The Toronto Stock Exchange ended the week at 7,659.3 with a modest 1.71-point gain on Friday. The gold issues led the way surging about 3.7%. The metal & Minerals subindex tacked on 1.2%. Overall, half of the TSE’s fourteen subindices gained ground.
All of the precious metals made modest gains in New York; the base metals were mixed in Europe.
TVX Gold was the most traded gold issue in Canada. The stock gained a nickel to 84 with about 2.1 million shares traded. The company has expressed interest in re-acquiring assets sold into an alliance with Normandy Mining should they become available after a proposed takeover of Normandy by Newmont Mining. TVX and Normandy formed the 50-50 TVX Normandy Americas alliance in April 1999. The two share interests in five mines in Chile, Canada, and Brazil.
Kinross Gold gained 3 to $1.43 on a few less shares. Most of the other gold majors performed similarly. Barrick Gold grabbed $1.18 to hit $27.25; Placer Dome rose 54 to $19.29; and Franco-Nevada Mining gained $1.35 to $26.75. Among the mid-tier producers, Goldcorp added 47 to reach $21.20 and Meridian Gold climbed 45 to $18.35.
McWatters Mining stock retreated 1.5 to 8 after doubling on Thursday after the company announced that its creditors and shareholders approved its reorganization plan.
Alcan was the most actively traded base metal issue gaining $1.25 to $61.35 on about 920,000 shares. The shares have been on the rise since the aluminum producer announced better-than-expected fourth quarter results earlier this week.
Also on the rise were: Inco, up a dime to $28; Sherritt international, a nickel higher to $4.25; and Teck Cominco’s B series, which gained 8 to $13.62.
Uranium producer Cameco ended its recent streak of gains falling 15 to $41.10.
Canada’s junior exchange ended the week in fine form with advancer leading decliners by a 243-to-207 margin. The S&P-CDNX Composite Index gained 8.54 points, or 0.8% to close at 1110.39.
Seahawk Minerals continued to move higher on heavy volume adding 1 to close at 6 on a volume of 1.76 million shares. The cash-strapped company recently suspended bulk sampling activities on its Piteiras emerald project in Brazil.
Hawkeye Gold International gained 4 to close at 21 on just over 1 million shares. The junior has been actively exploring the Yankee diamond project in the Northwest Territories.
Wallasco Minerals ended the week unchanged at 3 on just over 1 million shares. The company holds a wollastonite mining lease some 37 km northeast of Kingston, Ontario.
Vannessa Ventures held onto yesterday’s 11 gain, closing at $1.05, unchanged, on 384,900 shares. The junior recently announce that it has obtained an exploitation permit for it’s wholly-owned Crucitas gold project in Costa Rica. The property hosts a total measured and indicated gold resource 29.6 million tonnes grading 1.51 grams gold and 3.41 grams silver.
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