Market news

Toronto Stock Exchange

The TSX Composite Index continued to climb during the abbreviated June 27-30 trading week, posting four straight days of gains. The Index moved up 391.98 points to 13,300.87, as commodity prices rose and the Greek parliament approved a second austerity bill. 

The Capped Diversified Metals & Mining Index also gained 100.17 points, to finish at 1,427.52 during the shortened Canada Day holiday week. 

Despite the price of gold dropping, the Global Gold Index jumped 6.5 points to end at 365.20, while the yellow metal shed US$15.72 to US$1,486.58 per oz. on July 1 in New York. 

Nuinsco Resources‘ shares were the week’s largest percentage gainer, surging 27% to 14¢. The rise came as the junior
announced that the Quebec Superior Court allowed a joint ownership of all exploration, mining and processing assets in Quebec that were previously owned by Campbell Resources and MSV Resources. The assets, now owned wholly by Nuinsco and Ocean Partners, host seven past-producing copper-gold mines, two development-stage properties, a 3,000-tonne-per-day mill and a permitted tailings facility. Nuinsco and Ocean Partners were secured creditors of Campbell.

Trailing close behind, EMC Metals saw its shares spike 27% to close at 19¢ on no news. The most recent news the junior released was on June 14, after it sold its Fostung tungsten property in Sudbury, Ont., to Janus Resources for $500,000 cash. 

Labrador Iron Mines Holdings saw its stock climb 20% to $12.25, as it posted its fourth quarter results for the year ending March 31, 2011, and began production at its Schefferville area direct-shipping iron ore project in western Labrador. On June 29, the first loaded iron ore train left the Silver Yards processing plant for the port at Sept-Îles, Que.

On the back of a potential stock split, First Quantum Minerals‘ shares moved up $13.22 to $140.62 on 1.9 million shares traded. On June 30, it mailed out a circular regarding the special shareholders’ meeting to vote on the 5-for-1 stock split. 

As Labrador Iron Ore Royalty‘s stapled units began trading at the TSX on a subdivided basis on June 28, the company saw its shares jump $5.71 to close at $38.79. Labrador Iron Ore announced on May 30 that it would subdivide its units on a 2-for-1 basis and that new certificates would be sent to registered holders on July 4. The company also said that the cash distribution of 75¢ for holders on record as of June 30 would be paid on July 25 on a pre-subdivision basis. 

With 22.8 million shares traded, Uranium One was the most active stock. But, with all the activity, the company dipped 7¢ to $2.66 on no major news. 

TSX most active issues

VOLUMEWEEK

(000s)HIGHLOWCLOSECHANGE

Uranium OneUUU228622.712.452.66-0.07

Lundin MngLUN211107.426.687.40+0.60

Eastern PlatinELR147240.860.770.80-0.06

Teck BTCKB1168349.2545.2349.02+3.07

Kinross GoldK1089015.2514.8015.23+0.29

Avion GoldAVR104501.971.831.94+0.10

Rubicon MnrlsRMX101744.733.143.43-1.05

Potash Cp SaskPOT970155.4651.8155.08+3.17

Yamana GoldYRI933411.3911.0611.26+0.06

Capstone MngCS86623.602.833.59+0.61

TSX greatest percentage change

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(000s)HIGHLOWCLOSECHANGE

Nuinsco ResNWI14640.160.100.14+27.2

EMC MetalsEMC8920.190.150.19+26.6

Peregrine MtlsPGM9260.860.680.85+23.1

Red Cresc ResRCB5010.400.250.40+21.2

Capstone MngCS86623.602.833.59+20.4

Labdr Iron MnsLIM49312.3310.0512.25+20.1

Mediterrn ResMNR6000.180.140.18+20.0

Tiger ResTGS820.490.460.49+19.5

Volta ResVTR38531.671.301.63+18.9

Greystar ResGSL11892.802.182.73+17.6

Rubicon MnrlsRMX101744.733.143.43-23.4

Golden PeaksGL900.570.500.50-16.6

Zincore MtlsZNC4560.320.290.32-15.7

Contl PreciousCZQ670.340.310.31-13.8

First UraniumFIU15260.610.510.52-13.3

Platinum Gp MtPTM17941.931.671.68-12.9

NoventaNTA2610.700.610.69-12.6

Mawson ResMAW8101.881.611.68-11.5

Golden MnlsAUM4819.1217.0917.14-11.2

Golden QueenGQM6563.222.612.84-11.2

TSX greatest value change

WEEK

VOLUMECLOSECHANGE

First QuantumFM1927292140.62+13.22

Labdr I-Ore RoLIF_U61322538.79+5.71

Inmet MiningIMN67248969.40+4.03

Potash Cp SaskPOT970050455.08+3.17

Teck BTCKB1168318649.02+3.07

AgriumAGU313608884.69+2.44

Labdr Iron MnsLIM49316912.25+2.05

Teck ATCKA1422049.45+1.99

Detour GoldDGC191708227.95+1.91

Ivanhoe MinesIVN178045324.37+1.88

Golden MnlsAUM4767817.14-2.18

Agnico-EagleAEM263106060.98-2.09

Rubicon MnrlsRMX101739683.43-1.05

Franco-NevadaFNV119691736.00-0.71

Guyana GldfldsGUY10507556.85-0.67

Central FundCEFA51628619.62-0.63

Major DrillingMDI177665412.55-0.41

Minco SilverMSV2291814.42-0.38

Horizns G BearHGD144528611.05-0.37

Golden QueenGQM6560692.84-0.36

TSX Venture Exchange

A shortened June 27-30 trading period had the S&P TSX Venture Exchange Index swinging down almost 40 points in the first half, before rebounding almost as much in the latter half, and ending almost even, down just over a point at 1,904.18. Volume was in-line with recent weeks, averaging 96 million shares traded daily.

There were no breakaway value gainers in the period, with Macarthur Minerals‘ 25¢ rise to $2.65 topping the list. The company released an updated inferred resource for its Snark direct shipping iron ore target in Western Australia that added 36% to the resource, which now stands at 9.7 million tonnes grading 55% iron. The total inferred resource at Macarthur’s Lake Giles project is now 20.6 million tonnes grading 55.2% iron. Macarthur used 153 new drill holes in the resource, adding to the 67 used in the older resource, while a further 152 holes drilled this year were not yet incorporated.

Newstrike Capital was not far off
Macarthur, with a 22¢ gain to end at $2.38 after releasing more drill results from its Ana Paula project in Mexico’s Guerrero gold belt. Results included vertical hole 11-48 that hit 116 metres grading 4.71 grams gold per tonne and 36 metres averaging 2.10 grams gold, with mineralization from top to bottom; hole 11-51 that returned 190 metres carrying 3.52 grams gold; and hole 11-49 that cut 23 metres grading 1.03 grams gold.

Advanced Explorations was high in the percentage-gain ranks, climbing 15¢, or 38%, to 55¢ on four days of gains. The company stated it was ahead of schedule with a drill program on its Tuktu iron project in Nunavut. It will not need a planned second program to complete a resource estimate. The current program included drill fences at 400-metre intervals to test the 2.6-km strike of Tuktu 1, while the company also recently completed a ground magnetometer survey over the target area. The Tuktu project is 60 km from the company’s Roche Bay project, on which it will soon start feasibility-stage drilling.

Bayfield Ventures shot up from 59¢ to a short high of $1.02 before ending at 76¢ with 11.2 million shares traded, after releasing more drill results from its Burns block property in Ontario. The company touted standout hole 11-71 that returned 80 metres grading 8.66 grams gold, but the company restated its results following a review by the B.C. Securities Commission. The restatement, covering several rounds of results, related to reporting “potentially confusing” large intervals, by diluting high-grade intercepts over longe
r intercepts of lower grades.

Silver Quest, climbing 12¢ to $1.16, announced a $12-million private placement, with 4.4 million flow-through shares to be sold at $1.15 each, 5 million brokered units at $1 each and a $2-million non-brokered private placement. 

TSX-V most active issues

VOLUMEWEEK

(000s)HIGHLOWCLOSECHANGE

Allana ResAAA137711.751.261.53-0.21

Bayfield VentBYV112321.020.720.76+0.17

Silver Quest RSQI66631.220.981.16+0.12

Niogold MngNOX60150.390.350.39+0.03

Duran VentDRV54870.230.190.23-0.02

Seafield ResSFF46130.340.290.310.00

Orbite Expl AORTA45163.723.183.26-0.23

RPT UraniumRPT45030.110.100.100.00

Ashburton VentABR43760.130.090.09-0.01

Bear Creek MngBCM41724.143.583.85-1.31

TSX-V greatest percentage change

VOLUMEWEEK

(000s)HIGHLOWCLOSECHANGE

Azteca GoldAZG5410.030.030.03+50.0

Santa Fe MetlsSFM5670.120.090.12+50.0

Getty CopperGTC3050.100.070.10+42.8

Advanced ExplAXI13400.550.410.55+41.0

Canadn OrebodsCO16540.340.250.34+36.0

Hunt MngHMX6810.540.420.54+35.0

Tamerlane VentTAM7720.310.220.31+34.7

Pac Wildcat RePAW15140.740.420.70+34.6

Galena CapitalFYI7110.040.030.04+33.3

Aldershot ResALZ2230.040.030.04+33.3

Hinterland MtlHMI2250.290.150.15-51.6

Pac Coast NiklNKL4551.080.620.66-46.7

Shear DiamondsSRM10870.430.300.30-34.7

Prescient MngPMC900.100.090.09-30.7

Midasco CapMGC370.090.070.07-30.0

Volcanic MtlsVOL890.210.140.14-26.3

Bear Creek MngBCM41724.143.583.85-25.3

Firesteel ResFTR660.100.090.09-25.0

Dynasty GoldDYG2570.100.090.09-25.0

Sea Green CapSGS1740.050.030.03-25.0

TSX-V greatest value change

WEEK

VOLUMECLOSECHANGE

Macarthur MnlMMS7236602.65+0.25

Great Quest MeGQ1339483.99+0.23

Newstrike CapNES16708092.38+0.22

Alderon ResADV7284663.00+0.22

Quest Rare MnlQRM10197356.66+0.21

Palladon VentPLL961871.25+0.20

Kootenay GoldKTN2741901.05+0.19

New Pac MetalsNUX1459731.64+0.19

Lucara DiamLUC17738911.19+0.18

Pac Wildcat RePAW15135910.70+0.18

Bear Creek MngBCM41719763.85-1.31

Pac Coast NiklNKL4551610.66-0.58

Chesapeake GldCKG7367010.94-0.56

Canaco ResCAN4469603.33-0.32

Maudore MinlsMAO556355.19-0.30

Gold CanyonGCU2407192.71-0.29

Southern ArcSA8955961.73-0.25

Lumina CopperLCC1250405.95-0.25

New Millen CapNML5676972.42-0.24

Orbite Expl AORTA45155353.26-0.23

U.S. markets

U.S. equities posted five days of gains
during the June 27-July 1 trading week
in the best weekly performance in two years, with the Dow Jones Industrial Average climbing 5.4%, or 648.19 points, to close at 12,582.77. The S&P 500 Index jumped 5.6%, or 71.22 points, to finish at 1,339.67. The Philadelphia Gold and Silver Index added 3.9%, or 7.56 points, to 199.45. A pick-up in June in the pace of manufacturing growth in the U.S., for the first time in four months, injected confidence into the markets – as did progress with Greece’s debt problems. 

The better manufacturing data and improved confidence sent copper prices up four straight days – or more than 4% for the week – its biggest jump since the second week of April, when it gained 5%. Freeport McMoRan Copper & Gold was the week’s most actively traded stock, climbing US$5.07 to close at US$53.

Cliffs Natural Resources topped the charts with an advance of US$7.08 per share to US$93.70. The company added David Webb as its senior vice-president of global coal. Before joining Cliffs, Webb, who has more than 30 years of experience as a
mining engineer and senior manager in the coal and energy sectors, was vice-president and general manager of U.S. midwest operations for Patriot Coal.

Good news about its Jansen project in Saskatchewan sent shares of BHP Billiton surging US$6.84 to US$95.45. The company announced it had received notice from the Saskatchewan Ministry of Environment that ministerial approval had been granted for BHP to develop the potash project. BHP submitted its Environmental Impact statement in December 2010. Jansen is expected to start producing saleable potash in 2015. The project is designed to ultimately produce 8 million tonnes a year of agricultural grade potash from its 3,370 million tonne in-situ mineral resource, and will have an estimated mine life of 70 years.

Teck Resources rose US$5.76 to US$52.25 as it announced it would issue US$2 billion of senior unsecured notes for general corporate purposes. 

U.S. most active issues

VOLUMEWEEK

(000s)HIGHLOWCLOSECHANGE

Freeport McMo*FCX9883253.5047.4053.50+5.07

Alcoa*AA8653916.3615.0416.31+1.08

Mosaic*MOS4464968.5963.1767.83+4.23

Potash C Sask*POT4179957.1452.3156.04+3.50

Silver Wheatn*SLW3686133.6431.0132.41+0.66

Barrick Gold*ABX3267845.7142.5044.78+1.74

Kinross Gold*KGC3109715.8114.9515.79+0.65

Alpha Nat Res*ANR2843746.8842.5146.75+4.04

Arch Coal*ACI2615527.1224.7726.99+1.69

Hecla Mining*HL249567.797.107.69+0.40

U.S. greatest percentage change

VOLUMEWEEK

(000s)HIGHLOWCLOSECHANGE

Apolo Gold*APLL200.140.130.14+27.2

PolyMet Mng*PLM21821.751.311.74+25.1

Golden Phoen*GPXM46950.180.130.15+25.0

Tombstone Exp*TMBXF1720.070.050.07+16.6

Am Engy Field*AEFI3320.210.170.21+16.6

North Am Pall*PAL134394.253.674.25+13.3

Legend Intl H*LGDI1570.600.490.60+13.2

Ivanhoe Mines*IVN811425.8022.4525.74+12.8

Infrastrc Mat*IFAM450.100.090.09+12.5

Geovic Mng*GVCM1950.380.310.36+12.5

Rubicon Mnls*RBY159174.823.253.37-25.7

Anooraq Res*ANO27140.770.590.65-16.6

Midway Gold*MDW5002.021.831.85-9.7

Goldfield*GV1150.410.330.38-9.5

Paramount Gld*PZG70543.483.023.18-9.1

Li3 Energy*LIEG14570.240.200.22-8.3

Silver Dragon*SDRG5480.120.100.11-8.3

Platinum Gp M*PLG1521.961.741.79-8.2

China Shen Zh*SHZ2913.723.203.33-7.5

Minco Gold*MGH7131.631.451.50-6.8

U.S. greatest value change

WEEK

VOLUMECLOSECHANGE

Cliffs Nat Rs*CLF1565302593.70+7.08

BHP Billi-BHP*BHP1735826995.45+6.84

BHP Billi-BBL*BBL859061179.35+6.14

Teck B*TCK1457853552.25+5.76

Freeport McMo*FCX9883231553.50+5.07

Mosaic*MOS4464880267.83+4.23

Alpha Nat Res*ANR2843679346.75+4.04

Randgold Res*GOLD292176282.69+4.03

Potash C Sask*POT4179891656.04+3.50

Soc Quim&M Ch*SQM213647465.02+3.45

Agnico-Eagle*AEM964228361.57-2.38

Rubicon Mnls*RBY159171253.37-1.17

Central Fund*CEF771368820.08-0.38

Mechel*MTL389276124.64-0.32

Paramount Gld*PZG70539643.18-0.32

China Shen Zh*SHZ2914333.33-0.27

Midway Gold*MDW4998381.85-0.20

Buenaventura*BVN360824237.20-0.16

Platinum Gp M*PLG1519131.79-0.16

Mountain Prov*MDM938665.38-0.13