Despite a continued slide in the price of metals, the TSX Composite Index managed to advance, rising 106.98 points to 11,763.55 over the Sept. 12-18 trading session.
The price of gold continued to fall, shedding US$7.50 to US$580.50 per oz. over the period, and taking the gold index down with it. The index was down 4.7 points to 288.93.
Silver, platinum, copper, nickel and zinc all continued to tumble, but the effect wasn’t as harsh on the metals and mining index; it lost just 0.58 points over the period, falling to 529.58.
The fall in the gold price brought Agnico-Eagle Mines down $2.00 to $35.32, NovaGold Resources down $1.55 and Glamis Gold fell $1.44 to $44.31.
Lumina Resources managed to buck the downward trend by announcing that Western Copper will acquire it for $26 million. The deal, to be sealed in late November, will be a straight swap share-per-share, at a 66% premium to Lumina’s 20-day average closing price ending Sept. 15. Lumina shares were up 41% on the period to 99.
News that Montreal-based Cambior will be taken over by Toronto-based Iamgold for $1.16 billion in stock, sent Cambior to the top of the most-active list. The merger will result in a doubling of gold production for Iamgold with the combined company putting out 1.1 million oz. Cambior was up 56 to $4.20.
Also on the positive end was Barrick Gold. Shares in the company closed up 35 at $33.50 on news that Gold Fields agreed to pay Barrick $1.53 billion for a 50% stake in its South Deep mine.
Uranium giant Cameco was the largest gainer by value for the period, climbing $1.30 to $43.99. The company picked up coverage from Research Capital in New York, which released a report rating the stock a “buy.” The report anticipates Cameco’s U3O8 sales to rise to 38 million lbs. next year from 32 million lbs. this year, with the average realized U3O8 price rising to US$46 per lb. by 2009, up from US$20 per lb. in 2006. The period also brought news that Cameco wants to acquire a stake in Bulgarian nuclear power production, including strategic partnership in the construction of the Belene nuclear power plant.
Fellow uranium producer Denison Mines followed close behind Cameco, gaining $1.25 to end the week at $16.75. The movement came on news of International Uranium’s plans to merge with the company in a share-swap deal that would create a mid-tier uranium producer with a market capitalization of roughly $1 billion. The deal values Denison at roughly $518 million and its shares at $17.02 based on Sept. 18 share prices — a premium of just 1.6%.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| SouthernEra wt | SDM.WT | 14 | 0.06 | 0.06 | 0.06 | +200.0 |
| HMZ Metals wt | HMZ.WT | 250 | 0.015 | 0.01 | 0.015 | +50.0 |
| Lumina Res | LUR | 578 | 1.05 | 0.68 | 0.99 | +41.4 |
| Rex Diamond | RXD | 50 | 0.09 | 0.065 | 0.09 | +38.4 |
| Khan Res | KRI | 2882 | 1.70 | 1.30 | 1.63 | +24.4 |
| Oriel Res | ORL | 1906 | 1.08 | 0.73 | 0.93 | +20.7 |
| Nuinsco Res | NWI | 938 | 0.415 | 0.34 | 0.395 | +17.9 |
| Inter-Citic Mn | ICI | 354 | 0.70 | 0.57 | 0.70 | +16.6 |
| Crystallex Int | KRY | 4820 | 3.63 | 3.18 | 3.61 | +15.3 |
| Cambior Inc | CBJ | 50489 | 4.45 | 3.54 | 4.20 | +15.3 |
| Moydow Mns Int | MOY | 82 | 0.23 | 0.19 | 0.21 | -22.2 |
| Northgate wtA | NGX.WT.A | 1172 | 1.01 | 0.61 | 0.73 | -21.5 |
| Wallbridge Mng | WM | 286 | 0.29 | 0.23 | 0.23 | -20.6 |
| Cardero Res | CDU | 406 | 1.85 | 1.50 | 1.52 | -16.9 |
| Erdene Gold | ERD | 95 | 0.90 | 0.71 | 0.75 | -16.6 |
| Queenston Mng | QMI | 67 | 1.35 | 1.14 | 1.14 | -16.1 |
| Northgate M wt | NGX.WT | 653 | 0.91 | 0.67 | 0.75 | -15.7 |
| Goldstake Exp | GXP | 105 | 0.13 | 0.11 | 0.11 | -15.3 |
| Chariot Res wt | CHD.WT | 1342 | 0.31 | 0.235 | 0.25 | -15.2 |
| Gateway Gold | GTQ | 572 | 1.33 | 1.12 | 1.18 | -15.1 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Dundee Bancrp | DBC.A | 350806 | 45.92 | +1.37 |
| Cameco Corp | CCO | 10049207 | 43.99 | +1.30 |
| Denison Mines | DEN | 1793286 | 16.75 | +1.25 |
| Lundin Mng | LUN | 956156 | 30.91 | +1.21 |
| FNX Mining | FNX | 3811527 | 13.25 | +0.70 |
| Blue Pearl Mng | BLE | 5048534 | 6.30 | +0.65 |
| AfriOre Ltd | AFO | 956776 | 6.71 | +0.61 |
| Blue Pearl wt | BLE.WT | 618361 | 5.53 | +0.60 |
| North Am Pall | PDL | 117760 | 8.35 | +0.57 |
| Cambior Inc | CBJ | 50488926 | 4.20 | +0.56 |
| Agnico-Eag wt* | AEM.WT.U | 32975 | 15.00 | -2.34 |
| Agnico-Eagle | AEM | 8315148 | 35.32 | -2.00 |
| NovaGold Rs wt | NG.WT | 24020 | 10.75 | -1.86 |
| Central Gold-T | GTU.UN | 27983 | 23.43 | -1.76 |
| NovaGold Res | NG | 2274967 | 17.44 | -1.55 |
| Quadra Mng | QUA | 1191742 | 9.25 | -1.48 |
| Inmet Mining | IMN | 1492872 | 44.38 | -1.47 |
| Glamis Gold | GLG | 10762739 | 44.31 | -1.44 |
| Teck Comin B | TCK.B | 7491544 | 68.18 | -1.35 |
| Goldcorp | G | 32823912 | 26.42 | -1.26 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Cambior Inc | CBJ | 50489 | 4.45 | 3.54 | 4.20 | +0.56 |
| Goldcorp | G | 32824 | 27.93 | 25.21 | 26.42 | -1.26 |
| EuroZinc Mng | EZM | 26698 | 2.99 | 2.75 | 2.90 | +0.14 |
| Gabriel Res | GBU | 25222 | 4.61 | 3.90 | 4.37 | +0.39 |
| Kinross Gold | K | 21851 | 14.76 | 12.98 | 13.90 | -0.08 |
| Bema Gold | BGO | 21809 | 5.39 | 4.90 | 5.26 | -0.01 |
| Barrick Gold | ABX | 16881 | 33.78 | 31.33 | 33.50 | +0.35 |
| IAMGold Corp | IMG | 16105 | 11.75 | 9.65 | 10.18 | -1.16 |
| Breakwater Res | BWR | 15019 | 1.24 | 1.13 | 1.15 | -0.07 |
| Yamana Gold | YRI | 14919 | 11.10 | 10.29 | 10.98 | +0.11 |
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