The TSX composite index showed signs of life again finishing 400 points higher for the July 5-9 period as it ended the week at 11,600 points. It was one of the strongest periods for the index this year as investors began to believe that the debt crisis in Europe could be heading towards a close.
It was a stronger period for the diversified miners as well, as the prices of copper, aluminum, nickel, tin, lead and zinc all rose. That helped bolster the Capped Metals & Mining index by roughly 100 points to close at 896 points.
Lundin Mining was the greatest beneficiary of improved base metal prices as the company, which had been on a considerable slump with its share price falling from the $5.50 mark in early April to the $3.00 level in late June, rebounded and gained 25% for the period to finish at $3.78.
Unfortunately for gold bugs, the yellow metal didn’t perform so well. The Global Gold index finished flat at 364 points, as the price of gold fell with the strengthening of the U.S. dollar.
Despite gold’s lack of strength, however, Crocodile Gold managed to propel itself up the market as it gained 27% to finish the week at $1.28 apiece. The upward mobility came courtesy of drill results from its Howley gold project in Australia, with intercepts such as 13.36 grams gold per ton over 5 metres. The company announced it had struck several wider mineralized zones downdip from existing resources.
The new wasn’t as good for Forsys Metals as it saw its shares fall by 32% after announcing that it had not reached an agreement with prospective buyers of the company. Morgan Stanley launched a review of the company in October 2009 shortly after a deal with George Forrest International (GFI) fell through. GFI was set to buy all of Forsys’ outstanding shares for $7.00 before the Canadian government got involved and scuttled the deal. Forsys shares closed down at $1.51 apiece.
It was also a tough period for New Gold, which lost an appeal against a Mexican court ruling.
The original ruling cancelled a 2006 environmental impact study on its Cerro San Pedro gold-silver mine in central Mexico. The decision had the mid-tier producer’s shares falling 16% to $5.40.
In September 2009, a Federal Court ruled that the mine’s environmental impact assessment should be cancelled. A few months later, however, another court granted an injunction allowing the mine to remain fully operational since then.
New Gold says it will file an appeal as it claims Cerro San Pedro complies with the highest environmental standards and should stay open for the benefit of the local economy. The company says the legal dispute has to do with a land-use dispute and not environmental issues.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
New Gold | NGD | 33510 | 6.46 | 5.07 | 5.40 | -1.06 |
Lundin Mng | LUN | 31837 | 3.81 | 2.97 | 3.78 | + 0.75 |
Uranium One | UUU | 30191 | 2.91 | 2.69 | 2.77 | + 0.05 |
Western Coal | WTN | 28430 | 4.23 | 3.51 | 4.22 | + 0.35 |
Teck B | TCKB | 21227 | 35.72 | 30.25 | 35.60 | + 3.99 |
Eastern Platin | ELR | 15637 | 0.99 | 0.87 | 0.97 | + 0.01 |
Yamana Gold | YRI | 14062 | 10.32 | 9.91 | 10.18 | -0.16 |
Centamin Egypt | CEE | 13440 | 2.52 | 2.37 | 2.44 | -0.01 |
Barrick Gold | ABX | 13077 | 46.16 | 43.84 | 45.04 | -0.91 |
Crowflight Mnl | CML | 12698 | 0.15 | 0.12 | 0.12 | -0.01 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Grandview Gld | GVX | 1375 | 0.07 | 0.05 | 0.07 | + 40.0 |
Nautilus Minls | NUS | 8637 | 2.54 | 1.82 | 2.29 | + 30.1 |
Crosshair E&Mg | CXX | 789 | 0.14 | 0.10 | 0.14 | + 27.2 |
Crew Gold | CRU | 3901 | 0.28 | 0.22 | 0.28 | + 27.2 |
Jinshan Gold M | JIN | 2057 | 4.00 | 2.75 | 3.94 | + 26.2 |
Crocodile Gold | CRK | 6122 | 1.33 | 0.99 | 1.28 | + 25.4 |
Lundin Mng | LUN | 31837 | 3.81 | 2.97 | 3.78 | + 24.7 |
Cline Mng | CMK | 6123 | 1.46 | 1.07 | 1.42 | + 23.4 |
Polaris Minls | PLS | 61 | 1.69 | 1.31 | 1.60 | + 22.1 |
Northland Res | NAU | 61 | 2.15 | 1.72 | 2.15 | + 20.1 |
Forsys Metals | FSY | 5381 | 2.21 | 1.40 | 1.51 | -32.2 |
Polo Res | POL | 190 | 0.11 | 0.06 | 0.08 | -20.0 |
Kimber Res | KBR | 77 | 0.81 | 0.65 | 0.66 | -18.5 |
DynacorGoldM | DNG | 183 | 0.35 | 0.30 | 0.31 | -18.4 |
Mediterrn Res | MNR | 261 | 0.12 | 0.09 | 0.10 | -16.6 |
Freegold Vent | ITF | 213 | 0.06 | 0.05 | 0.05 | -16.6 |
New Gold | NGD | 33510 | 6.46 | 5.07 | 5.40 | -16.4 |
Silver Bear Rs | SBR | 25 | 0.25 | 0.22 | 0.22 | -15.3 |
Formation Mtls | FCO | 314 | 0.92 | 0.65 | 0.79 | -14.1 |
Aeroquest Intl | AQL | 148 | 0.52 | 0.43 | 0.43 | -14.0 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
First Quantum | FM | 2432091 | 63.82 | + 9.60 |
Agrium | AGU | 5339844 | 60.16 | + 7.79 |
PotashCpSask | POT | 4557725 | 96.35 | + 5.44 |
Inmet Mining | IMN | 1120431 | 47.25 | + 4.53 |
Teck B | TCKB | 21227287 | 35.60 | + 3.99 |
Teck A | TCKA | 15809 | 37.00 | + 3.10 |
Major Drilling | MDI | 209705 | 23.60 | + 2.48 |
Labdr I-Ore Ro | LIF_U | 163648 | 45.04 | + 1.97 |
Harry Winston | HW | 800948 | 14.40 | + 1.46 |
Newmont Mng | NMC | 30888 | 64.20 | + 1.42 |
Royal Gold | RGL | 30746 | 47.06 | -1.39 |
Agnico-Eagle | AEM | 3571888 | 59.98 | -1.09 |
CentralGold-T | GTU_U | 17756 | 49.52 | -1.08 |
New Gold | NGD | 33510416 | 5.40 | -1.06 |
Franco-Nevada | FNV | 1354616 | 30.93 | -0.95 |
Barrick Gold | ABX | 13076718 | 45.04 | -0.91 |
Goldcorp | G | 11114131 | 43.09 | -0.86 |
Silver Std Res | SSO | 375255 | 17.28 | -0.74 |
Forsys Metals | FSY | 5381381 | 1.51 | -0.72 |
Seabridge Gold | SEA | 108226 | 30.12 | -0.59 |
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