Toronto Stock Exchange, Nov. 4-8

The S&P/TSX Composite Index was up 17 points to 13,378.33 for the period, as jobs data in Canada and the U.S. beat expectations and bolstered investor confidence. The loonie fell 0.27 of a cent to US95.32¢, after Statistics Canada reported that the economy created 13,200 jobs last month, compared to expectations of 11,000 new jobs.

The stronger U.S. employment numbers  and firmer gross domestic product data led investors to believe the Federal Reserve bond-buying program would taper, and that was bad news for gold. The price for the yellow metal was off US$29 to US$1,284.60 per oz. Gold miners themselves, however, didn’t feel the pinch, as the S&P/TSX Global Gold Index was up a point to 174.62 points.

The lower copper price — it was off 5¢ to US$3.25 per lb. — did transfer over to the diversified mining camp, as the S&P/TSX Capped Diversified Metals & Mining Index was off 7 points to 809.11 points.

Lachlan Star caught the market’s attention with a $5-million equity financing. The company issued 25 million shares for 20¢ per share, but the institutional demand was so strong that it issued another 7.5 million at the same price to raise $1.5 million. The $6.5-million total is expected to help optimize its wholly owned CMD gold mine in Chile. The mine is next to Teck’s Carmen de Andacollo copper-gold mine to the north.

Lower third-quarter profits and a disappointing forecast didn’t dampen Agrium’s spirits. The company said uncertainty in the potash market and a late North American growing season delayed many buyers’ crop-nutrient purchases, which hurt the bottom line. But it didn’t hurt investor demand, as Agrium shares were up $4.92 to $94.28. Potash prices have fallen since mid-year, after the biggest global producer, Uralkali OAO, went rogue on pricing. That left Canpotex as the only other legitimate potash-pricing company. Canpotex is owned by Agrium, Mosaic and Potash Corp. of Saskatchewan. Agrium said it expects fourth-quarter earnings to come in at $1.25 per share, well below analysts’ expectations of $1.51, with outages at its Redwater and Carseland nitrogen facilities affecting sales volumes. Third-quarter net earnings fell 41% to 52¢ per share, compared with 80¢ per share a year ago.

Investors weren’t so kind with Detour Gold’s results. Shares fell $1.73 to $6.35 for the period after the company released its first results since its Detour Lake gold mine went into commercial production. The slide came after Detour lowered its 2013 production guidance and disappointed with its forecast for 2014. It reported a third-quarter net loss of US$11.8 million for the quarter, with throughput approaching nameplate capacity of 55,000 tonnes per day in October, at 45,000 tonnes per day. It expects to produce between 240,000 and 260,000 oz. gold in 2013, compared to the 270,000 oz. it had forecasted earlier.

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