The TSX composite index responded well to quantitative easing south of the border. The index was up 219 points for the Nov. 1-5 period, finishing at 12,944.92.
But while the second round of quantitative easing improved market sentiment, without U.S. demand picking up, pundits fear that economic growth in Canada will be difficult.
More American dollars in the system made for a stronger Canadian dollar, which hurt Canadian exporters.
Quantitative easing also had the expected effect on gold price as it climbed US$34 to US$1,395.50 per oz. That move carried the Global Gold index up 11 points to 415.96.
But investors didn’t only have gold on their minds. The base metal complex also continued its strong run with higher prices for copper, aluminum, nickel, tin, lead and zinc, and the Capped Metals & Mining index gained 80 points to finish at 1,327.40.
The big news of the period was the federal government blocking BHP Billiton’s attempted takeover of Potash Corp. of Saskatchewan. The government effectively deemed potash a strategic asset, and as such sided with the Saskatchewan government, which opposed the bid.
Taseko Mines’ share price was hit hard when the federal government said no to an open-pit mine at its Prosperity copper-gold project in central British Columbia. The government said a mine could jeopardize a nearby lake. The move overruled the provincial government’s support for the $815-million project. Local native groups have been strongly lined up against the mine. Taseko’s shares fell 28% to $4.65.
When the market is hot, as it is now for rare earth metals, sometimes all a company has to do is announce a drill program to get a lift. That was the case for Nuinsco Resources which climbed 31% to finish at 17¢. The company announced it had begun a drill program at its Prairie Lake rare earths project near Marathon, Ont., to increase the known tonnage and better understand the project’s mineralization.
Staying with hot commodities, word that Great Panther Silver had expanded high grade silver-gold-lead-zinc mineralization at its Topia mine in Mexico, had the company’s shares up 28% to $1.55. The results came from 9,000 metres of surface drilling and underground development. The company believes the drilling will add to its reserves and thus help it increase production by 20% per year by 2012.
The drill also helped the share prices of Goldstone Resources and Premier Gold Mines at their Hardrock gold project in northwestern Ontario. Goldstone holds a 30% carried interest in the project and saw its share price rise 30% to $1.01 on the back of highlight intercepts of 7.92 grams gold per tonne over 114.5 metres and 18.49 grams gold over 20.5 metres. As for Premier, its shares rose by 19% to $6.69.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Eastern Platin | ELR | 45877 | 1.93 | 1.70 | 1.85 | -0.01 |
| Uranium One | UUU | 37062 | 5.14 | 4.19 | 5.00 | + 0.83 |
| Denison Mines | DML | 28288 | 2.84 | 2.16 | 2.49 | + 0.35 |
| Farallon Res | FAN | 26583 | 0.68 | 0.56 | 0.68 | + 0.11 |
| Yamana Gold | YRI | 24207 | 11.84 | 10.76 | 11.69 | + 0.47 |
| Eldorado Gold | ELD | 22308 | 19.41 | 17.30 | 18.86 | + 1.59 |
| Andean Res | AND | 21523 | 6.58 | 6.23 | 6.50 | + 0.19 |
| KinrossGold | K | 19537 | 19.20 | 17.64 | 18.82 | +0.47 |
| Lundin Mng | LUN | 18672 | 6.92 | 6.17 | 6.75 | + 0.29 |
| Taseko Mines | TKO | 18112 | 6.72 | 4.36 | 4.65 | -1.80 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Canarc Res | CCM | 2289 | 0.19 | 0.15 | 0.19 | + 46.1 |
| Candente Coppr | DNT | 7068 | 1.03 | 0.67 | 0.89 | + 43.5 |
| Uranerz Energy | URZ | 974 | 3.36 | 2.26 | 3.20 | + 43.5 |
| Timminco | TIM | 5536 | 0.40 | 0.28 | 0.40 | + 37.9 |
| Nuinsco Res | NWI | 3248 | 0.17 | 0.13 | 0.17 | + 30.7 |
| Rio Novo Gold | RN | 8112 | 2.65 | 2.00 | 2.60 | + 30.6 |
| Goldstone Res | GRC | 6496 | 1.01 | 0.69 | 1.01 | + 29.4 |
| Great Panther | GPR | 6201 | 1.58 | 1.21 | 1.55 | + 28.1 |
| Forsys Metals | FSY | 2424 | 2.54 | 1.86 | 2.54 | + 27.6 |
| First Majestic | FR | 5845 | 10.47 | 7.38 | 9.96 | + 27.3 |
| Taseko Mines | TKO | 18112 | 6.72 | 4.36 | 4.65 | -27.9 |
| Diamond Fields | DFI | 450 | 0.29 | 0.20 | 0.22 | -18.5 |
| Auryx Gold | AYX | 4014 | 1.30 | 1.01 | 1.03 | -18.2 |
| TriAusMin | TOR | 397 | 0.11 | 0.08 | 0.09 | -18.1 |
| EMC Metals | EMC | 1245 | 0.11 | 0.09 | 0.10 | -16.6 |
| AvalonRareMt | AVL | 5538 | 4.64 | 3.78 | 3.92 | -13.8 |
| Crescent Gold | CRA | 33 | 0.16 | 0.14 | 0.14 | -12.5 |
| Malaga | MLG | 4761 | 0.40 | 0.24 | 0.25 | -10.7 |
| Gryphon Gold | GGN | 1072 | 0.28 | 0.22 | 0.25 | -10.7 |
| NGEx Res | NGQ | 195 | 0.95 | 0.86 | 0.87 | -10.3 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| First Quantum | FM | 2989505 | 95.36 | + 6.05 |
| Teck B | TCKB | 12218489 | 49.71 | + 4.11 |
| Teck A | TCKA | 16005 | 49.80 | + 4.10 |
| Inmet Mining | IMN | 1449198 | 64.87 | + 3.89 |
| Silver Wheaton | SLW | 7994409 | 32.97 | + 3.65 |
| Alamos Gold | AGI | 3791300 | 18.99 | + 3.20 |
| Labdr I-Ore Ro | LIF_U | 415722 | 64.10 | + 2.90 |
| Coeur d Alene | CDM | 130237 | 23.50 | + 2.45 |
| Seabridge Gold | SEA | 171415 | 30.10 | + 2.39 |
| Silvercorp Mtl | SVM | 6249363 | 11.90 | + 2.36 |
| PotashCpSask | POT | 9678973 | 141.32 | -6.18 |
| Agrium | AGU | 5965565 | 85.21 | -5.01 |
| Franco-Nevada | FNV | 2327392 | 33.19 | -1.99 |
| Taseko Mines | TKO | 18112193 | 4.65 | -1.80 |
| Centerra Gold | CG | 7349003 | 18.87 | -1.48 |
| Newmont Mng | NMC | 58409 | 61.54 | -0.71 |
| AvalonRareMt | AVL | 5537952 | 3.92 | -0.63 |
| HoriznsGBear | HGD | 6305218 | 9.60 | -0.53 |
| Auryx Gold | AYX | 4013910 | 1.03 | -0.23 |
| Faircourt Gold | FGX | 163082 | 10.28 | -0.15 |
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