Market news: Toronto Stock Exchange

Toronto’s resource-heavy index fell during the trading week as strong job creation in Canada and the U.S. did little to squash ­concerns of the fast-approaching fiscal cliff.

The S&P/TSX Composite Index lost less than a percent, or 80 points, to close at 12,159.59.

On Dec. 7, Statistics Canada reported 59,300 jobs were created in November, the majority being full-time jobs in the private sector. The jobless rate last month fell to 7.2% from 7.4%.

Some 146,000 positions were added south of the border, as the jobless rate declined to a four-year low of 7.7%, from 7.9%.

However, StatCan noted labour productivity for Canadian businesses tumbled 0.5% in the third-quarter, whereas in U.S. efficiency rose 0.6% over the same period.

The S&P/TSX Global Gold Index gave back 13 points to close at 297.04 as the spot price of gold sank US$11 per oz. to US$1,704.50. Meanwhile, diversified miners crept lower as the S&P/TSX Capped Diversified Metals and Mining Index lost nearly 2 points to 942.87.

Rockwell Diamonds (RDI-T, RDIAF-O)was one of the top percentage gainers, adding 30% to 30¢ after announcing a pilot bulk X-ray project at its Saxendrift diamond mine in South Africa has recouped its initial costs. The project, which entails processing old tailings, was initiated last November and commissioned five months later, with capital expenditures coming in 7% below the initial $1.5-million budget. During the six months ended Oct. 31, 2012, the project recovered 1,596 carats, including three 52-, 72- and 145-carat stones. Rockwell reported revenue of US$4.2 million from the diamond sales. The company says the bulk X-ray technology improves extraction and lowers operating costs. Next, it plans to use the technology at its Saxendrift Hill complex mine, where production should start in early 2013.

Coro Mining (COP-T, CROJF-O) shares slipped 22% to close at 21¢ each after the company tabled a resource estimate for the Berta Sur deposit in Chile that pegged measured and indicated resources at 4.4 million tonnes grading 0.52% total copper, using a 0.3% cut-off grade. At a US$3 per lb. copper price, the pit hosts an estimated 6.1 million tonnes at 0.40% total copper, and a low strip ratio of 0.04 to 1.

Potash Corp. of Saskatchewan (POT-T, POT-N) was one of the biggest value gainers, advancing 61¢ to $39.04. In its recent market analysis report for 2012’s fourth quarter, the large fertilizer miner estimates a brighter year ahead. It predicts global potash consumption to reach record levels in 2013, partially due to agronomic need. The company says it believes inventories in many key markets are below year-end 2011 levels, and predicts demand to increase, even in uncertain markets like India. BMO Capital Markets analysts note that China and India are stepping closer to settling new seaborne potash contracts, with the possibility of both concluding deals by January.

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