The TSX Composite Index broke back through the 14,000-point threshold as it finished the July 3-9 trading period up 270.95 points at 14,177.52.
Higher metal prices helped lift the index as gold climbed US$6.50 to US$661.25 per oz., taking the Global Gold Index along for the ride. The select group of gold miners was up 16.6 points to 284.58.
The diversified miners also had a good week. The Capped Metals and Mining Index made gains to the tune of 86.12 points, cracking the 900-point mark as it finished the week at 905.26. That surge came on the back of stronger copper, aluminum, tin, lead and zinc prices. Nickel, however, continued on its recent slide, falling to US$15.81 per lb.
Merger activity kept commodity stocks active after a report said Rio Tinto may top Alcoa’s hostile bid for Alcan. Alcan shares were up $4.15 to $91.05.
News that London-based Central African Mining & Exploration (Camec) will make an all-share bid for Katanga Mining sent the miner of copper and cobalt in the Democratic Republic of the Congo up $6.19 to $24.74.
Camec’s bid of 15 shares for each Katanga share, or roughly $21 per share, values the company at $1.6 billion. Camec already holds about 22% of Katanga.
Staying with merger activity, Teck Cominco’s friendly $41-per-share bid for Aur Resources sent Aur up 29%, or $9.20, to $40.90. The upward movement was exactly in line with the 29% premium Teck was offering to Aur’s 20-day volume-weighted average closing price. The offer values Aur at roughly $4.1 billion.
As for results-driven share movements, Australian Solomons Gold led the way with a 100-metre intersection grading 3.44 grams gold per tonne sending the company’s shares up 41% to $1.44 for the period. The intersect was part of the company’s final drill results from its Gold Ridge mine project in the Solomon Islands.
Another beneficiary of good results was HudBay Minerals. The company’s new mineral resource estimate at its Tom and Jason zinc-lead deposits, in the Yukon, lifted it $4.73 to $26.99.
Indicated resources for the Jason deposit saw an increase to 1.45 million tonnes grading 5.25% zinc, 7.42% lead and 86.68 grams silver per tonne, while Tom has 4.98 million tonnes grading 6.64% zinc, 4.36% lead and 47.77 grams silver.
Losses by percentage were felt most heavily by Ascendant Copper, down 12% to 35; Sierra Minerals, down 11% to 38; and Linear Gold, down 10% to $3.22. None of the three companies announced news during the period.
Among the most actively traded miners were: Eastern Platinum, moving 43 million shares and gaining 19 to $2.58; Equinox Minerals, which saw a boost of 61 to $4.40 on trading of 41.6 million shares; and Breakwater Resources, which ended at $3.26, up 51 on trading volume of 40.5 million shares.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Ascendant C wt | ACX_T | 67 | 0.08 | 0.05 | 0.05 | + | 150.0 |
| New Gold wt | NGD_T | 308 | 0.40 | 0.085 | 0.25 | + | 66.6 |
| Grande Cache C | GCE | 8713 | 1.49 | 0.88 | 1.35 | + | 53.4 |
| Australn Solom | SGA | 446 | 1.48 | 1.14 | 1.44 | + | 41.1 |
| Entree Gold | ETG | 4042 | 3.66 | 2.82 | 3.65 | + | 40.3 |
| Katanga Mng | KAT | 3453 | 24.75 | 18.54 | 24.74 | + | 33.3 |
| Aur Res | AUR | 19977 | 42.40 | 40.65 | 40.90 | + | 29.0 |
| Atna Res Ltd | ATN | 1260 | 1.86 | 1.43 | 1.85 | + | 27.5 |
| Coalcorp wt | CCJ_T | 392 | 2.00 | 1.50 | 1.90 | + | 26.6 |
| Erdene Gold | ERD | 1879 | 2.05 | 1.43 | 1.89 | + | 26.0 |
| Ascendant Copp | ACX | 684 | 0.415 | 0.355 | 0.355 | – | 12.3 |
| Sierra Minls | SIM | 18 | 0.38 | 0.31 | 0.38 | – | 11.6 |
| European Ml wt | EPM_T | 105 | 0.54 | 0.46 | 0.46 | – | 11.5 |
| Linear Gold | LRR | 516 | 3.69 | 3.15 | 3.22 | – | 10.3 |
| HMZ Metals | HMZ | 305 | 0.05 | 0.045 | 0.045 | – | 10.0 |
| First Uranium | FIU | 1361 | 11.90 | 10.42 | 10.89 | – | 8.8 |
| Southwstrn Res | SWG | 1287 | 5.55 | 5.05 | 5.14 | – | 8.3 |
| Scandinav Mnl | SGL | 221 | 7.95 | 7.14 | 7.30 | – | 8.1 |
| Euro Res | EUR | 50 | 1.39 | 1.10 | 1.29 | – | 7.8 |
| South Am Silvr | SAC | 659 | 0.80 | 0.70 | 0.72 | – | 7.6 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | |||
| First Quantum | FM | 2380290 | 107.56 | + | 16.66 |
| Inmet Mining | IMN | 4351948 | 94.55 | + | 12.15 |
| Aur Res | AUR | 19977423 | 40.90 | + | 9.20 |
| Katanga Mng | KAT | 3452748 | 24.74 | + | 6.19 |
| HudBay Minls | HBM | 16132774 | 26.99 | + | 4.73 |
| FNX Mining | FNX | 5036818 | 36.82 | + | 4.40 |
| Alcan | AL | 4612440 | 91.05 | + | 4.15 |
| Agnico-Eagle | AEM | 4007342 | 42.65 | + | 3.93 |
| Major Drilling | MDI | 711620 | 48.58 | + | 3.88 |
| Aurelian Res | ARU | 1137069 | 29.62 | + | 3.76 |
| First Uranium | FIU | 1361212 | 10.89 | – | 1.06 |
| Scandinav Mnl | SGL | 221431 | 7.30 | – | 0.65 |
| Aurora Energy | AXU | 897858 | 16.35 | – | 0.56 |
| Marathon PGM | MAR | 58181 | 7.48 | – | 0.51 |
| Centerra Gold | CG | 824528 | 10.06 | – | 0.49 |
| Southwstrn Res | SWG | 1287003 | 5.14 | – | 0.47 |
| LionOre Mng In | LIM | 4771363 | 27.48 | – | 0.47 |
| Uranium Partic | U | 3006504 | 14.05 | – | 0.45 |
| Linear Gold | LRR | 516073 | 3.22 | – | 0.37 |
| Paladin Res | PDN | 15005807 | 7.14 | – | 0.26 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Eastern Platin | ELR | 43031 | 2.66 | 2.35 | 2.58 | + | 0.19 |
| Equinox Minls | EQN | 41598 | 4.19 | 3.50 | 4.04 | + | 0.61 |
| Breakwater Res | BWR | 40578 | 3.44 | 2.80 | 3.26 | + | 0.51 |
| Yamana Gold | YRI | 31754 | 12.75 | 11.85 | 12.66 | + | 0.83 |
| Kinross Gold | K | 29675 | 13.94 | 12.65 | 13.85 | + | 1.4 6 |
| Uranium One | SXR | 23199 | 14.33 | 12.50 | 14.10 | + | 0.53 |
| Tiomin Res | TIO | 22214 | 0.17 | 0.16 | 0.17 | + | 0.01 |
| Aur Res | AUR | 19977 | 42.40 | 40.65 | 40.90 | + | 9.20 |
| Goldcorp | G | 19141 | 27.42 | 25.37 | 27.33 | + | 2.04 |
| Eldorado Gold | ELD | 17503 | 7.50 | 6.36 | 7.16 | + | 0.92 |
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