Market News

Toronto Stock Exchange

The S&P/TSX Composite Index partook in a global rally spurred on by the prospect of more growth in China, and the index gained 153 points for the period to finish at 11,500.63. China cut interest rates for the first time in four years, which had investors speculating that more quantitative easing could be on the horizon for the U.S. as well.

But despite its gains the composite still lagged indices south of the border, largely because of poor performances from gold and gold miners. The S&P/TSX Global Gold Index was off 7 points to 321.17 as the yellow metal fell US$35 to US$1,591.40 per oz.

After weathering several dismal periods, the diversified miners bounced back somewhat and the S&P/TSX Capped Diversified Metals & Mining Index rose 33 points to 877.49. The slight gain came despite  weaker prices for copper, aluminum, nickel, lead and zinc. The price for tin, however, was higher.

First Uranium was the period’s big winner. Its share price climbed 124% to 19¢ as its assets and a rival bid for the company heated things up. The Toronto-based company said South African-based Kumvest has offered to buy 26% of its shares for $22 million, or 37¢ per share, to stop the company’s Ezulwini gold mine from being sold to Gold One International. Gold One has offered to pay $70 million for the asset, but Kumvest says it will only make its investment in First Uranium if shareholders reject the sale. Kumvest also wants to see new management and directors.

Ivanhoe Australia was the period’s biggest loser by percentage points as its share price fell by 49% to finish at 60¢. The drop comes as uncertainty about the company’s relationship with new majority-owner Rio Tinto grows, and management and directors fall by the wayside. The latest news had CEO Peter Reeve handing in his resignation. The turnover in the company’s upper echelon is connected to its need to secure funding and develop its copper-gold and molybdenum projects in Australia. Now it needs Rio Tinto’s approval on any such transactions. Rio owns 51% in Ivanhoe Mines, which in turn owns 59% of Ivanhoe Australia.

Stonegate Agricom saw its share price climb by 26% to 43¢ after it released assays from drill holes at its Upper Phosphate Zone (UPZ) at the Paris Hills Phosphate ­project in Idaho. The UPZ assay results returned grades ranging from 21% to 31.3% P2O5, and phosphate-bed thicknesses of 3 to 5 metres, which the company says demonstrate consistency in grade and thickness. The company expects to tally a National Instrument 43-101 compliant estimate on the zone in ­second-half 2012.

Golden Minerals received a lift a week after announcing it would sell its 1% net smelter royalty interest in the Platosa property to Excellon Resources for US$2.4 million. Golden Minerals is also looking to sell its land package in the Zacatecas mining district of Mexico. The company’s shares were up 40% to $5.46 for the period.

TSX most active issues

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
Eldorado Gold ELD 21443 13.04 11.86 12.10 +0.21
Barrick Gold ABX 20878 44.75 39.03 40.13 -3.52
Yamana Gold YRI 17139 16.92 15.75 16.31 +0.08
Kinross Gold K 15820 9.38 8.12 8.51 -0.37
Osisko Mng OSK 14562 9.14 7.84 8.06 -0.10
Goldcorp G 13010 42.59 39.42 40.26 -0.67
First Uranium FIU 12028 0.20 0.08 0.19 +0.11
Eastern Platin ELR 11397 0.28 0.23 0.26 +0.02
Lundin LUN 11144 4.31 3.94 4.20 +0.20
IAMGold Corp IMG 10956 13.23 11.77 12.44 +0.29

TSX greatest percentage change

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
First Uranium FIU 12028 0.20 0.08 0.19 +123.5
Golden Mnls AUM 323 6.15 4.00 5.46 +40.3
Augusta Res AZC 907 2.11 1.54 2.07 +33.5
PolyMet Mng POM 332 0.98 0.66 0.96 +31.5
Red Cresc Res RCB 32 0.07 0.06 0.07 +27.2
Stonegate Agri ST 3152 0.47 0.33 0.43 +26.4
Pure Nickel NIC 198 0.08 0.07 0.08 +23.0
Aura Mnls ORA 1362 0.41 0.31 0.40 +21.2
Canadn Zinc CZN 850 0.60 0.50 0.59 +20.0
Canada Lithium CLQ 8555 0.51 0.38 0.45 -49.1
Ivanhoe Austrl IVA 25 0.91 0.53 0.60 -25.0
Alexis Minls AMC 3886 0.04 0.03 0.03 -24.3
Horizonte Mnls HZM 71 0.14 0.14 0.14 -20.0
Jayden Res JDN 511 0.07 0.06 0.06 -20.0
TVI Pacific TVI 976 0.03 0.02 0.02 -20.0
CaNickel Mng CML 232 0.03 0.02 0.02 -20.0
Ratel Grp RTG 62 0.08 0.08 0.08 -20.0
Migao MGO 252 2.71 2.10 2.19 -19.4
Pac Rim Mining PMU 289 0.14 0.08 0.09 -18.1
Pac NW Cap PFN 53 0.10 0.09 0.09 -18.1

TSX greatest value change

 VOLUME WEEK
CLOSE CHANGE
Royal Gold RGL 117860 81.20 +3.49
Agrium AGU 2507120 81.49 +2.78
Golden Mnls AUM 323467 5.46 +1.57
Teck Res B TCKB 9690196 32.10 +1.34
Ivanoe Mines IVN 5744069 10.72 +1.10
Pretium Res PVG 2582792 15.20 +1.04
Inmet Mining IMN 1694728 43.41 +1.03
Pan Am Silver PAA 2184620 18.82 +0.91
Silver Std Res SSO 897135 12.92 +0.91
Allied Nevada ANV 901679 29.72 +0.80
Barrick Gold ABX 20878305 40.13 -3.52
Alamos Gold AGI 4406275 17.95 -1.42
Walter Energy WLT 14658 48.10 -1.30
Agnico-Eagle AEM 6578832 41.30 -0.96
Goldcorp G 13010484 40.26 -0.67
Ivanhoe Austrl IVA 24600 0.60 -0.58
Rainy RIver Rs RR 1877002 4.12 -0.58
Franco-Nevada FNV 3150743 45.60 -0.57
Migao MGO 251632 2.19 -0.53
ISh COMEX G Tr IGT 102352 15.95 -0.50
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