Market news

Toroenro Stock Exchange

The S&P/TSX Composite Index gained 0.8%, or 101.53 points, to end the trading week at 12,418.88.

The lift came from better-than-expected job gains from Canada and the U.S. The unemployment rate in the U.S. fell to 7.8% in September — the lowest since Barack Obama became president — as 114,000 jobs were added.

In Canada, the jobless rate rose to 7.4% from 7.3%, despite the economy creating 52,100 jobs in September — which is five times more positions than expected.

The S&P/TSX Capped Diversified Metals & Mining Index closed at 914.87, up 17.34 points.

The S&P/TSX Global Gold Index slipped less than 2 points to finish at 347.82. The spot price of gold managed to hold onto a US$10 per oz. gain, closing at US$1,781.30.

Mexico-focused junior Torex Gold Resources was one of the most actively traded stocks with 23.9 million shares traded, ending at $1.92, down 20¢. On Oct. 1, the firm announced a $350-million bought-deal financing, and in a separate release said it filed a National Instrument 43-101 technical report in support of the feasibility study released earlier for its Morelos gold project in Mexico.

Under the offering, a syndicate of underwriters led by BMO Capital Markets will purchase on a bought-deal basis by way of a short-form prospectus, with 175 million units for $2 apiece for net proceeds of $350 million. Each unit contains one share and a quarter of a warrant. One full warrant will allow a holder to buy one share at $2.65 within 12 months of the transaction closing. The funds from the offering will be used to build Morelos, and for general corporate costs.

Sulliden Gold also saw a heavy volume of trades, sliding 9¢ to $1.10, on 23.1 million shares traded. On Oct. 3, the junior said it would scrap the new milestone-based bonus program, where it would have rewarded insiders and consultants for reaching expected goals in developing the Shahuindo gold project in Peru. While the company outlined the program in its management information circular dated Sept. 5, it was largely overlooked until the Oct. 1–5 week. Investors upset with the plan pushed the company’s stock down 23% in the days prior to Sulliden axing the program, after which the stock rebounded, adding 17.8% before the week ended.

Lake Shore Gold was the week’s most actively traded stock — on no news — with almost 24 million shares changing hands throughout the week. The company announced a management change on Sept. 11. Shares of the northern Ontario-focused gold producer ended the trading period down 5¢, or 5%, to close at 96¢ apiece.

  TSX most active issues

		Volume	Week
		(000s)	High	Low	Close	Change
Lake Shore Gld	LSG	23973	1.03	0.95	0.96	–	0.03
Torex Gold	TXG	23905	2.23	1.88	1.92	–	0.2
Sulliden Gold	SUE	23113	1.23	0.93	1.1	–	0.09
Kinross Gold	K	22323	10.98	10.13	10.59	+	0.53
B2Gold	BTO	15139	4.17	3.88	4.06	+	0.12
Mercator Mnls	ML	13862	0.59	0.52	0.54	–	0.07
Barrick Gold	ABX	13320	41.73	40.53	41.13	+	0.05
Yamana Gold	YRI	12494	19.2	18.42	18.6	–	0.18
Osisko Mng	OSK	12012	10.01	9.35	9.98	+	0.24
Contintl Gold	CNL	11516	10.02	8.93	9	+	0.19

  TSX greatest percentage change

		Volume	Week
		(000s)	High	Low	Close	Change
Primero Mng	P	9111	7.72	5.11	7.2	+	40
Marengo Mng	MRN	8524	0.15	0.12	0.14	+	40
Red Cresc Res	RCB	108	0.05	0.04	0.05	+	28.5
New Dawn Mng	ND	42	1.05	0.87	1.05	+	25
Mediterrn Res	MNR	33	0.09	0.08	0.09	+	20
Victory Nickel	NI	404	0.04	0.03	0.04	+	16.6
Dalradian Res	DNA	1384	1.5	1.27	1.48	+	14.7
MagIndustries	MAA	137	0.13	0.1	0.12	+	14.2
Redhawk Res	RDK	565	0.51	0.43	0.5	+	13.6
Gryphon Gold	GGN	481	0.1	0.09	0.09	+	12.5
Redzone Res	REZ	1227	0.23	0.09	0.1	–	65.4
Grandview Gld	GVX	590	0.02	0.02	0.02	–	50
Velocity Minls	VLC	54	0.07	0.05	0.05	–	33.3
Liberty Silver	LSL	698	1.58	0.9	0.97	–	30.7
Calvista Gold	CVZ	181	0.64	0.41	0.48	–	27.2
Xinergy	XRG	266	0.95	0.68	0.68	–	26
Coro Mining	COP	515	0.33	0.26	0.26	–	25.7
Niocan Inc	NIO	39	0.26	0.23	0.23	–	25
Polar Star Mng	PSR	371	0.2	0.13	0.14	–	25
Aureus Mng	AUE	75	1.2	0.91	0.91	–	23.5

TSX greatest value change 

		Week
		Change	Close	Change
Primero Mng	P	9111405	7.2	+	2.06
Franco-Nevada	FNV	2561231	59.51	+	1.56
Tahoe Res	THO	1164797	21.56	+	1.54
Agnico-Eagle	AEM	3480753	52.38	+	1.38
Detour Gold	DGC	3512784	28.67	+	1.24
Teck Res B	TCKB	10649754	30.1	+	1.09
Harry Winston	HW	752832	12.48	+	0.79
Alamos Gold	AGI	1853906	19.86	+	0.75
Major Drilling	MDI	4624804	10.63	+	0.69
Argonaut Gold	AR	2312612	10.84	+	0.65
Potash Cp Sask	POT	9944209	41.04	–	1.69
Royal Gold	RGL	46842	96.29	–	1.67
Kirkland Lk Gd	KGI	2301365	11.21	–	0.71
Richmont Mines	RIC	972245	4.15	–	0.54
Silver Std Res	SSO	639201	15.29	–	0.53
Keegan Res	KGN	1026776	3.17	–	0.48
Golden Mnls	AUM	227874	4.67	–	0.47
Coeur d Alene	CDM	55859	27.96	–	0.46
Migao	MGO	269932	2.51	–	0.44
Liberty Silver	LSL	698418	0.97	–	0.43

 TSX Venture Exchange

 The S&P/TSX Composite Index gained 0.8%, or 101.53 points, to end the trading week at 12,418.88.

The lift came from better-than-expected job gains from Canada and the U.S. The unemployment rate in the U.S. fell to 7.8% in September — the lowest since Barack Obama became president — as 114,000 jobs were added.

In Canada, the jobless rate rose to 7.4% from 7.3%, despite the economy creating 52,100 jobs in September — which is five times more positions than expected.

The S&P/TSX Capped Diversified Metals & Mining Index closed at 914.87, up 17.34 points.

The S&P/TSX Global Gold Index slipped less than 2 points to finish at 347.82. The spot price of gold managed to hold onto a US$10 per oz. gain, closing at US$1,781.30.

Mexico-focused junior Torex Gold Resources was one of the most actively traded stocks with 23.9 million shares traded, ending at $1.92, down 20¢. On Oct. 1, the firm announced a $350-million bought-deal financing, and in a separate release said it filed a National Instrument 43-101 technical report in support of the feasibility study released earlier for its Morelos gold project in Mexico.

Under the offering, a syndicate of underwriters led by BMO Capital Markets will purchase on a bought-deal basis by way of a short-form prospectus, with 175 million units for $2 apiece for net proceeds of $350 million. Each unit contains one share and a quarter of a warrant. One full warrant will allow a holder to buy one share at $2.65 within 12 months of the transaction closing. The funds from the offering will be used to build Morelos, and for general corporate costs.

Sulliden Gold also saw a heavy volume of trades, sliding 9¢ to $1.10, on 23.1 million shares traded. On Oct. 3, the junior said it would scrap the new milestone-based bonus program, where it would have rewarded insiders and consultants for reaching expected goals in developing the Shahuindo gold project in Peru. While the company outlined the program in its management information circular dated Sept. 5, it was largely overlooked until the Oct. 1–5 week. Investors upset with the plan pushed the company’s stock down 23% in the days prior to Sulliden axing the program, after which the stock rebounded, adding 17.8% before the week ended.

Lake Shore Gold was the week’s most actively traded stock — on no news — with almost 24 million shares changing hands throughout the week. The company announced a management change on Sept. 11. Shares of the northern Ontario-focused gold producer ended the trading period down 5¢, or 5%, to close at 96¢ apiece.

TSX-V most active issues

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		Volume	Week
		(000s)	High	Low	Close	Change
Sandstorm Mt&E	SND	15371	0.48	0.34	0.47	+	0.13
Atacama Pac Gd	ATM	7563	3.72	2.99	3.5	–	0.15
Ucore Rare Mtl	UCU	6046	0.64	0.39	0.6	+	0.21
Vantex Res	VAX	5950	0.17	0.1	0.12	+	0.03
Premium Expl	PEM	5560	0.15	0.09	0.12	+	0.04
Stans Energy	HRE	5190	0.92	0.46	0.71	+	0.25
Aurcana Corp	AUN	5074	1.23	1.16	1.16	–	0.03
Sandstorm Gld	SSL	4829	14.99	12.91	14.35	+	1.72
Roxgold	ROG	4677	1.02	0.8	0.95	+	0.14
TNR Gold	TNR	4584	0.19	0.1	0.16	+	0.05

TSX-V greatest percentage change

		Volume	Week
		(000s)	High	Low	Close	Change
Mill City Intl	MC	614	0.04	0.02	0.04	+	166.6
Black Bull Res	BBS	177	0.01	0.01	0.01	+	100
San Antonio Vt	SAN	405	0.2	0.12	0.2	+	100
Empire Mng	EPC	1253	0.19	0.09	0.18	+	80
BCM Res	B	87	0.13	0.09	0.13	+	78.5
Invenio Res	IVO	377	0.07	0.05	0.07	+	75
San Marco Res	SMN	994	0.16	0.1	0.15	+	66.6
Spruce Ridge R	SHL	428	0.15	0.09	0.15	+	66.6
Leeward Capitl	LWC	135	0.03	0.02	0.03	+	66.6
Inform Expl	IX	11	0.65	0.51	0.65	+	62.5
Pac Booker Min	BKM	908	14.95	2.8	3	–	79.9
La Quinta Res	LAQ	2454	0.01	0.01	0.01	–	50
New Guinea Gld	NGG	651	0.01	0.01	0.01	–	50
DGM Mnls	DGM	15	0.12	0.06	0.06	–	50
Solitaire Mnls	SLT	321	0.01	0.01	0.01	–	50
Mill Bay Vent	MBV	33	0.04	0.03	0.03	–	40
Aurtois Expl	EXA	279	0.02	0.02	0.02	–	40
Zinco Mng	ZIM	1227	0.1	0.05	0.08	–	37.5
CMQ Res	NV	31	0.08	0.05	0.06	–	36.8
Brandenburg En	BBM	233	0.05	0.04	0.04	–	36.3

TSX-V greatest value change

		Week
		Change	Close	Change
Sandstorm Gld	SSL	4828636	14.35	+	1.72
Reservoir Mnls	RMC	1039072	3.25	+	0.35
Gold Reserve	GRZ	36846	3.48	+	0.29
Inform Expl	IX	11000	0.65	+	0.25
Stans Energy	HRE	5189827	0.71	+	0.25
Athabasca Mnls	ABM	755477	1.64	+	0.23
Olivut Res	OLV	533051	1.08	+	0.21
Ucore Rare Mtl	UCU	6046359	0.6	+	0.21
Dia Bras Expl	DIB	1524981	2.85	+	0.15
Roxgold	ROG	4676833	0.95	+	0.14
Pac Booker Min	BKM	908413	3	–	11.95
Lumina Copper	LCC	253951	9.57	–	0.53
EPM Mng Vent	EPK	62500	0.5	–	0.24
Clifton Star	CFO	207515	0.95	–	0.24
Maudore Minls	MAO	101636	3.07	–	0.23
Newmac Res	NER	29484	0.6	–	0.21
Gold Canyon	GCU	1814532	1.6	–	0.2
Mirasol Res	MRZ	208650	2.36	–	0.19
Solvista Gold	SVV	421456	0.78	–	0.17
SilverCrest Mn	SVL	2060870	2.61	–	0.17

U.S. markets

Employment figures showing the U.S. economy added 114,000 jobs in September, pushing down the unemployment rate from 8.1% to 7.8% — the lowest level since January 2009 — buoyed equities. The Dow Jones Industrial Average touched 13,661.87 on Oct. 5 — a 52-week high — and ended the week up 1.3%, or 173.02 points, at 13,610.15. The S&P 500 Index rose 1.41%, or 20.26 points, to finish at 1,460.93, while the Philadelphia Gold and Silver Index edged up 0.28%, or 0.53 of a point, to 191.53.

A positive tax ruling in Mexico sent shares of Primero Mining soaring 41.1%, or US$2.15, to US$7.37 per share. Mexican tax authorities confirmed in the ruling that Primero’s Mexican subsidiary appropriately records revenue and taxes from sales under a silver purchasing agreement, with Silver Wheaton at realized prices rather than spot prices effective from August 2010. Primero owns 100% of the San Dimas gold-silver mine.

Alpha Natural Resources was the most actively traded stock of the week and closed at US$6.58 per share. On Sept. 28 the metallurgical and thermal coal producer announced pricing 9.75% senior notes, due 2018. The underwritten public offering of US$500 million should net the company US$479.8 million after expenses. A portion of the proceeds will be used to fund the purchase of up to US$350 million of the 3.25% convertible senior notes due 2015.

Western Copper and Gold finished the week 7.8% higher at 74¢ a share after closing a private placement for 500,000 flow-through common shares at 80¢ per share, raising $400,000 for exploration expenses. The Vancouver-based junior holds a 100% stake in the Casino project in the Yukon, which the company describes as the one of the world’s largest open-pittable copper-gold-molybdenum-silver deposits.

Mosaic dropped US$2.53 a share to finish at US$55.08 after reporting first-quarter fiscal 2013 earnings of US$429 million, compared to US$526 million a year ago. Earnings per diluted share were US$1.01 in the quarter compared to US$1.17 last year. The year-on-year decline was largely chalked up to lower phosphate volumes and prices.

U.S. most active issues

		Volume	Week
		(000s)	High	Low	Close	Change
Alpha Nat Res*	ANR	121754	7.03	6.22	6.58	+	0.01
Alcoa*	AA	88553	9.34	8.72	9.09	+	0.24
Freeport McMo*	FCX	70216	41.35	39.05	40.51	+	0.93
Arch Coal*	ACI	61669	6.94	6.15	6.6	+	0.27
Kinross Gold*	KGC	59851	11.2	10.32	10.84	+	0.63
Peabody Enrgy*	BTU	33199	23.3	21.64	22.38	+	0.09
Cliffs Nat Rs*	CLF	30573	40.35	37.75	38.36	–	0.77
Mosaic*	MOS	29446	58.69	54.28	55.08	–	2.53
Barrick Gold*	ABX	29429	42.54	41.01	42	+	0.24
Molycorp*	MCP	28621	11.65	10.25	10.88	–	0.62

U.S. greatest percentage change

		Volume	Week
		(000s)	High	Low	Close	Change
Primero Mng*	PPP	1832	7.92	5.18	7.37	+	41.1
Gold Am Mng*	SILA	87	0.03	0.02	0.03	+	31.8
Gold Reserve*	GRZ	326	3.59	3.1	3.52	+	8.6
Western Coppr*	WRN	112	0.74	0.67	0.74	+	7.8
Harry Winston*	HWD	532	13.13	11.82	12.72	+	7.4
Alumina Inc*	AWC	959	3.77	3.45	3.64	+	6.4
Kinross Gold*	KGC	59851	11.2	10.32	10.84	+	6.1
Pretium Res*	PVG	801	14.29	12.66	13.82	+	6
North Am En P*	NOA	139	3.05	2.84	3.05	+	5.9
Yanzhou Coal*	YZC	1014	15.98	15	15.84	+	5.9
Silver Dragon*	SDRG	878	0.01	0	0	–	83.3
Pac Booker Mn*	PBM	202	15.3	2.9	3.3	–	78.3
Grandview Gld*	GVGDF	40	0.01	0.01	0.01	–	39.1
El Capitan Pr*	ECPN	1800	0.5	0.35	0.37	–	22.9
China Shen Zh*	SHZ	280	0.4	0.3	0.31	–	20.7
Atlatsa Res*	ATL	297	0.24	0.18	0.18	–	20
Cornerstone C*	CTNXF	12	0.09	0.09	0.09	–	18.5
Santa Fe Gold*	SFEG	844	0.4	0.32	0.34	–	16.8
Keegan Res*	KGN	240	3.73	3.16	3.25	–	12.4
Patriot Gold*	PGOL	83	0.24	0.2	0.2	–	12.1

U.S. greatest value change

		Week
		Change	Close	Change
Primero Mng*	PPP	1832457	7.37	+	2.15
Franco-Nevada*	FNV	1392177	60.85	+	1.92
Randgold Res*	GOLD	4044969	124.71	+	1.72
Agnico-Eagle*	AEM	7052604	53.57	+	1.69
Alliance Rs P*	ARLP	595869	61.38	+	1.43
Compass Mnls*	CMP	338921	75.9	+	1.31
Consol Energy*	CNX	16930552	31.35	+	1.3
Teck Res B*	TCK	11281523	30.7	+	1.25
Rio Tinto*	RIO	2032622	47.82	+	1.06
Natural Rs Pt*	NRP	257679	21.75	+	1.02
Pac Booker Mn*	PBM	201697	3.3	–	11.95
Mosaic*	MOS	29445631	55.08	–	2.53
AngloGold Ash*	AU	10223243	33.37	–	1.68
Soc Quim&M Ch*	SQM	1483219	60.14	–	1.5
Potash C Sask*	POT	27747491	41.94	–	1.48
Royal Gold*	RGLD	3309116	98.32	–	1.36
Buenaventura*	BVN	3131640	37.8	–	1.16
Intrepid Pots*	IPI	837974	20.67	–	0.81
Cliffs Nat Rs*	CLF	30572770	38.36	–	0.77
Gold Fields*	GFI	22514274	12.16	–	0.69