Despite touching new lows, the TSX Composite Index showed renewed signs of life at presstime. For the shortened Oct. 7-10 period, the index had fallen more than 1,165 points to 9,065.16, but as global markets rebounded on Monday, the TSX played catchup after the Thanksgiving holiday on Monday and reached 10,234.66 on Oct. 14.
While Tuesday’s rally saw the greatest gains going to the financial sectors, the much-maligned minerals sector also saw some benefit. Still, the gains could not undo all the harm inflicted on miners in recent months as metal prices continue to decline amidst fears of a global recession.
Not even gold could benefit from the recent market turmoil as it finished the period at US$831.50 per oz., down roughly US$45, although a rising Global Gold Index pointed to possible brighter days ahead for gold miners. The index was up roughly 7 points to 228.75, with Goldcorp, Barrick Gold and Kinross Gold all finishing higher on heavy volumes.
The diversified miners didn’t fare so well. The Capped Metals and Mining Index was down roughly 60 points to 365.31, as copper, aluminum, nickel, tin, lead and zinc prices weakened. The spot price of uranium oxide also continued to slide, falling to US$49 per lb. for the period.
Large base metal producers like Inmet Mining, First Quantum Minerals and Teck all felt the pinch, with Inmet losing $12.40 to finish at $28.65, First Quantum losing $10.83 to finish at $22.01 and Teck losing $6.02 to close at $16.36.
Royal Gold was the period’s largest gainer by value as it added $7.50 to its share price to end at $45. The Denver, Colo.-based company with a portfolio of gold royalties completed the acquisition of Barrick’s royalties. The deal will see Royal land 72 of Barrick’s royalties and brings the company’s portfolio up to 22 producing royalties, 6 development-stage properties, 27 evaluation-stage properties and 64 exploration projects.
After a large sell-off, Potash Corp. ofSaskatchewan made a comeback as its shares gained $7.25 to $102.50 and still climbing. Market pundits blamed the barring of short selling on financial institutions for much of the company’s recent woes, as short sellers turned to Potash Corp. in lieu of the financials. The company’s shares closed as high as $174 in mid-September before falling all the way to $92.25 at the beginning of the period. They were trading at $115.38 at presstime.
International Minerals was also a winner for the period. The Vancouver-based company gained 33% to finish at $4.15. It announced a deal with Radius Gold on its Rubi project in Peru. Rubi is an undrilled gold and silver property, and the deal with Radius allows International to earn into up to 60% of the project, provided it meets certain funding requirements.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Yamana Gold | YRI | 35564 | 8.45 | 6.25 | 6.46 | -0.56 |
| Uranium One | UUU | 31005 | 1.64 | 0.85 | 0.91 | -0.61 |
| Goldcorp | G | 28809 | 36.45 | 28.04 | 29.69 | + 2.71 |
| Barrick Gold | ABX | 28264 | 41.75 | 33.08 | 35.22 | + 2.42 |
| Kinross Gold | K | 27796 | 18.75 | 14.30 | 15.02 | + 0.30 |
| Breakwater Res | BWR | 27013 | 0.19 | 0.09 | 0.10 | -0.08 |
| TeckCominB | TCKB | 21706 | 23.83 | 15.82 | 16.36 | – 6.02 |
| Eastern Platin | ELR | 18020 | 0.57 | 0.42 | 0.50 | + 0.01 |
| HoriznsGBull | HGU | 16690 | 13.99 | 9.50 | 10.20 | +0.46 |
| Cameco Corp | CCO | 14671 | 20.20 | 14.33 | 16.00 | -3.75 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Diamond Fields | DFI | 31 | 0.15 | 0.06 | 0.09 | +350.0 |
| Mawson Res | MAW | 212 | 0.40 | 0.17 | 0.40 | + 73.9 |
| US Gold Can Ac | UXE | 17 | 0.90 | 0.44 | 0.80 | + 53.8 |
| Yukon Gold | YK | 30 | 0.10 | 0.06 | 0.09 | + 50.0 |
| Silver Wtn wtA | SLW_TA | 29 | 1.00 | 0.51 | 0.68 | + 36.0 |
| Golden Queen | GQM | 286 | 0.36 | 0.24 | 0.36 | + 33.3 |
| Intl Minls Crp | IMZ | 159 | 4.15 | 2.80 | 4.15 | + 32.5 |
| Mediterrn Res | MNR | 647 | 0.09 | 0.05 | 0.05 | + 25.0 |
| Vaaldiam Res | VAA | 4617 | 0.07 | 0.02 | 0.05 | + 25.0 |
| Tanz Roy Exp | TNX | 1416 | 3.65 | 2.20 | 2.60 | + 20.9 |
| Bannerman Res | BAN | 18 | 0.29 | 0.14 | 0.14 | -68.1 |
| Atlanta Gold | ATG | 1037 | 0.36 | 0.20 | 0.20 | -62.2 |
| St Andrew Gldf | SAS | 9861 | 0.21 | 0.08 | 0.11 | -56.0 |
| Frontera Coppr | FCC | 6278 | 0.70 | 0.25 | 0.30 | -55.8 |
| Klondex Mns | KDX | 242 | 0.62 | 0.31 | 0.31 | -55.7 |
| Sulliden Expl | SUE | 25 | 0.59 | 0.43 | 0.50 | -53.2 |
| Strateco Res | RSC | 2666 | 1.20 | 0.43 | 0.53 | -52.6 |
| Australn Solom | SGA | 27 | 0.20 | 0.10 | 0.10 | -52.3 |
| Genco Res | GGC | 568 | 0.89 | 0.30 | 0.41 | -51.1 |
| Golden Predatr | GP | 930 | 0.60 | 0.25 | 0.27 | -50.9 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Royal Gold | RGL | 14473 | 45.00 | + 7.50 |
| Potash Cp Sask | POT | 13189727 | 102.50 | + 7.25 |
| IShCOMEXGTr | IGT | 122452 | 100.00 | + 7.15 |
| Central Gold-T | GTU_U | 70554 | 45.50 | + 4.78 |
| Goldcorp | G | 28809089 | 29.69 | + 2.71 |
| Barrick Gold | ABX | 28264236 | 35.22 | + 2.42 |
| Central Fund | CEFA | 1322034 | 12.46 | + 1.11 |
| Intl Minls Crp | IMZ | 158665 | 4.15 | + 1.02 |
| Fording C C T | FDG_U | 7216690 | 85.00 | + 0.99 |
| Horizns G Bull | HGU | 16689556 | 10.20 | + 0.46 |
| Inmet Mining | IMN | 1610075 | 28.65 | -12.40 |
| First Quantum | FM | 2988284 | 22.01 | -10.83 |
| Teck Comin B | TCKB | 21705878 | 16.36 | -6.02 |
| Major Drilling | MDI | 1006078 | 17.47 | -4.18 |
| Timminco | TIM | 2239097 | 9.25 | -4.00 |
| Teck Comin A | TCKA | 40034 | 21.50 | -3.99 |
| Cameco Corp | CCO | 14670938 | 16.00 | -3.75 |
| Newmont Mng | NMC | 161646 | 34.00 | -3.59 |
| Horizns G Bear | HGD | 7219032 | 10.76 | -3.24 |
| Pan Am Silver | PAA | 1319929 | 15.65 | -3.14 |
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