With investor mood dampened by concerns over China’s tightening fiscal policy and Europe’s woes with Ireland and Iceland, the Toronto Stock Exchange closed the Nov. 15-19 week higher, led by the financial sector.
The TSX composite index rose 206.09 points, or 1.6%, to 12,956.33, as banks advanced on prospects of earnings growth. Commodity prices softened as China ordered lenders to lock up more of their money with the Central Bank, stepping up efforts to pull excess cash out of the economy to combat inflation, which hit a 2-year high in October. Investors are concerned China’s move to slow inflation will stifle global economic growth.
While the spot price for copper declined 9¢ to finish at US$3.82 per lb., the Capped Metals & Mining index tacked on 32.84 points to close up 2.6% at 1,312.86. Gold was off US$13.20 an oz., or 1%, ending at US$1,352.30. The Global Gold index followed suite, slipping 0.8% to 412.64 points.
Shares in Ventana Gold rocketed to $13.59, up $3.43, after the EBX Group, owned by Brazilian billionaire Eike Batista, made an unsolicited $1.2-billion cash offer worth $12.63 per share. Ventana is a Vancouverbased exploration company with mineral rights to 46 sq. km of ground in northeastern Colombia. The company’s flagship La Bodega gold-silver discovery hosts 3.5 million oz. gold, 19.2 million oz. silver and 85 million lbs. copper, based on an inferred resource of 27.8 million tonnes grading 3.9 grams gold, 21.5 grams silver and 0.14% copper. EBX already owns 20% of Ventana.
Vancouver-based Western Coal jumped $3.49 to $10.76 on news of a potential merger with Walter Energy, a Florida-based coal producer. The proposal, subject to a two-week due diligence period and a definitive agreement, calls for Western shareholders to receive a mixture of cash and Walter shares valued at $11.50 per Western share.
Grande Cache Coal, an Alberta producer of metallurgical coal for the steel industry, closed up $1.11 at $9.08, while Cline Mining, a junior that is preparing to restart the New Elk coal mine in Colorado, tacked on 67¢ at $3.14. Cline recently closed a $57.6-million equity offering priced at $1.95 per share.
Farallon Mining, one of the most active stocks, jumped 13¢ to 78¢, after agreeing to a friendly $409-million takeover bid by Belgium-based Nyrstar. The 80¢-per-share cash offer represents a 32% premium to a 20-day average trading price.
Anatolia Minerals Development was down 86¢ at $7.44 after warning the market its scheduled first gold pour from the Copler gold mine in Turkey may be postponed until early in the New Year due to unforeseen delays in building critical path items. In order to ensure the company has sufficient liquidity on hand, it entered into a $25-million, three-year credit facility with Standard Bank.
TSX most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Farallon Res FAN | 104239 | 0.79 | 0.78 | 0.78 | + 0.13 |
Western Coal WTN | 59995 | 11.05 | 6.79 | 10.76 | + 3.49 |
Ventana Gold VEN | 31805 | 14.13 | 9.93 | 13.59 | + 3.43 |
Eastern Platin ELR | 30491 | 1.95 | 1.66 | 1.80 | -0.08 |
Uranium One UUU | 26684 | 4.98 | 4.47 | 4.78 | -0.01 |
Cline Mng CMK | 25992 | 3.17 | 2.19 | 3.14 | + 0.67 |
Grande Cache C GCE | 17633 | 9.50 | 7.38 | 9.08 | + 1.11 |
KinrossGold K | 16031 | 18.58 | 17.66 | 18.23 | -0.23 |
Lundin Mng LUN | 15987 | 6.83 | 6.22 | 6.75 | + 0.07 |
Equinox Minls EQN | 15822 | 5.92 | 5.32 | 5.89 | + 0.09 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Revett Mnls | RVM | 2126 | 4.25 | 0.60 | 4.14 | + 590.0 |
TriAusMin | TOR | 2198 | 0.16 | 0.09 | 0.15 | + 66.6 |
Polo Res | POL | 19 | 0.11 | 0.10 | 0.11 | + 57.1 |
Mawson Res | MAW | 1241 | 1.56 | 0.95 | 1.56 | + 48.5 |
Western Coal | WTN | 59995 | 11.05 | 6.79 | 10.76 | + 48.0 |
Starcore Int V | SAM | 1466 | 0.11 | 0.09 | 0.10 | + 42.8 |
Ventana Gold | VEN | 31805 | 14.13 | 9.93 | 13.59 | + 33.7 |
Candente Coppr | DNT | 2736 | 0.98 | 0.76 | 0.98 | + 30.6 |
Cline Mng | CMK | 25992 | 3.17 | 2.19 | 3.14 | + 27.1 |
Crosshair E&Mg | CXX | 8770 | 0.39 | 0.24 | 0.34 | + 25.9 |
Khan Res | KRI | 1984 | 0.45 | 0.35 | 0.41 | -19.6 |
Africo Res | ARL | 107 | 0.92 | 0.83 | 0.83 | -16.1 |
Alexis Minls | AMC | 12785 | 0.21 | 0.17 | 0.17 | -15.0 |
Rockgate Cap | RGT | 1240 | 1.39 | 1.10 | 1.20 | -14.2 |
Bannerman Res | BAN | 1765 | 0.67 | 0.55 | 0.58 | -13.4 |
South Am Silvr | SAC | 3160 | 2.05 | 1.53 | 1.65 | -11.7 |
PC Gold | PKL | 1013 | 0.77 | 0.66 | 0.68 | -11.6 |
Powertech Uran | PWE | 474 | 0.45 | 0.36 | 0.38 | -11.6 |
Revolution Res | RV | 639 | 0.44 | 0.38 | 0.38 | -11.6 |
Katanga Mng | KAT | 2994 | 1.45 | 1.18 | 1.25 | -10.7 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Revett Mnls | RVM | 2126047 | 4.14 | + 3.54 |
Western Coal | WTN | 59995409 | 10.76 | + 3.49 |
Ventana Gold | VEN | 31804735 | 13.59 | + 3.43 |
Labdr I-Ore Ro | LIF_U | 235670 | 64.50 | + 3.23 |
PotashCpSask | POT | 4803669 | 142.83 | + 1.46 |
Teck B | TCKB | 12864660 | 50.93 | + 1.32 |
Teck A | TCKA | 10559 | 51.11 | + 1.31 |
Franco-Nevada | FNV | 1576314 | 33.75 | + 1.25 |
Labdr Iron Mns | LIM | 1037718 | 8.07 | + 1.21 |
First Quantum | FM | 1989790 | 91.10 | + 1.19 |
Detour Gold | DGC | 2004486 | 29.86 | -2.62 |
Centerra Gold | CG | 3546277 | 16.50 | -1.13 |
Newmont Mng | NMC | 14614 | 61.28 | -0.91 |
Royal Gold | RGL | 10855 | 51.50 | -0.90 |
Agnico-Eagle | AEM | 2622412 | 79.66 | -0.89 |
Europn Goldfld | EGU | 2315937 | 14.13 | -0.87 |
Anatolia Minls | ANO | 1811019 | 7.44 | -0.86 |
Tahoe Res | THO | 926106 | 10.17 | -0.76 |
Marklnd AGF PM | MPM | 13000 | 14.26 | -0.75 |
Allied Nevada | ANV | 1064779 | 26.99 | -0.66 |
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