Toronto Stock Exchange, Nov. 11-15

The S&P/TSX Composite Index was up 88 points to 13,482.57 points for the period, with signs that economic stimulus from central banks could continue.

South of the border market watchers were paying attention to Janet Yellen, the nominee to head up the U.S. Federal Reserve, who said the stock market was not in bubble territory and that the economy was still weak, and needed assistance. A policy shift in China also supported the bulls, with economic reforms hailed as the biggest step toward economic freedom since the 1990s.

But the good news for equities did not transfer to gold miners. The S&P/TSX Global Gold Index was flat at 173 points, and the gold price was up just US$1 to US$1,287.40 per oz.

The diversified miners represented in the S&P/TSX Capped Diversified Metals & Mining fared worse, with the index down 27 points to 783 points, and the copper price off 9¢ to US$3.17 per lb.

A shake-up in the corporate office had Colossus Minerals losing market cap. The company’s shares were off 46% to 21¢ over the period, in which CEO Claudio Mancuso resigned and was replaced by interim CEO David Massola, the current chief financial officer. Colossus holds a 75% interest in the Serra Pelada mine, a high-grade gold-platinum-palladium project in Para, Brazil.

A company enjoying better market fortunes was Imperial Metals. The company’s stock gained the most dollars, up $1.26 to $14.47. The lift came after it reported quarterly earnings of $14.7 million. The numbers followed improved grades and recoveries at its three operating mines. The company also updated the market on the construction of its fourth mine, Red Chris in northwest B.C., which it plans to commission next May.

Kinross Gold managed a slight gain on the back of better financials. The company’s stock was up 20¢ to $5.34 on heavy volume for the period. The trading activity came as the company cut costs in a tough gold market. Kinross reported reduced capital expenditures and rising production, with 680,500 oz. gold produced during the third quarter at all-in sustaining costs of US$1,069 per oz. This marks the third consecutive quarter-on-quarter improvement for the company. Its Fort Knox mine in Alaska and Paracatu mine in Brazil reached all-time production records during the period.

B2Gold showed its resilience as its flagship mine, Masbate in the Philippines, was not in the direct path of Typhoon Haiyan. The company pledged $1 million to relief efforts and reported solid quarterly numbers as for the fifth straight year it has grown gold production. With just under 261,000 oz. production so far this year, it has more than doubled last year’s production over the first nine months of the year. B2Gold shares were off 7¢ to $2.37 for the period.

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