Gains in the mining and energy sectors helped the S&P-TSX Composite Index gain 205.8 points over the July 24-31 trading period to close at 11,830.96.
Large profits in the oil sector pushed stocks up, and with the price of gold climbing 4.4% to US$632.50 for the period, gold miners saw significant benefits. The gold index was up nearly 6% over the session at 303.73, as continued fighting in the Middle East showed no sign of a quick resolution.
Rising metal prices also gave the diversified miners a boost, with the diversified mining index gaining 32.61 points or 6.2%, swelling to 555.29. Zinc, silver and platinum were all up for the period, and copper hit a 2-week high after workers at the world’s biggest copper mine — BHP Billiton’s majority owned Escondida mine in Chile — voted to stop work on August 7. Only nickel was down — it stood at US$12.34 per lb., down 6 from a week earlier.
Falconbridge and Inco continued to be the most popular miners on the market. Inco traded roughly 24 million shares as it lost its friendly bid for Falconbridge, which traded roughly 81 million shares.
The loss allowed Teck Cominco to revise its offer for Inco, pushing Inco shares up $5.00 to $87.45. Teck is offering more cash and less stock — $9.1 billion in cash and 132.3 million shares in its latest offer. Teck’s shares were the largest gainers by value for the period — its A-series shares were up $8.49 to $83.49, while its B-series shares were up $8.31 to $74.90.
Grande Cache Coal was the period’s biggest percentage gainer. Shares in the Alberta-based coal producer climbed nearly 38% to close at $1.20 after announcing its best operating results to date. The company’s first-quarter net income was $1.7 million, or 3 per share compared to a net loss of $12.2 million, or 30 per share in the same quarter last year.
Up 37%, Cline Mining was a close second. Its shares were up to 63 on news the company was looking to raise funds for its Morondava uranium project in Madagascar by conducting a reverse takeover of an unnamed AIM-listed company.
Moto Goldmines saw its shares soar by almost 32% to $6.35, after it announced more excellent grades at its Moto gold project in northeastern Democratic Republic of the Congo. Highlights included 60 metres (from 482 metres below surface) grading 14.71 grams gold per tonne and 182 metres (from 80 metres) averaging 5.93 grams gold per tonne.
While Sulliden Exploration had been the period’s biggest loser — coming down 32% to 81 and erasing much of the previous week’s gains — the company rebounded over 12% at presstime. That uptick came after the civil court of Lima, in Peru, upheld an arbitrator’s earlier decision to return mining concessions at the Shahuindo gold-silver property to Sulliden.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Grande Cache C | GCE | 2862 | 1.40 | 0.86 | 1.20 | +37.9 |
| Cline Mng | CMK | 778 | 0.65 | 0.445 | 0.63 | +36.9 |
| Moto Gold Mine | MGL | 616 | 6.35 | 4.80 | 6.35 | +31.7 |
| Tahera Diam | TAH | 1572 | 2.50 | 1.93 | 2.50 | +25.0 |
| GLR Res | GRS | 75 | 0.44 | 0.37 | 0.44 | +23.9 |
| Eurasia Gold | EGX | 131 | 2.00 | 1.45 | 2.00 | +21.2 |
| Gateway Gold | GTQ | 583 | 1.68 | 1.34 | 1.61 | +21.0 |
| Northgate M wt | NGX.WT | 881 | 1.45 | 1.18 | 1.44 | +21.0 |
| Pan Am Silv wt | PAA.WT | 21 | 10.35 | 8.91 | 10.35 | +21.0 |
| Northern Peru | NOC | 1419 | 4.20 | 3.28 | 4.05 | +19.8 |
| Sulliden Expl | SUE | 1214 | 1.19 | 0.77 | 0.81 | -31.9 |
| Band-Ore Res | BAN | 95 | 0.32 | 0.30 | 0.30 | -11.7 |
| First Nickel | FNI | 930 | 0.60 | 0.51 | 0.53 | -11.6 |
| Gryphon Gold | GGN | 118 | 1.50 | 1.23 | 1.23 | -10.8 |
| St Andrew Gldf | SAS | 191 | 1.64 | 1.47 | 1.47 | -10.3 |
| Brazilian Diam | BDY | 19 | 0.23 | 0.205 | 0.22 | -10.2 |
| Wallbridge Mng | WM | 189 | 0.30 | 0.27 | 0.27 | -10.0 |
| Energem Res | ENM | 201 | 0.85 | 0.69 | 0.80 | -9.0 |
| Lumina Res | LUR | 65 | 0.67 | 0.60 | 0.65 | -7.1 |
| SouthernEra wt | SDM.WT | 21 | 0.07 | 0.065 | 0.065 | -7.1 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Teck Comin A | TCK.A | 18016 | 83.49 | +8.49 |
| Teck Comin B | TCK.B | 10283794 | 74.90 | +8.31 |
| Potash Cp Sask | POT | 1256459 | 106.50 | +6.57 |
| Inco Ltd | N | 24242587 | 87.45 | +5.00 |
| First Quantum | FM | 930717 | 51.57 | +4.67 |
| Inco wt | N.WT | 66460 | 57.48 | +4.66 |
| Lundin Mng | LUN | 115787 | 33.00 | +3.45 |
| Inmet Mining | IMN | 1086822 | 43.00 | +3.12 |
| Russell Metals | RUS | 1171930 | 27.99 | +2.78 |
| Agnico-Eag wt* | AEM.WT.U | 85094 | 19.50 | +2.70 |
| Meridian Gold | MNG | 2264356 | 30.51 | -0.75 |
| Sulliden Expl | SUE | 1214170 | 0.81 | -0.38 |
| Newmont Mng | NMC | 424843 | 58.04 | -0.28 |
| SXR Uranm One | SXR | 2406931 | 8.70 | -0.25 |
| Europn Goldfld | EGU | 34651 | 3.35 | -0.25 |
| Dundee Bancrp | DBC.A | 36087 | 38.25 | -0.25 |
| Linear Gold | LRR | 183067 | 5.30 | -0.20 |
| Alexco Res | AXR | 70150 | 3.15 | -0.19 |
| Falconbridge | FAL | 80829684 | 62.27 | -0.18 |
| Tenke Mining | TNK | 419896 | 11.02 | -0.18 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Falconbridge | FAL | 80830 | 62.70 | 62.07 | 62.27 | -0.18 |
| Inco Ltd | N | 24243 | 88.11 | 81.85 | 87.45 | +5.00 |
| Bema Gold | BGO | 24042 | 6.54 | 5.75 | 6.45 | +0.70 |
| EuroZinc Mng | EZM | 14824 | 2.97 | 2.79 | 2.90 | +0.06 |
| Queenstake Rs | QRL | 13554 | 0.385 | 0.335 | 0.38 | +0.025 |
| Kinross Gold | K | 13491 | 13.39 | 12.36 | 13.02 | +0.38 |
| Teck Comin B | TCK.B | 10284 | 75.18 | 67.45 | 74.90 | +8.31 |
| Barrick Gold | ABX | 9908 | 34.90 | 32.67 | 34.74 | +2.10 |
| Goldcorp | G | 9694 | 33.67 | 31.05 | 33.10 | +1.79 |
| LionOr e Mng In |
LIM | 9408 | 6.27 | 5.82 | 6.17 | +0.27 |
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