Toronto Stock Exchange Oct. 30-Nov. 5

The TSX Composite Index fell 153.98 points to 14,273.37 over the trading period Oct. 30-Nov 5. The index closed as high as 14,625 points during the week as global equity markets celebrated the U.S. Federal Reserve’s cut of the target overnight rate to 4.5%.

The party was short-lived though — soon after, American analysts lowered their outlook for Citibank, the largest bank by assets in the United States, which announced it may write down an additional US$8-11 billion.

Meanwhile, the Capped Metals and Mining Index fell more than 8% to 864.23 points over the trading period as copper continued its descent, falling US30 to US$3.37.

The Global Gold Index held fairly steady, losing just 1.13 points for a close of 320.04 while the gold price marched on past the US$800-per-oz. level, gaining US$16.88 to close at US$804.85.

Uranium One was the most actively traded stock over the period with nearly twice as many shares changing hands as the second most active stock, Breakwater Resources.

The activity for Uranium One, which dropped $2.58 to $10.37 on trading volume of nearly 121 million shares, started after the company lowered its U3O8 production guidance for the year to 2.1 million lbs. from 2.5 million. The company says it needs more commissioning time for its Dominion Reefs mine in South Africa, and that a sulphuric acid shortage has forced it to cut targets at its South Inkai uranium processing plant in Kazakhstan.

Breakwater shares fell 59 to $2.33 on a trading volume of more than 67 million shares. Breakwater’s third-quarter earnings were sharply lower at $7.8 million compared with $39.2 million during the same period in 2006. The company said higher exploration expenses, concentrate shipped but not included as revenue for the quarter, and last year’s $13.8-million sale of the Caribou lead-zinc property all contributed to the difference.

Topping the list for the greatest value change were: Newmont Mining, adding on $3.40 to $48.90; Detour Gold, gaining $1.60 to $10.65; and Barrick Gold, rising $1.01 for a $43 close.

Newmont’s third-quarter net income doubled to US$397 million compared with the same period last year thanks to surging gold prices, a tax gain and a joint-venture settlement, the company reported.

Detour shares rose after the company put out drill results from the Gap zone of its Detour Lake property in northern Ontario, which included a 91-metre intersection grading 2.69 grams gold per tonne and 120 metres grading 2.5 grams gold.

Unlike Newmont, Barrick’s third-quarter profit fell 15% to US$345 million from the same period in 2006. The company also made a takeover offer for Arizona Star Resources, which owns a majority stake in the Cerro Casale gold project in Chile, but the US$2 billion estimated to develop the project will cost more because of recent rises in fuel prices.

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