Market news: Toronto Stock Exchange

Toronto’s main index rose during the trading week amid strong jobs data.

The S&P/TSX Composite Index gained 224 points to 12,540.81, as Statistics Canada reported that nearly 40,000 jobs were added in December, with the unemployment rate falling to a four-year low of 7.1%, down from 7.2%.

South of the border, the U.S. economy created 155,000 jobs, but the jobless rate remained at 7.8%.  

During the week the diversified miners did well, with the S&P/TSX Capped Diversified Metals and Mining Index gaining 58 points to 1,045.36.

But the gold miners stayed relatively flat, with the S&P/TSX Global Gold Index closing down half a point to 294.55. The spot price of gold barely moved at US$1,656.80 per oz., down US50¢.  

The week’s biggest percentage gainer was Rockex Mining, soaring 108% to 25¢ on no major news. The company had recently closed a non-brokered private placement on Dec. 21, raising $475,000 in gross proceeds to fund exploration. Rockex is focused on developing its Lake St. Joseph iron ore deposit in northwestern Ontario, some 80 km from Pickle Lake.  

Shares of nickel producer Liberty Mines got a welcome boost after its primary shareholder Jien International Investment Ltd. agreed to extend the maturity date for two loan and restructuring agreements to March 14, 2014, from Dec. 31, 2012. The loan agreement included a fully drawn $28.9-million advance and a fully drawn $20-million revolving facility, while the restructuring contract was for a $5-million line of credit, of which Liberty has drawn $1 million to date. The Timmins-based miner gained 57% to close at 6¢ per share.

Word that Candente Copper restarted drilling at its flagship Canariaco copper-silver-gold project in northern Peru sent its shares climbing 47% to 55¢. On Jan. 3 the junior announced there were two drills turning on the property. It aims to complete 11,000 metres of feasibility drilling on the Canariaco Norte deposit, and 2,500 metres of exploration drilling on the Canariaco Sur deposit. The large-scale Canariaco Norte deposit has 752.4 million tonnes grading 0.45% copper in measured and indicated, plus another 157.7 million tonnes of 0.41% copper in inferred.

The drilling news likely lifted the shares of spin-out company Candente Gold, which rose 39% to 16¢ on no news. Candente Gold’s primary project is the El Oro gold project in Mexico.

Several large gold miners made the week’s list for the most actively traded stocks. Goldcorp, while overall in third place, was the most heavily traded with 9.3 million shares changing hands, ending at $35.31 — down 14¢ on no news, but a week ahead of its quarterlies.

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