Toronto Stock Exchange Dec. 4-10

As global equity markets rallied on signs of resilience from the United States, the TSX Composite Index continued its upward momentum during the Dec. 4-10 trading period, with a 2.1% increase from the previous week. The TSX was up 283.19 points to 13,940.36.

The Global Gold Index held strong, rising 4.02 points to 317.55, while the price of gold jumped US$25.25, or 3.2%, to US$809 per oz.

But it was the mining sector that shone as the Capped Metals and Mining Index rose 4.3%, or 38.72 points, to 816.98 over the period, though most base metals experienced slight price drops.

First Quantum Minerals was in the spotlight after nearly doubling its stake in copper miner Equinox Minerals to over 17%. Equinox is currently building the Lumwana mine in Zambia, projected to be Africa’s biggest copper mine when it begins production next year. Lumwana is about 65 km away from First Quantum’s Kansanshi copper-gold mine.

First Quantum shares saw one of the biggest value changes over the period, up $6.13 to $97.37 per share, while Equinox Minerals, the most actively traded stock of the week, rose nearly 30% to $5.45 apiece.

Fording Canadian Coal Trust and Teck Cominco also made the news, prompting their shares to rise. Fording, up $4.20 to $38.50, said it would consider selling mines or merging with another company during the period. Teck, up $4.75 to $48.75, initiated talks with Fording several months ago in hopes of gaining full ownership of Fording’s Elk Valley coal partnership, the world’s second-largest supplier of metallurgical coal used to make steel. Teck currently holds a 40% interest in the project, and nearly 20% of Fording’s shares.

Potash Corp. of Saskatchewan, the world’s biggest fertilizer maker, saw the greatest value change in its stock — up $9.98 to reach an all-time high of $133.40 per share. Some analysts suspect that Potash Corp. may be involved in a takeout or a merger. The company’s share price has more than doubled over the last year, while fertilizer prices have more than doubled since 2000, due to growing demand from developing economies and the ramp-up in ethanol production in North America.

Yamana Gold shares were the second most active over the period with more than 39 million shares changing hands, boosting the stock 80 to $13.73. The company has discovered some high-grade veins at its El Peon mine in Chile, acquired in its recent takeover of Meridian Gold. Recent results included a 5.7-metre intersection that averaged 43.43 grams gold per tonne and 1,615 grams silver.

Breakwater Resources was also on the most active list with 36.5 million shares traded, moving the stock up 20 to $1.89. The company announced that milling at its Mochito mine in Honduras has returned to normal levels after it suspended operations in October due to a leaking tailings pond. Breakwater is using an old tailings area that is still permitted while it makes plans to repair the leak.

TSX greatest percentage change

TSX greatest value change

TSX most active issues