TSX Venture in the red, Jan. 12-16

The S&P/TSX Venture Composite struggled under the weight of multi-year low crude oil prices during the trading period, as it lost 2.9%, or 19.9 points, en route to a 667.31-point weekly close. Bloomberg data indicates that U.S.-based exchange-traded funds removed US$874 million in Canadian-focused investments from Oct. 1 through Jan. 14.

Gold futures staged a major comeback, as February contracts for bullion jumped 4.2%, or US$51.20, before finishing at US$1,276.90 per oz. Crude oil closed in the green, with March contracts for West Texas Intermediate gaining 3%, or US$1.43, en route to a US$49.13-per-barrel close. March contracts for copper dropped 5.1%, or US14¢, before closing at US$2.62 per lb.

Junior Largo Resources led the value-lost category after updating the status of its Maracas vanadium operation in Bahia, Brazil. Shares dropped 22¢ on 151,700 traded before finishing the week at $1.36. On Jan. 15 the company said it has shipped 2.5 million lb. V2O5 since its last update on early December. During January, Maracas’ production output has run between 55% and 75% of capacity.

Largo also provided a report on the vanadium market, indicating that pricing has dropped since January 2014 — when it traded at US$6 per lb. — and remains at a five-year low of US$4.85 to US$5.15 per lb. V2O5 on the bid offer.

Producer Avino Silver & Gold was one of the top value gainers of the trading period, having released a 2014 production report for its Avino and San Gonzalo silver-gold mines outside Durango City, Mexico. Shares gained 38¢ on 122,600 traded en route to a $2 weekly close.

On Jan. 12 the company reported that silver-equivalent production at Avino was up 49% year-on-year during 2014 at 1.3 million oz. The gains were driven by a strong fourth quarter, during which production jumped to 436,235 equivalent oz. silver in a 74% improvement compared to the same period in 2013. During the fourth quarter tonnes mined and metres of underground development at San Gonzalo increased by 61% and 26%, compared to the same period in 2013. The increased mine productivity was due to the purchase of two more scoops. San Gonzalo cranked out 958,702 equivalent oz. silver last year.

Ontario-focused chromium outfit KWG Resources topped the volume-traded category after news that an investment firm holding a major equity position had closed its doors. The company saw 10 million of its shares change hands during the week, as it lost 1¢ en route to a 3¢ close.