While 2006 was a banner year for the TSX Composite Index, gaining 17%, the index marked the year’s end in a most unceremonious way, falling nearly 3% to 12,553.09 to kick off the new year.
Weakening oil and metals prices and slowing growth in the United States were seen as the main culprits for the drop over the Jan. 2-8 period.
The Global Gold Index followed the price of gold downhill. The index lost 6% to 306.45 points while the price of the yellow metal fell 5% to US$609.50 per oz.
The Capped Metals and Mining Index fell on even harder times as slowing U.S. economic growth drove copper prices down. Construction spending fell for the third consecutive month in November, sending copper to an 8-month low. The index was off 9.2% at 588.51 points as the prices for aluminum, nickel, lead and zinc all lost ground.
Kinross Gold and Bema Gold were the two most actively traded miners on the exchange for the period. Bema shareholders will vote on Kinross’s US$3.1-billion friendly takeover bid for the company on Jan. 30.
Breakwater Resources, Goldcorp and new uranium producer Paladin Resources rounded out the top five.
Metalore Resources was the biggest gainer by percentage for the week. The Simcoe, Ont.-based company produces natural gas from its fields in Ontario, but also has prospective gold and silver properties. Shares in Metalore were up 35% to $12.49.
Australian Solomons Gold was the second-biggest gainer — up 29.5% to $1.80. The company announced that it expects a feasibility study for its Gold Ridge project in the Solomon Islands to be ready for end of February.
The period also saw shares of Perth-based Crescent Gold gain 18% to 29 after announcing it was near completion at its Laverton gold project in Australia. The company expects to be producing 90,000 oz. gold by the end of 2007.
Toronto-based Eurasia Gold took the fall in gold prices the hardest, losing the most value by percentage for the period. The company, which has two operating mines in Kazakhstan, enjoyed a brief spike in late December when shares climbed 61% on no news, but just two trading days later, shares had come back down. At presstime, they traded at $1.20.
Rubicon Minerals and Africo Resources were the next biggest losers for the period, falling 24% and 23%, respectively. On Dec. 19, Rubicon shareholders received 0.092 of a share in Africo and one-sixth of a share in Paragon Minerals for each common share of Rubicon.
Finally, a period was placed at the end of the Inco era during the trading session as the nickel giant was officially amalgamated with Itabira Canada — a wholly owned subsidiary of Companhia Vale do Rio Doce — and delisted from the TSX.
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Bema Gold | BGO | 35472 | 6.26 | 5.56 | 5.84 | -0.26 |
| Kinross Gold | K | 23980 | 14.22 | 12.52 | 13.07 | -0.75 |
| Breakwater Res | BWR | 18350 | 1.83 | 1.60 | 1.75 | -0.09 |
| Goldcorp | G | 16200 | 33.95 | 30.00 | 30.33 | -2.78 |
| Paladin Res | PDN | 15088 | 8.30 | 7.31 | 7.66 | -0.31 |
| Yamana Gold | YRI | 14559 | 15.50 | 13.33 | 13.59 | -1.72 |
| Campbell Res | CCH | 14555 | 0.125 | 0.105 | 0.11 | +0.005 |
| Dynatec Corp | DY | 13198 | 2.14 | 1.90 | 2.01 | -0.12 |
| First Nickel | FNI | 11168 | 0.68 | 0.54 | 0.68 | +0.07 |
| Aur Res | AUR | 10884 | 24.26 | 19.79 | 20.67 | -2.54 |
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| SouthernEra wt | SDM.WT | 77 | 0.09 | 0.045 | 0.09 | +50.0 |
| Metalore Res | MET | 16 | 12.50 | 9.10 | 12.49 | +35.0 |
| Australn Solom | SGA | 1419 | 2.35 | 1.44 | 1.80 | +29.5 |
| Duluth Metals | DM | 2545 | 1.05 | 0.81 | 1.04 | +25.3 |
| Crescent Gold | CRA | 185 | 0.30 | 0.27 | 0.295 | +18.0 |
| Diamond Fields | DFI | 2712 | 0.12 | 0.09 | 0.105 | +16.6 |
| GLR Res | GRS | 1376 | 0.52 | 0.395 | 0.50 | +14.9 |
| Formation Cap | FCO | 2877 | 0.48 | 0.405 | 0.47 | +14.6 |
| Caldera Res | CDR | 846 | 0.085 | 0.075 | 0.085 | +13.3 |
| Silver Eagle | SEG | 737 | 1.60 | 1.33 | 1.50 | +12.7 |
| Eurasia Gold | EGX | 77 | 1.69 | 1.20 | 1.20 | -29.4 |
| Golden Str wtA | GSC.WT.A | 151 | 0.095 | 0.065 | 0.065 | -27.7 |
| Rubicon Mnrls | RMX | 1951 | 0.96 | 0.70 | 0.71 | -24.4 |
| Africo Res | ARL | 443 | 3.85 | 3.01 | 3.06 | -23.5 |
| Rio Narcea wt | RNG.WT | 271 | 0.435 | 0.33 | 0.335 | -22.9 |
| Ascendant Copp | ACX | 45 | 0.63 | 0.50 | 0.50 | -19.3 |
| WGI Heavy Mnl | WG | 22 | 0.78 | 0.68 | 0.68 | -19.0 |
| Intl Nickel Vn | INV | 495 | 2.30 | 1.80 | 1.83 | -18.6 |
| Tenke Mining | TNK | 564 | 17.50 | 14.20 | 14.31 | -17.0 |
| Inmet Mining | IMN | 3427 | 62.85 | 50.25 | 51.80 | -17.0 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Metalore Res | MET | 16000 | 12.49 | +3.24 |
| CIC Energy | ELC | 454791 | 14.50 | +0.55 |
| Labdr I-Ore Ro | LIF.UN | 306004 | 25.32 | +0.52 |
| Australn Solom | SGA | 1418760 | 1.80 | +0.41 |
| Opta Minls | OPM | 14114 | 4.25 | +0.40 |
| Quest Capital | QC | 4614228 | 3.36 | +0.35 |
| Alexco Res | AXR | 328117 | 5.23 | +0.32 |
| Duluth Metals | DM | 2544832 | 1.04 | +0.21 |
| Cardero Res | CDU | 566678 | 1.89 | +0.18 |
| Silver Eagle | SEG | 736882 | 1.50 | +0.17 |
| Inmet Mining | IMN | 3427015 | 51.80 | -10.61 |
| Teck Comin B | TCK.B | 7400747 | 79.67 | -8.23 |
| First Quantum | FM | 5230529 | 55.63 | -7.12 |
| Teck Comin A | TCK.A | 17792 | 83.29 | -6.41 |
| Potash Cp Sask | POT | 1244118 | 161.89 | -5.11 |
| Royal Gold | RGL | 16252 | 37.47 | -4.365 |
| Alcan | AL | 5434356 | 52.87 | -3.91 |
| Aber Diamond | ABZ | 755222 | 39.17 | -3.83 |
| Lundin Mng | LUN | 4044760 | 39.33 | -3.67 |
| Agnico-Eagle | AEM | 3880558 | 44.66 | -3.43 |
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