Strength in the tech sector, mergers in the energy sector and gold climbing back over US$600 per oz. all contributed to the TSX Composite Index gaining 2% or 250.67 points to 11,612.87 over the June 27-30 report period.
The gold index followed the price of the yellow metal upward, working its way up 4% or 11.84 points to 296.28. Gold’s spot price was up nearly 6% or US$30 at US$620.90 with the weaker U.S. dollar seen as a factor.
The diversified miners were also up, climbing 1.6% or 8.43 points to end at 513.11.
It was no surprise that Falconbridge and Inco were two of the three most actively traded stocks as Phelps Dodge’s proposed takeover of the two companies continued to grab headlines. While Falconbridge shares gained only 47 on the week, volume was the heaviest of any miners with roughly 24 million shares traded.
Inco was up just 1.6% with volume of 17 million shares making it the third most popular stock on the market.
Equinox Minerals worked its way in between the two big nickel producers, as nearly 20 million of its shares changed hands after it announced an increase of 21% in its resource estimate at the Lumwana copper project in Zambia. The increase — to 358 million tonnes. grading 0.76% copper — allowed Equinox to double the estimated mine life at Lumwana.
Nearly 17 million shares changed hands on news that Bema Gold and Venture Exchange-listed Arizona Star Resource completed their deal to buy out Barrick Gold’s 51% interest in the Cerro Casale gold property in Chile. Bema’s shares gained 13 on the week, reaching $5.57. Bema and Arizona Star are in the process of completing a review and update of a feasibility study on the project.
Positive exploration results at its San Javier copper project in Mexico helped Constellation Copper round out the top five busiest miners. The first seven holes drilled on the property returned an average of 0.46% copper over 123 metres with a highlight of 0.75% copper over 123 metres. Management says the results, along with visible mineralization in core from other holes, lead it to believe the property has the potential to host an open-pit, heap-leach copper mine.
The two biggest percentage gains on the week were made by companies issuing no news. Eastern Platinum gained a staggering 46.2% to $1.17, and Etruscan Resources was up 43.1% to $3.35.
Etruscan shares gained so much, so quickly, that the TSX requested the company make a statement to the markets. On June 28, Etruscan pointed to an earlier announcement it made regarding a new discovery located 15 km south of its Sadiola gold mine in Mali. On July 4, the company announced assay results from the first two rotary air-blast holes testing the depth of the same discovery. Highlights included 48 metres of 5.2 grams gold per tonne and 51 metres of 11.8 grams.
TSX greatest percentage change
| VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
| Eastern Pla wt | ELR.WT | 79 | 1.25 | 0.83 | 1.17 | +46.2 |
| Etruscan Res | EET | 1884 | 3.43 | 2.45 | 3.35 | +43.1 |
| Brazilian Diam | BDY | 14 | 0.26 | 0.19 | 0.26 | +30.0 |
| Glencairn G wt | GGG.WT | 249 | 0.34 | 0.27 | 0.34 | +25.9 |
| Golden Str wtA | GSC.WT.A | 54 | 0.65 | 0.45 | 0.65 | +25.0 |
| Western C Coal | WTN | 662 | 2.80 | 2.01 | 2.55 | +24.3 |
| Revett Mnls | RVM | 63 | 1.30 | 0.95 | 1.24 | +24.0 |
| Ascendant Copp | ACX | 390 | 0.60 | 0.50 | 0.60 | +22.4 |
| Atna Res Ltd | ATN | 848 | 1.27 | 1.05 | 1.27 | +22.1 |
| Eurasia Gold | EGX | 65 | 2.28 | 1.65 | 2.25 | +21.6 |
| HMZ Metals wt | HMZ.WT | 110 | 0.015 | 0.01 | 0.01 | -33.3 |
| WGI Heavy Mnl | WG | 14 | 0.90 | 0.85 | 0.90 | -14.2 |
| Niocan Inc | NIO | 15 | 0.41 | 0.40 | 0.40 | -13.0 |
| Pioneer Metals | PSM | 1167 | 0.79 | 0.65 | 0.66 | -12.0 |
| Grande Cache C | GCE | 1124 | 1.14 | 0.96 | 1.01 | -10.6 |
| Franc-Or Res | FOR | 856 | 0.26 | 0.20 | 0.255 | -10.5 |
| Canadn Gld Hun | CGH | 160 | 1.29 | 1.15 | 1.15 | -10.1 |
| Chariot Res wt | CHD.WT | 177 | 0.21 | 0.18 | 0.18 | -10.0 |
| First Nickel | FNI | 870 | 0.73 | 0.60 | 0.66 | -9.5 |
| Mundoro Mng | MUN | 251 | 2.00 | 1.74 | 1.81 | -9.5 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Lundin Mng | LUN | 282355 | 32.86 | +3.86 |
| Dundee Bancrp | DBC.A | 39928 | 36.96 | +3.69 |
| Inmet Mining | IMN | 911742 | 41.70 | +3.29 |
| ISh COMEX G Tr | IGT | 14284 | 68.54 | +3.04 |
| Newmont Mng | NMC | 247958 | 59.16 | +2.67 |
| Agnico-Eagle | AEM | 4375982 | 37.01 | +2.22 |
| Glamis Gold | GLG | 4829042 | 42.32 | +2.17 |
| Goldcorp | G | 9093133 | 33.65 | +1.95 |
| Alcan | AL | 5135492 | 52.29 | +1.69 |
| Agnico-Eag wt* | AEM.WT.U | 24475 | 16.35 | +1.35 |
| Teck Comin B | TEK.B | 5187964 | 62.10 | -2.90 |
| Aber Diamond | ABZ | 404860 | 34.21 | -2.58 |
| Fording C C T | FDG.UN | 1040078 | 35.25 | -0.59 |
| Miramar Mng | MAE | 10459461 | 4.07 | -0.42 |
| Peru Copper | PCR | 490857 | 5.73 | -0.38 |
| Southern Star | SSR | 382425 | 4.24 | -0.28 |
| Mundoro Mng | MUN | 251334 | 1.81 | -0.19 |
| Exall Res | EXL | 1293348 | 2.22 | -0.18 |
| Kimber Res | KBR | 149392 | 2.35 | -0.17 |
| Comaplex Mnrl | CMF | 473740 | 3.33 | -0.16 |
TSX most active issues
| VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | |||
| Falconbridge | FAL | 24877 | 58.97 | 57.10 | 58.80 | +0.47 | |
| Equinox Minls | EQN | 19633 | 1.50 | 1.27 | 1.30 | 0.00 | |
| Inco Ltd | N | 16879 | 73.89 | 70.00 | 73.50 | +1.22 | |
| Bema Gold | BGO | 16823 | 5.70 | 5.08 | 5.57 | +0.13 | |
| Constel Copper | CCU | 14244 | 2.64 | 2.23 | 2.54 | +0.31 | |
| EuroZinc Mng | EZM | 13822 | 2.69 | 2.40 | 2.69 | +0.12 | |
| Cambior Inc | CBJ | 11914 | 3.06 | 2.82 | 3.03 | +0.06 | |
| Barrick Gold | ABX | 11018 | 33.50 | 30.92 | 32.97 | +1.19 | |
| LionOre Mng In | LIM | 10724 | 6.28 | 5.92 | 6.06 | -0.08 | |
| Miramar Mng | MAE | 10459 | 4.20 | 3.90 | 4.07 | -0.42 |
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