The S&P-TSX Composite Index gained 19.74 points to close the May 2-8 period at 12,294.20 points. The loonie continued to make gains, reaching a 28-year high against the greenback, as job growth fuelled speculation that Bank of Canada head David Dodge would continue to raise interest rates.
The diversified miners made the strongest gains as copper prices continued to climb and news of Teck Cominco’s proposed hostile takeover of Inco pushed the sector up 6.8% to 526.95 points.
The gold index also gained ground, despite a pullback in the price of gold earlier in the week. The index reached 346.73 points, up 3.14%, as news of increased tension between Iran and the U.S. combined with speculation that China may become more involved in the bullion market caused gold to rally. The spot gold price broke through the US$700-per-oz. plateau on May 9.
The Teck Cominco offer sent Inco shares up $11.62 to $74.83. Teck is offering $17.8 billion or $78.50 per share, but the offer is contingent upon Inco dropping its bid for Falconbridge.
EuroZinc Mining was the most heavily traded company, as roughly 32 million of its shares changed hands. The surge came after EuroZinc received the necessary approvals for its Aljustrel mine in Portugal and announced it would immediately begin development towards production. Shares in the company gained roughly 18% to close at $3.03.
Pelangio Mines was the big percentage gainer, shooting up 36.3% on news that it received government approval to begin exploration at its Obuasi property in Ghana. The company’s shares closed at $1.50.
Newcomer Global Copper became an instant market darling, gaining 34.6% in its first week of listing to close at $1.75. The company is one of four that was split from Lumina Copper in May 2005. Global Copper kept all but one of the former company’s Chilean and Argentine copper assets. The Relincho copper-molybdenum system in Chile is considered its most prospective property.
The week’s biggest loser was Crescent Gold. The Perth-based junior fell 32.7% to close at 37 as investors had more time to digest drill results released on April 29. The shares had gained 89% immediately after the release of the results, which included a highlight of 27 metres grading 5.4 grams gold per tonne.
Gold Reserve and Crystallex International shares both had haircuts on renewed fears of nationalization in Venezuela. Gold Reserve lost 22% to $7.85 and Crystallex lost roughly 16% to $5.36 after Bolivian president Evo Morales began the process of nationalizing the hydrocarbons industry in Bolivia. One analyst called the pullback on companies with Venezuelan assets a “ripple effect” from activities in nearby Bolivia. Venezuelan president Hugo Chavez is a strong advocate of the recently elected leftist Morales.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Pelangio Mines | PLG | 1963 | 1.70 | 1.10 | 1.50 | +36.3 |
| Global Copper | GLQ | 1197 | 1.75 | 1.11 | 1.75 | +34.6 |
| Inco wt | N.WT | 131 | 48.27 | 31.75 | 44.30 | +32.4 |
| StrataGold | SGV | 1225 | 1.64 | 1.27 | 1.64 | +31.2 |
| Ontex Res | ONT | 234 | 0.26 | 0.19 | 0.255 | +27.5 |
| Semafo | SMF | 5474 | 3.69 | 2.90 | 3.60 | +25.4 |
| Frontera Cp wt | FCC.WT | 837 | 1.75 | 1.44 | 1.75 | +24.1 |
| Northgate M wt | NGX.WT | 3461 | 2.29 | 1.60 | 2.10 | +23.5 |
| Northgate wtA | NGX.WT.A | 1216 | 2.27 | 1.60 | 2.10 | +23.5 |
| Pure Gld Mnr | PUG | 7513 | 0.08 | 0.065 | 0.08 | +23.0 |
| Crescent Gold | CRA | 2468 | 0.45 | 0.355 | 0.37 | -32.7 |
| Capstone Gold | CS | 2057 | 2.68 | 1.75 | 1.82 | -28.3 |
| HMZ Metals wt | HMZ.WT | 479 | 0.02 | 0.015 | 0.015 | -25.0 |
| Energem Res | ENM | 597 | 1.40 | 1.00 | 1.05 | -23.9 |
| Gold Reserve | GRZ | 1319 | 10.00 | 7.75 | 7.85 | -22.0 |
| Orvana Mnrls | ORV | 2831 | 1.22 | 1.01 | 1.05 | -20.4 |
| Cambior wtC | CBJ.WT.C | 424 | 1.88 | 1.35 | 1.41 | -20.3 |
| BrazMin | BZM | 244 | 2.85 | 2.26 | 2.28 | -19.7 |
| Pan Am Silv wt | PAA.WT | 78 | 15.99 | 12.80 | 13.20 | -17.5 |
| Crystallex Int | KRY | 10980 | 6.37 | 5.00 | 5.36 | -15.9 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Inco Ltd | N | 19610062 | 74.83 | +11.62 |
| Inco wt | N.WT | 131312 | 44.30 | +10.84 |
| Potash Cp Sask | POT | 1831920 | 115.90 | +10.30 |
| Goldcorp wt | G.WT | 20000 | 72.00 | +5.48 |
| Goldcorp wt* | G.WT.U | 16548 | 59.00 | +5.25 |
| Falconbridge | FAL.LV | 26575225 | 50.38 | +5.16 |
| Lundin Mng | LUN | 536860 | 39.75 | +3.50 |
| Barrick Gold | ABX | 25861559 | 37.68 | +3.23 |
| ISh COMEX G Tr | IGT | 73254 | 75.39 | +2.59 |
| Goldcorp | G | 16492448 | 42.65 | +2.54 |
| Pan Am Silv wt | PAA.WT | 77572 | 13.20 | -2.80 |
| Pan Am Silver | PAA | 2251491 | 24.37 | -2.63 |
| Royal Gold | RGL | 32954 | 34.95 | -2.55 |
| Newmont Mng | NMC | 374288 | 61.94 | -2.50 |
| Silvercorp Mtl | SVM | 1274456 | 17.02 | -2.38 |
| Gold Reserve | GRZ | 1318988 | 7.85 | -2.22 |
| Teck Comin B | TEK.SVB | 10138918 | 76.47 | -1.65 |
| Centerra Gold | CG | 493770 | 44.38 | -1.62 |
| NovaGold Rs wt | NG.WT | 43100 | 10.55 | -1.23 |
| NovaGold Res | NG | 1429390 | 16.92 | -1.18 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| EuroZinc Mng | EZM | 31941 | 3.04 | 2.51 | 3.03 | +0.47 |
| Falconbridge | FAL.LV | 26575 | 50.50 | 44.16 | 50.38 | +5.16 |
| Bema Gold | BGO | 26296 | 6.58 | 5.93 | 6.58 | +0.20 |
| Barrick Gold | ABX | 25862 | 38.32 | 33.81 | 37.68 | +3.23 |
| Kinross Gold | K | 24963 | 14.35 | 13.25 | 13.51 | -0.46 |
| Cambior Inc | CBJ | 20045 | 4.66 | 3.89 | 3.90 | -0.57 |
| Northgate Mnls | NGX | 20039 | 5.18 | 4.44 | 5.08 | +0.47 |
| Inco Ltd | N | 19610 | 78.50 | 61.51 | 74.83 | +11.62 |
| Chariot Res | CHD | 19325 | 0.62 | 0.61 | +0.10 | |
| Goldcorp | G | 16492 | 43.28 | 40.15 | 42.65 | +2.54 |
Be the first to comment on "Toronto Stock Exchange May 2-8"