resigned in response to a requisition at a shareholders meeting. Goldstone didn’t give any information as to why such news would send its share price up 58% to 63¢, on heavier than usual volume.
The faith of HudBay Minerals in Augusta Resource sent the latter’s share price up 19% to $2.52 for the period. HudBay subscribed to roughly 11 million Augusta units in a private placement at a price of $2.75 per unit, securing $30 million for Augusta. The deal will give HudBay a 13.6% stake in the company on a fully diluted basis. HudBay shares were up 67¢ to $15.03 apiece.
A water use licence from the Yukon Water Board had Alexco Resource’s shares climbing 21% to $4.32. The licence is for its Bellekeno silver mine and mill project, located within the Keno Hill silver district. The licence is the last permit Alexco needed to eventually reach commercial production at the project. The company said it is nearing construction completion.
Securing the rights to Real Del Limon Ejido’s project had Torex Gold Resources in positive territory as its shares jumped 19% to $1.28. The signing of the agreement was the final step in Torex’s attempt to consolidate the exploration areas of the Morelos gold project, which sits 180 km southwest of Mexico City. The company said the agreement will allow it to conduct exploration work for one year after which time it will seek to negotiate a permanent agreement.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Kinross Gold | K | 32587 | 17.36 | 15.80 | 17.36 | + 1.20 |
| Eastern Platin | ELR | 28220 | 1.13 | 1.02 | 1.07 | -0.01 |
| Lundin Mng | LUN | 28111 | 4.36 | 3.97 | 4.30 | + 0.18 |
| Western Coal | WTN | 19907 | 3.91 | 3.47 | 3.71 | -0.09 |
| Torex Gold | TXG | 16278 | 1.32 | 1.10 | 1.28 | + 0.20 |
| Uranium One | UUU | 16122 | 3.50 | 3.13 | 3.44 | -0.06 |
| Yamana Gold | YRI | 16032 | 10.95 | 10.37 | 10.81 | + 0.32 |
| Barrick Gold | ABX | 15516 | 49.24 | 45.55 | 48.98 | + 2.21 |
| Teck B | TCKB | 15030 | 35.25 | 32.26 | 35.11 | + 0.76 |
| Eldorado Gold | ELD | 13690 | 20.68 | 18.82 | 20.67 | + 1.33 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Goldstone Res | GRC | 6315 | 0.66 | 0.37 | 0.63 | + 57.5 |
| Oromin Expl | OLE | 2226 | 1.27 | 0.89 | 1.27 | + 41.1 |
| Gryphon Gold | GGN | 154 | 0.14 | 0.09 | 0.14 | + 40.0 |
| Velocity Minls | VLC | 180 | 0.11 | 0.08 | 0.11 | + 37.5 |
| Talon Metals | TLO | 969 | 0.49 | 0.35 | 0.45 | + 32.3 |
| Acadian Mng | ADA | 380 | 0.05 | 0.04 | 0.05 | + 25.0 |
| CIC Energy | ELC | 3040 | 2.72 | 1.85 | 2.42 | + 24.7 |
| Alexco Res | AXR | 1258 | 4.50 | 3.56 | 4.32 | + 20.6 |
| Augusta Res | AZC | 1967 | 2.61 | 2.10 | 2.52 | + 18.8 |
| Torex Gold | TXG | 16278 | 1.32 | 1.10 | 1.28 | + 18.5 |
| Polaris Minls | PLS | 481 | 1.33 | 0.88 | 0.90 | -34.7 |
| Silver Bear Rs | SBR | 34 | 0.29 | 0.26 | 0.26 | -18.7 |
| Dejour Enterp | DEJ | 432 | 0.36 | 0.31 | 0.32 | -17.9 |
| Yukon-Nev Gold | YNG | 9248 | 0.59 | 0.47 | 0.53 | -13.1 |
| Bannerman Res | BAN | 426 | 0.38 | 0.32 | 0.33 | -13.1 |
| Golden Predatr | GPD | 710 | 0.55 | 0.47 | 0.48 | -12.7 |
| Hard Creek Ni | HNC | 192 | 0.23 | 0.20 | 0.21 | -12.5 |
| Ursa Major Min | UMJ | 112 | 0.09 | 0.07 | 0.07 | -12.5 |
| GoldWheatonG | GLW | 3551 | 3.70 | 3.15 | 3.20 | -12.0 |
| Energy Fuels | EFR | 1727 | 0.26 | 0.20 | 0.22 | -12.0 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Detour Gold | DGC | 2050125 | 32.60 | + 2.85 |
| First Quantum | FM | 2491244 | 58.68 | + 2.73 |
| Goldcorp | G | 12407163 | 46.65 | + 2.71 |
| Agnico-Eagle | AEM | 3642920 | 68.60 | + 2.37 |
| Seabridge Gold | SEA | 183053 | 31.86 | + 2.28 |
| Red Back Mng | RBI | 9483824 | 30.65 | + 2.25 |
| Barrick Gold | ABX | 15516187 | 48.98 | + 2.21 |
| Newmont Mng | NMC | 27175 | 62.87 | + 2.06 |
| Silver Wheaton | SLW | 8166994 | 23.94 | + 1.89 |
| Inmet Mining | IMN | 748949 | 51.44 | + 1.44 |
| PotashCpSask | POT | 8446048 | 154.99 | -2.07 |
| HoriznsGBear | HGD | 2822567 | 11.04 | -0.90 |
| Labdr I-Ore Ro | LIF_U | 257832 | 47.61 | -0.89 |
| Osisko Mng | OSK | 6706753 | 13.99 | -0.75 |
| Cameco Corp | CCO | 6077656 | 25.97 | -0.71 |
| Harry Winston | HW | 1064486 | 10.92 | -0.69 |
| North Am En Pa | NOA | 44941 | 9.00 | -0.59 |
| Major Drilling | MDI | 244954 | 23.71 | -0.56 |
| Polaris Minls | PLS | 481077 | 0.90 | -0.48 |
| GoldWheatonG | GLW | 3550511 | 3.20 | -0.44 |
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