Market news

Toronto Stock Exchange

The TSX Composite Index tumbled 215 points during the trading period to close at 11,361.20 amidst a gloomy economic backdrop. With persistent eurozone worries, weaker-than-expected jobs data from the U.S. and slowing growth in China, investors sought out safe havens, such as gold. 

As a result, the price of the yellow metal climbed US$52.60 per oz. to US$1,626.30 per oz., pushing the S&P/TSX Global Gold Index up 16 points to 327.26.

But diversified miners weren’t as lucky, and the S&P/TSX Capped Diversified Metals & Mining Index lost 27 points to end at 843.80.

During the week the U.S. reported that 69,000 jobs were created in May, the fewest since May 2001. In the eurozone, the jobless rate was 11% in April, unchanged from March, but the highest since the eurozone was created in 1999, with more than 17.4 million people out of a job. Adding to fears, China reported that manufacturing activity in its biggest factories slumped to a yearly low, owing to weak domestic demand.

The week’s biggest percentage gainer was Mawson Resources, gaining 25% to close at $1.55 per share. The jump came after the company released the first 14 assays from its 39-hole program at the Rompas gold project in northern Finland. The best assay was 6 metres of 617 grams gold per tonne from 7 metres depth, which included 1 metre of 3,540 grams gold starting from 11 metres depth — the best result ever sampled or drilled at the property to date.

Strong drill results lifted Kimber Resources’ shares 23% to 80¢. The junior released two holes from the Carmen East area on the Monterde property in northern Mexico’s Sierra Madre gold-silver belt. One of the holes cut several mineralized structures, including 2 metres grading 4.3 grams gold and 166.6 grams silver, and 2 metres of 3.2 grams gold and 222 grams silver.

The week’s biggest loser was Nautilus Minerals, losing 42% to close at $1.23 after being hit by a double whammy. On June 1 it reported vessel funding for the deep sea Solwara 1 project in Papua New Guinea could be delayed and push back building. Harren & Partner told the junior it could no longer provide the full amount of equity because of stricter banking rules with the European crisis and a deflated shipping market.

In a separate press release that day, Nautilus said it’s in a row with the government of Papua New Guinea regarding a joint-venture agreement the parties entered last March. Under the agreement, the state is exercising its option to earn 30% of Solwara 1, but says the company has not met its obligations to complete its earn-in. Nautilus is denying the claims, and has started a dispute-resolution process. Depending on how long the conflict lasts, it could affect the costs and start-up of the futuristic  copper-gold project.

TSX most active issues

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
Eldorado Gold ELD 24545 12.30 11.17 11.89 -0.10
B2Gold BTO 23110 3.45 3.02 3.37 -0.02
Rubicon Mnrls RMX 19778 3.05 2.81 3.01 0.00
Osisko Mng OSK 16967 8.47 7.12 8.16 +1.04
Yamana Gold YRI 15603 16.23 14.51 16.23 +0.93
Barrick Gold ABX 15506 43.83 39.07 43.65 +2.61
Goldcorp G 15054 41.52 36.26 40.93 +2.09
Eastern Platin ELR 13888 0.29 0.22 0.24 -0.03
Lundin Mng LUN 12512 4.31 3.85 4.00 -0.03
Kinross Gold K 11437 8.94 8.01 8.88 +0.36

TSX greatest percentage change

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
Mawson Res MAW 301 1.60 1.06 1.55 +25.0
CaNickel Mng CML 267 0.03 0.02 0.03 +25.0
Africo Res ARL 40 0.72 0.43 0.62 +24.0
Kimber Res KBR 28 0.80 0.65 0.80 +23.0
Olympus Pacif OYM 729 0.31 0.23 0.29 +21.2
Northcliff Res NCF 41 0.64 0.42 0.64 +20.7
MDN Inc MDN 184 0.25 0.19 0.24 +20.0
PC Gold PKL 411 0.22 0.17 0.21 +20.0
Timmins Gold TMM 3281 2.12 1.55 1.95 +18.9
Sulliden Gold SUE 2085 1.12 0.93 1.11 +16.8
Nautilus Minls NUS 1115 2.18 1.19 1.23 -41.9
White Tigr Gld WTG 1447 0.09 0.06 0.07 -30.0
Baja Mng BAJ 4352 0.28 0.15 0.20 -25.9
Lithium Americ LAC 215 0.95 0.71 0.74 -21.2
Dejour Enterp DEJ 313 0.35 0.23 0.24 -20.0
Polo Res POL 77 0.06 0.04 0.05 -18.1
Mandalay Res MND 196 0.66 0.56 0.56 -16.4
Meadow Bay Gd MAY 404 0.65 0.50 0.57 -14.9
BioteQ Env BQE 541 0.18 0.14 0.15 -14.7
Carlisle Goldf CGJ 561 0.25 0.19 0.21 -14.5

TSX greatest value change

 VOLUME WEEK
CLOSE CHANGE
Royal Gold  RGL  54463  77.71  +6.56
Franco-Nevada  FNV  2856861  46.17  +3.28
Barrick Gold  ABX  15505879  43.65  +2.61
Goldcorp  G  15053784  40.93  +2.09
Agnico-Eagle  AEM  5375487  42.26  +1.44
Detour Gold  DGC  3988379  23.12  +1.17
 Coeur d’Alene  CDM  98632  19.06  +1.11
 Osisko Mng  OSK 16967295  8.16  +1.04
 Central Fund &n
bsp;CEFA
 460596  20.69  +0.97
 IAMGold Corp  IMG  10515189  12.15  +0.95
 Agrium  AGU  2889977  78.71  -3.01
 Walter Energy  WLT  12876  49.40  -2.15
 Potash Cp Sask  POT  9080205  39.09  -1.89
 Labdr I-Ore Ro  LIF_U  602997  31.29  -1.70
 Major Drilling  MDI  1289932  11.25  -1.46
 Horizns G Bear  HGD  3739956  10.14  -1.27
 First Quantum  FM  7110237  17.75  -0.91
 Nautilus Minls  NUS  1115001  1.23  -0.89
 Inmet Mining  IMN  1018776  42.38  -0.78
 Imperial Metal  III  169644  11.24  -0.73
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