Toronto Stock Exchange Nov. 27-Dec. 3

While economists continue their age-old debate over whether Canada catches a cold every time the U.S. sneezes — investor confidence seemed remarkably upbeat on the Toronto Stock Exchange during the trading period Nov. 27-Dec. 3.

Despite persistent concerns over a prolonged housing slump in the U.S. and worries over the prospects of a full-fledged economic downturn in Canada’s largest trading partner, the TSX Composite Price Index rose 288.05 points over the period to finish at 13,657.17.

Commodity prices continued to remain fairly strong, a trend that was reflected in the Capped Metals and Mining Index, which rose 45.01 points over the session to close at 778.26.

Gold didn’t fare as well, however. While the precious metal has traded at more than US$800 per oz. recently, it closed at US$794.70 on Dec. 3. The Global Gold Index mirrored that drop — falling 0.04 of a point to 313.53. Of the gold stocks, the greatest movers were: Gammon Gold, which rose 28% to $8.76, and Yamana Gold, which fell 38 to $12.93.

Topping the charts as the most actively traded stock during the week was Breakwater Resources, with 42.7 million shares changing hands. Its stock inched up 3 a share to close at $1.69. The Toronto-based exploration and development company, which produces zinc, copper, lead and gold concentrates, announced sharply lower third-quarter earnings earlier this month. So what was the good news? On Nov. 30, it announced that it had fulfilled its payment obligations to own a 50% interest in the Coulon joint-venture property in Quebec.

Constellation Copper was the second most actively traded stock and the company also recorded the greatest percentage change over the trading period. Its share price climbed 93.3% to 14.5, with 41.9 million shares traded. The Denver, Colo.-based company has been battling production shortfalls and making improvements at its Lisbon Valley mine in Utah. On Nov. 30, it announced its most recent initiative — converting to a leach-only operation.

Leading the list for the greatest value change was Potash Corp. of Saskatchewan. Despite the strengthening Canadian dollar, Potash Corp. posted record third-quarter earnings of 75 per share ($243.1 million), a 63% increase over the 46 per share ($145.2 million) earned in the same period last year. These earnings were the second-highest quarterly total in the company’s history. The company is an integrated producer of fertilizer, industrial and animal feed products.

Rival Agrium’s shares jumped after it announced on Dec. 3 that it had entered into a definitive agreement to acquire agricultural retailer UAP Holding. The markets obviously saw the friendly US$2.65-billion takeover as a good strategic fit. Agrium produces three primary groups of nutrients: nitrogen, phosphate and potash, as well as controlled-release fertilizers and micronutrients.

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Constel Copper	CCU	41892	0.18	0.06	0.145	+	93.3
Birch Mountn	BMD	1488	1.40	0.66	1.05	+	36.3
Moneta Porcpn	ME	1386	0.195	0.145	0.19	+	31.0
Gammon Gold	GAM	4487	9.13	6.60	8.76	+	28.0
Coalcorp Mng	CCJ	8300	2.26	1.61	2.00	+	19.0
Inmet Mining	IMN	4027	94.34	75.77	91.88	+	18.4
Energem Res	ENM	114	0.37	0.305	0.355	+	18.3
Agrium	AGU	5697	62.74	52.17	60.93	+	16.9
Potash Cp Sask	POT	5500	127.10	106.41	123.42	+	15.8
Strateco Res	RSC	2387	3.08	2.42	2.94	+	15.2
Ascendant C wt	ACX_T	52	0.025	0.015	0.02	–	60.0
SouthernEra Di	SDM	29	0.315	0.23	0.245	–	30.9
Contl Precious	CZQ	997	1.60	1.13	1.13	–	28.4
StrataGold	SGV	720	0.395	0.26	0.29	–	27.5
African Copper	ACU	1703	1.68	1.10	1.25	–	25.1
European Ml wt	EPM_T	50	0.70	0.51	0.51	–	25.0
Arehada Mining	AHD	81	0.37	0.33	0.33	–	23.2
Peregrine Diam	PGD	573	1.02	0.80	0.80	–	23.0
Brazilian Diam	BDY	18	0.125	0.10	0.10	–	23.0
Pure Diam Expl	PUG	1160	0.11	0.085	0.085	–	22.7

TSX greatest value change

		VOLUME	CLOSE		CHANGE
Potash Cp Sask	POT	5500202	123.42	+	16.90
Inmet Mining	IMN	4026946	91.88	+	14.30
Agrium	AGU	5696855	60.93	+	8.82
First Quantum	FM	3198884	91.24	+	7.24
Labdr I-Ore Ro	LIF_U	562201	42.73	+	2.59
Altius Mnrls	ALS	490051	26.40	+	2.05
Thompson Creek	TCM	9773580	21.29	+	2.05
Fording C C T	FDG_U	2576729	34.30	+	2.05
Mag Silver	MAG	701278	15.30	+	2.01
Gammon Gold	GAM	4487312	8.76	+	1.92
Imperial Metal	III	250366	12.30	–	2.40
ISh COMEX G Tr	IGT	21981	78.10	–	2.40
Kirkland Lk Gd	KGI	317650	12.78	–	1.37
Skye Res	SKR	536220	8.14	–	1.34
Central Gold-T	GTU_U	19854	29.94	–	1.06
Aquiline Res	AQI	654918	9.45	–	1.05
North Am Pall	PDL	630709	4.97	–	0.99
Meridian Gold	MNG	542539	35.75	–	0.88
CIC Energy	ELC	856424	11.75	–	0.84
Allied Nevada	ANV	62617	6.65	–	0.82

TSX most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Breakwater Res	BWR	42665	1.93	1.57	1.69	+	0.03
Constel Copper	CCU	41892	0.18	0.06	0.145	+	0.07
Yamana Gold	YRI	33556	13.33	12.61	12.93	–	0.38
Eastern Platin	ELR	31087	2.75	2.47	2.69	+	0.06
Teck Comin B	TCKB	24704	38.37	33.71	37.48	+	1.81
Miramar Mng	MAE	23621	6.37	6.23	6.25	–	0.11
Uranium One	UUU	21659	9.28	8.13	8.90	+	0.20
Equinox Minls	EQN	21360	4.48	3.93	4.20	+	0.04
Goldcorp	G	20558	34.13	31.95	32.51	–	0.69
Redcorp Vent	RDV	20333	0.23	0.18	0.19	–	0.01