Better than expected results for five of the country’s six big banks revived the S&P-TSX Composite Index over the March 6-12 trading period, after its 5.2% fall from a record high on Feb. 26. The index was up 2.7% for the session at 13,065.15.
The re-found optimism was aided by the Bank of Canada, which left the benchmark lending rate unchanged at 4.25% and signalled that it intends to hold the rate steady for the foreseeable future.
Those strong underlying fundamentals meant the market was undeterred by oil’s fall below US$59 a barrel on expectations that milder weather will decrease fuel demand and word that OPEC was not expected to reduce output any further.
The price of gold regained its upward momentum, climbing US$11 to US$647.75 for the period. The movement brought the Global Gold Index up 5.81 points to 307.57.
Copper also returned to favour — it was selling for US$2.80 per lb. at presstime — as did aluminum, nickel, lead, zinc and tin. Those price gains buoyed the Capped Metals & Mining Index, up nearly 8% to 651.44 for the period.
Dynatec’s broadening from contractor to a full-scale miner got a vote of confidence from the market after the company posted record revenues. Dynatec shares — the most actively traded for the session with roughly 55 million shares changing hands — were up 46 to $2.97.
Semafo’s 10% increase in gold reserves and resources to 4.4 million oz. kept the Montreal-based company in the market spotlight, with nearly 31 million shares traded. The news, however, failed to propel its stock; its shares were off 19 on the week at $2.03.
Eastern Platinum’s move to take over Barplats Investment for $1.7 million in cash and roughly 15 million of Eastern Platinum’s shares met with favour. The Vancouver-based company’s shares rose 24 on a heavy volume of 29 million shares.
Results from a preliminary economic assessment and a renewed optimism in Mongolia after delegates from the country visited the Prospectors and Developers Association of Canada convention in Toronto, sent QGX shares up nearly 24% to $2.72. The study, for its Golden Hills property in Mongolia, was highlighted by estimated gold cash costs of US$148.53 an oz. (after silver credits) and costs of US77 per lb. for copper in sulphide (net of gold and silver credits).
The goodwill towards Mongolia also helped fellow companies Erdene Gold, Ivanhoe Mines and Entre Gold — all of which have significant assets in the country. Erdene was up 21% to 97 and Ivanhoe gained nearly 21% to $13.90, while Entre climbed 20% to $1.88.
Australian miner Zinifex’s unusual move to lower its offer for Wolfden by 9 to $3.81, took some of the steam out of Wolfden shares. The Thunder Bay, Ont.-based company saw its shares lose 15 over the period and wound up the period trading at $3.57.
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Dynatec Corp | DY | 55175 | 3.19 | 2.53 | 2.97 | +0.46 |
| Equinox Minls | EQN | 33821 | 2.14 | 1.99 | 2.03 | +0.04 |
| Semafo | SMF | 30896 | 2.32 | 1.98 | 2.03 | -0.19 |
| Eastern Platin | ELR | 29054 | 2.05 | 1.77 | 2.00 | +0.24 |
| Paladin Res | PDN | 27726 | 8.50 | 7.37 | 8.22 | +1.30 |
| Campbell Res | CCH | 20736 | 0.165 | 0.135 | 0.15 | +0.015 |
| LionOre Mng In | LIM | 20167 | 17.05 | 15.05 | 15.94 | +1.49 |
| Goldcorp | G | 18949 | 30.49 | 28.75 | 29.10 | +0.09 |
| First Nickel | FNI | 17045 | 1.24 | 1.15 | 1.18 | +0.06 |
| Kinross Gold | K | 16176 | 15.75 | 15.03 | 15.38 | +0.64 |
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| QGX | QGX | 229 | 3.00 | 2.30 | 2.72 | +23.6 |
| Minieres duNrd | MDN | 883 | 1.51 | 1.26 | 1.49 | +23.1 |
| Erdene Gold | ERD | 1246 | 1.05 | 0.80 | 0.97 | +21.2 |
| Ivanhoe Mines | IVN | 8900 | 14.41 | 11.65 | 13.90 | +20.8 |
| Entree Gold | ETG | 668 | 2.01 | 1.55 | 1.88 | +0.5 |
| Metallica Res | MR | 3006 | 5.86 | 4.75 | 5.76 | +20.2 |
| Rio Narcea Gld | RNG | 10233 | 4.24 | 3.60 | 4.22 | +19.8 |
| Blue Pearl wt | BLE_T | 85 | 9.20 | 8.20 | 9.20 | +19.4 |
| Paladin Res | PDN | 27726 | 8.50 | 7.37 | 8.22 | +18.7 |
| Dynatec Corp | DY | 55175 | 3.19 | 2.53 | 2.97 | +18.3 |
| Gabriel Res wt | GBU_T | 106 | 1.90 | 1.60 | 1.70 | -19.0 |
| Carlisle Goldf | CGJ | 457 | 0.31 | 0.235 | 0.24 | -17.2 |
| Grandview Gld | GVX | 110 | 0.57 | 0.47 | 0.50 | -16.6 |
| Eurasia Gold | EGX | 72 | 1.40 | 1.10 | 1.15 | -14.8 |
| Freegold Vent | ITF | 292 | 0.71 | 0.55 | 0.58 | -14.7 |
| Coalcorp wt | CCJ_T | 346 | 0.23 | 0.20 | 0.205 | -12.7 |
| St Andrew Gldf | SAS | 195 | 1.45 | 1.22 | 1.25 | -10.7 |
| Capital Gold | CGC | 345 | 0.51 | 0.425 | 0.44 | -10.2 |
| Yukon Gold | YK | 164 | 0.52 | 0.45 | 0.45 | -10.0 |
| Alamos Gold | AGI | 6482 | 8.72 | 7.40 | 7.60 | -9.2 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Potash Cp Sask | POT | 1178196 | 189.83 | +17.42 |
| Inmet Mining | IMN | 2194282 | 57.76 | +5.76 |
| First Quantum | FM | 1945336 | 66.75 | +5.25 |
| Alcan | AL | 5799590 | 63.13 | +3.75 |
| Teck Comin A | TCKA | 11744 | 84.25 | +3.25 |
| FNX Mining | FNX | 6083706 | 22.70 | +2.83 |
| Ivanhoe Mines | IVN | 8899952 | 13.90 | +2.40 |
| Anvil Mining | AVM | 1207280 | 15.59 | +2.37 |
| Silver Std Res | SSO | 508717 | 37.55 | +2.17 |
| Teck Comin B | TCKB | 7607671 | 80.23 | +2.15 |
| Alamos Gold | AGI | 6482092 | 7.60 | -0.77 |
| Gabriel Res wt | GBU_T | 106300 | 1.70 | -0.40 |
| Banro Res | BAA | 431132 | 13.87 | -0.40 |
| Centerra Gold | CG | 1896976 | 11.68 | 0.34 |
| Labdr I-Ore Ro | LIF_U | 581340 | 26.35 | -0.34 |
| Newmont Mng | NMC | 111489 | 49.98 | -0.22 |
| Eurasia Gold | EGX | 72427 | 1.15 | -0.20 |
| Semafo | SMF | 30896308 | 2.03 | -0.19 |
| Gabriel Res | GBU | 11183023 | 4.54 | -0.16 |
| Guyana Gldflds | GUY | 561390 | 9.55 | -0.16 |
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