Global markets continued to be a study in volatility and the TSX composite index was no exception as the index fell over the May 31 -June 4 period. Still jittery over the near bankruptcy of Greece, Hungarian officials managed to stoke investor fears by comparing the country’s financial situation to Greece’s. And while experts contend that Hungary is in nowhere near as bad shape, markets still fell on the comments.
But just as the European situation was setting off a new round of selling in global markets, it continued to be good days for gold. The yellow metal rose higher in value taking the Global Gold index along for the ride. Gold plays like Franco-Nevada, Greystar Resources and Gabriel Resources, did especially well, the latter two thanks to some positive news releases.
Things, however, weren’t quite as rosy for diversified miners as evidenced by the slump in the Capped Metals & Mining index. Base metal prices and the stocks of companies that produce them continued to be hurt by fears that the global economic recovery has been stalled by the recent mess in Europe and signs that China’s growth is cooling.
The good news for Greystar Resources’ was the Colombian government reversing a recent decision to invalidate the environmental impact assessment for the company’s flagship Angostura gold project. Word of the reversal sent Greystar shares up 30% for the period to $4.87. Greystar were hit hard a few weeks earlier by the government’s initial decision to ban mining above the 3,200 metres — an elevation where Greystar needs to work to make Angostura an economic project.
An analyst upgrade and the announcement of a new chief executive officer coincided with renewed enthusiasm for Gabriel’s stock. The company, which is looking to develop the Rosia Montana gold project in Romania, saw its shares climb 15% to $4.52 after Macquarie Research upgraded it from “underperform” to “neutral.” The upgrade came on word that Gabriel had received safety permits for two dams needed for the project. Macquarie’s target price on Gabriel was increased to $4.75 from $4.00.
The company also announced it was replacing former president and chief executive Keith Hulley with Jonathan Henry. Henry most recently served as chief executive of U.K.-based gold miner Avocet Mining.
It was also a strong period for Mawson Resources as the company’s shares climbed 21% to 41¢ and were still moving up at press time. The company reported drill results from the Ostra Jarntjarnbacken uranium prospect in northern Sweden which included 17 metres grading 0.1% U308. At its Rompas property in Finland, bonanza-grade gold and uranium results from surface sampling that returned as much as 12,800 grams gold and 43.6% uranium.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Eastern Platin | ELR | 34110 | 1.30 | 1.11 | 1.23 | + 0.05 |
Western C Coal | WTN | 32274 | 5.35 | 4.77 | 4.82 | -0.42 |
Eldorado Gold | ELD | 28269 | 18.46 | 17.48 | 17.84 | -0.03 |
Lundin Mng | LUN | 21366 | 4.16 | 3.75 | 3.82 | -0.10 |
Teck B | TCKB | 18966 | 36.54 | 32.51 | 32.77 | -3.03 |
Barrick Gold | ABX | 15889 | 45.78 | 43.19 | 43.92 | -0.33 |
Yamana Gold | YRI | 14243 | 11.59 | 11.05 | 11.10 | -0.21 |
Equinox Minls | EQN | 13904 | 3.95 | 3.54 | 3.60 | -0.05 |
Silver Wheaton | SLW | 13257 | 20.45 | 19.09 | 19.16 | -0.80 |
Osisko Mng | OSK | 13013 | 10.77 | 10.19 | 10.42 | -0.14 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Diamond Fields | DFI | 3436 | 0.30 | 0.09 | 0.25 | + 150.0 |
TriAusMin | TOR | 3230 | 0.09 | 0.04 | 0.08 | + 60.0 |
Greystar Res | GSL | 4935 | 5.80 | 4.76 | 4.87 | + 29.5 |
Mawson Res | MAW | 239 | 0.41 | 0.28 | 0.41 | + 20.5 |
Uranium One | UUU | 11148 | 2.62 | 2.21 | 2.57 | + 18.4 |
Minco Silver | MSV | 856 | 2.70 | 2.38 | 2.56 | + 16.8 |
Gabriel Res | GBU | 4426 | 4.86 | 3.77 | 4.52 | + 14.7 |
TVI Pacific | TVI | 1641 | 0.10 | 0.09 | 0.09 | + 12.5 |
DynacorGoldM | DNG | 502 | 0.28 | 0.25 | 0.28 | + 12.0 |
Yorbeau Res A | YRBA | 381 | 0.20 | 0.17 | 0.19 | + 11.7 |
San Anton Res | SNN | 37 | 0.16 | 0.14 | 0.14 | -30.0 |
Petaquilla Mnl | PTQ | 4514 | 0.45 | 0.29 | 0.34 | -26.0 |
Freegold Vent | ITF | 2144 | 0.09 | 0.06 | 0.06 | -25.0 |
Moneta Porcpn | ME | 1404 | 0.29 | 0.24 | 0.24 | -20.0 |
Baja Mng | BAJ | 655 | 0.74 | 0.61 | 0.61 | -18.6 |
Canarc Res | CCM | 771 | 0.12 | 0.09 | 0.09 | -18.1 |
Crystallex Int | KRY | 5806 | 0.81 | 0.54 | 0.55 | -17.9 |
Hard Creek Ni | HNC | 201 | 0.38 | 0.31 | 0.32 | -17.9 |
Africo Res | ARL | 20 | 0.86 | 0.78 | 0.78 | -17.8 |
PolyMet Mng | POM | 613 | 1.93 | 1.58 | 1.63 | -15.9 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Franco-Nevada | FNV | 1619002 | 31.75 | + 1.75 |
Greystar Res | GSL | 4934712 | 4.87 | + 1.11 |
Labdr I-Ore Ro | LIF_U | 223550 | 48.66 | + 1.06 |
Royal Gold | RGL | 10971 | 52.34 | + 0.74 |
Gabriel Res | GBU | 4426070 | 4.52 | + 0.58 |
KirklandLkGd | KGI | 1362429 | 8.50 | + 0.45 |
Marklnd AGF PM | MPM | 12400 | 10.20 | + 0.43 |
Uranium One | UUU | 11147534 | 2.57 | + 0.40 |
HoriznsGBear | HGD | 4259693 | 13.91 | + 0.37 |
Minco Silver | MSV | 856305 | 2.56 | + 0.37 |
PotashCpSask | POT | 4232264 | 100.56 | -3.87 |
Inmet Mining | IMN | 1300222 | 46.18 | -3.83 |
Teck B | TCKB | 18965901 | 32.77 | -3.03 |
Agrium | AGU | 3657531 | 54.67 | -3.03 |
IShCOMEXGTr | IGT | 15601 | 125.87 | -2.91 |
Seabridge Gold | SEA | 186868 | 33.79 | -2.83 |
Teck A | TCKA | 13156 | 34.61 | -2.21 |
Major Drilling | MDI | 258851 | 21.99 | -1.40 |
Ivanhoe Mines | IVN | 4278752 | 14.01 | -1.32 |
First Quantum | FM | 2916574 | 54.46 | -1.28 |
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