Toronto Stock Exchange (November 20, 2006)

The proposed taxing of income trusts continued to hit energy stocks over the Nov. 7-13 trading session, but a rise in the price of crude oil helped the sector claw back some of its losses. The TSX Composite Index ended only slightly off, down 23.88 points to 12,309.40.

The price of gold dropped US$2.60, but merger news helped the gold index move up nearly 4% or 11.4 points to 315.53 on the week.

The diversified miners didn’t fare as well. The metals and mining index was off over 7% to 574.30 as the price of copper, aluminum, lead, zinc and nickel all fell.

Kinross Gold’s plan to buy rival Bema Gold for $3.2 billion had Bema at the top of the most-active list. Bema shares rose more than 32 to $6.10 for the period on roughly 58 million shares, while Kinross, Canada’s third-largest gold producer, saw a gain of 80 per share to $13.97 on nearly 28 million shares traded.

In other merger news, Iamgold announced the Quebec Superior Court had approved its takeover of Cambior. Iamgold says the acquisition will make it a million-ounce producer by 2008. The company was up 6% to $10.54 for the period.

Equinox Minerals continued to trade high volumes, partially because of its roughly 434 million shares outstanding. News from its Kanga prospect in Zambia brought its shares down when it reported intersecting copper, uranium and cobalt, but not in quantities sufficient to impress the market. Equinox finished the session at $1.82, off 13%.

Goldcorp’s shares were the largest gainer by value, up $2.54 for the period on nearly 40 million shares traded. The company announced the completion of its takeover of Glamis Gold on Nov. 4, despite legal attempts from its largest single shareholder, Robert McEwen, to force a vote by Goldcorp shareholders.

Trading in shares of Toronto-based Armistice Resources continued at a torrid pace, gaining roughly 103% for the period on no news. Armistice owns an advanced exploration underground gold project in northeastern Ontario located on the Larder Lake break. The McGarry project consists of 34 mining claims that adjoin the former producing Kerr Addison gold mine. The company is dewatering at McGarry as part of its planned use of the proceeds from its recently completed $6.8-million equity financing.

Nuinsco Resources was the next largest gainer, climbing nearly 57%. The company’s Diabase Peninsula project was named as ranking in all seven key criteria used by a mining publication to determine which uranium projects are on target for a “super deposit find.”

Peregrine Diamonds fell by 20%, finishing the period at $1.35 after results from its WO property didn’t meet the Street’s expectations. The company reported modelled valuations on roughly 508 carats of its diamonds in the US$41 to US$62 range.

TSX most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Bema Gold	BGO	57740	6.14	5.71	6.10	+0.13
Equinox Minls	EQN	43599	2.20	1.70	1.82	-0.25
Goldcorp	G	39568	32.40	29.38	31.99	+2.54
Breakwater Res	BWR	32929	1.95	1.65	1.70	+0.02
Kinross Gold	K	27574	14.07	13.09	13.97	+0.44
Dynatec Corp	DY	27140	2.00	1.84	1.90	+0.04
LionOre Mng In	LIM	27036	10.40	9.55	9.97	+0.28
Paladin Res	PDN	22172	5.94	5.26	5.35	-0.29
Barrick Gold	ABX	20048	34.30	32.75	33.57	-0.24
Yamana Gold	YRI	16033	13.44	12.07	12.89	+0.19

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Armistice Res	AZ	1322	0.70	0.33	0.69	+102.9
Nuinsco Res	NWI	11277	0.62	0.355	0.58	+56.7
Euro Res	EUR	33	2.60	1.71	2.50	+38.8
Australn Solom	SGA	33	1.40	1.06	1.40	+27.2
Alexco Res	AXR	451	4.95	3.60	4.75	+23.3
Timminco	TIM	224	0.34	0.25	0.32	+23.0
Wallbridge Mng	WM	340	0.29	0.24	0.275	+19.5
Global Copper	GLQ	920	2.64	1.83	2.26	+18.3
Jaguar Mng	JAG	292	5.99	4.95	5.98	+17.7
Mundoro Mng	MUN	425	2.25	1.84	2.18	+17.2
Northgate wtA	NGX.WT.A	203	0.65	0.49	0.49	-24.6
Frontera Cp wt	FCC.WT	279	2.05	1.25	1.48	-24.4
Khan Res wt	KRI.WT	66	2.20	1.39	1.39	-20.5
Peregrine Diam	PGD	203	1.68	1.30	1.35	-20.1
Chariot Res wt	CHD.WT	1514	0.28	0.22	0.23	-17.8
Constel Copper	CCU	4809	2.03	1.60	1.66	-16.1
Campbell Res	CCH	6619	0.125	0.105	0.105	-16.0
Hillsborough	HLB	1402	0.55	0.43	0.46	-14.8
Rio Narcea Gld	RNG	12572	3.43	2.55	2.69	-14.0
Entree Gold	ETG	553	2.02	1.67	1.72	-14.0

TSX greatest value change

		VOLUME	CLOSE	CHANGE
Goldcorp	G	39567683	31.99	+2.54
Meridian Gold	MNG	1931828	31.32	+1.71
Silver Std Res	SSO	298301	29.21	+1.51
Alamos Gold	AGI	3431368	10.71	+1.46
Silvercorp Mtl	SVM	833573	15.88	+1.28
Pan Am Silver	PAA	672810	26.06	+1.04
NovaGold Rs wt	NG.WT	157275	11.69	+0.94
Silver Wheaton	SLW	4338413	13.39	+0.94
Linear Gold	LRR	1354381	7.00	+0.92
NovaGold Res	NG	2007365	18.58	+0.91
First Quantum	FM	2414167	57.03	-8.69
Dundee Bancrp	DBC.A	78733	52.76	-4.24
Teck Comin B	TCK.B	7478540	82.02	-3.89
Potash Cp Sask	POT	2576248	152.44	-3.34
Teck Comin A	TCK.A	17115	85.20	-3.20
Lundin Mng	LUN	10886940	39.61	-3.09
Fording C C T	FDG.UN	2121252	21.66	-2.66
Inmet Mining	IMN	1912820	53.10	-2.60
Aur Res	AUR	4882923	19.49	-2.04
Denison Mines	DEN	1712720	22.90	-1.50