Toronto Stock Exchange September 5-11

The clobbering of the precious metals sector was the big story of the Sept. 5-11 report period, and it was carried out against a backdrop of falling oil prices and a stronger U.S. dollar.

The retreat in spot prices was across the board and deep: as of early Sept. 12, gold had plummeted US$33.75, or 5.4%, to US$596 per oz.; silver had sunk 13.8% to US$11.34 per oz.; platinum had fallen 4.3% to US$1,261 per oz.; and palladium had pulled back 7.6% to US$346.50 per oz.

This had the expected result on the gold stocks, with the TSX Capped Gold Index sinking 30.71 points, or 9.6% over the report period to 288.93. That helped pull the TSX Composite Index down 4% over the session to 11,656.57.

There was much bloodletting amongst the golds: Barrick Gold fell $3.75 to $33.15; Goldcorp dropped $2.58 to $27.68; Kinross Gold sank $1.81 to $13.98; Yamana Gold was off 69 to $10.87; Glamis Gold declined $4.75 to $45.75; Meridian Gold tumbled $3.65 to $29.25; and Agnico-Eagle Mines retreated $5.44 to $37.22.

The silver plays fared no better, with Pan American Silver dropping $2.68 to $22.75, Silver Wheaton sinking $1.28 to $11.13 and Coeur d’Alene Mines coming down 76 to $5.38.

For a change, two zinc producers were among the most-active mining stocks: Breakwater Resources, off 8 to $1.22; and EuroZinc Mining, off 36 to $2.76. Breakwater has zinc mines in Canada, Honduras and Chile, and produces byproduct copper, lead and gold concentrates. It scored a second-quarter profit of $30 million on $101 million in revenue, and recently sold its Caribou and Restigouche zinc mines in New Brunswick to Venture-listed Blue Note Metals. EuroZinc has been riding high since the announcement of a proposed merger with Lundin Mining that would put under one umbrella four profitable mines in Portugal, Sweden and Ireland, plus a fifth, Aljustrel, which is due to start up late next year.

The top percentage gainer was Blue Pearl Mining and its warrants: the stock shot up 44% to $5.65 while the warrants jumped 56% to $4.93. The company is proposing a US$575-million takeover of privately held molybdenum producer Thompson Creek Metals. The latter owns several key assets: the Thompson Creek open-pit moly mine and 25,000-tonne-per-day capacity concentrator near Challis, Idaho; a metallurgical refinery in Pennsylvania; and a 75% interest in the Endako mine near Fraser Lake, B.C., where Blue Pearl plans to haul ore from its proposed Davidson moly mine for processing.

Nickel junior Skye Resources took the honours as greatest value gainer, rising $2.55 to $16.55. Skye expects to complete a feasibility study for a 50-million-lb.-per-year ferronickel mine and smelter at its Fenix project in Guatemala within weeks, and expects to make a production decision in the fourth quarter.

Despite gold’s downturn, two base metal miners led the percentage losers list: Teck Cominco fell 5.9% to $72.62, while First Quantum Minerals slumped 5.6% to $57.50. Teck has been on the downswing since its hostile offer for Inco expired on Aug. 16, and First Quantum has been sideswiped by news that government-owned Gcamines, its erstwhile partner at the Kipushi zinc project in the Demoratic Republic of the Congo, is seeking bids from new partners to develop Kipushi. First Quantum is contesting Gecamines’ move.

TSX greatest percentage change

VOLUME(000s) HIGH LOW CLOSE CHANGE
Blue Pearl wt BLE.WT 1639 6.30 3.95 4.93 + 55.5
Blue Pearl Mng BLE 14798 6.97 4.80 5.65 +44.1
Mercator Mnls ML 1534 2.70 2.10 2.60 +26.8
Skye Res SKR 3661 16.99 13.85 16.55 +18.2
Opawica Expl OPW 3308 0.13 0.105 0.12 +14.2
Mundoro Mng MUN 459 2.40 1.80 2.10 +14.1
Sulliden Expl SUE 550 1.05 0.87 0.99 +11.2
Teal Expl & Mg TL 241 5.30 4.60 5.00 +11.1
Eastern Pla wt ELR.WT 61 0.88 0.70 0.88 +10.0
Baffinland Irn BIM 165 2.35 2.04 2.35 +9.8
Northgate M wt NGX.WT 929 1.43 0.84 0.89 -30.4
Northgate wtA NGX.WT.A 204 1.46 0.83 0.93 -27.9
Ontex Res ONT 53 0.20 0.17 0.17 -26.0
Ascendant C wt ACX.WT 12 0.20 0.15 0.15 -25.0
Tanz Roy Exp TNX 833 8.05 6.03 6.12 -21.1
Wolfden Res WLF 2380 2.01 1.40 1.50 -21.0
Franc-Or Res FOR 160 0.235 0.20 0.20 -20.0
Golden Str wtA GSC.WT.A 136 0.59 0.44 0.44 -20.0
Vista Gold VGZ 105 14.95 11.00 11.41 -19.0
Bema Gold wt BGO.WT 211 4.61 3.55 3.61 -18.8

TSX greatest value change

VOLUME CLOSE CHANGE
Skye Res SKR 3660913 16.55 +2.55
Blue Pearl wt BLE.WT 1639268 4.93 +1.76
Blue Pearl Mng BLE 14797886 5.65 +1.73
Potash Cp Sask POT 1203381 108.85 +1.13
Mercator Mnls ML 1534449 2.60 +0.55
Denison Mn wt DEN.WT 22550 6.30 +0.55
Teal Expl & Mg TL 240702 5.00 +0.50
Denison Mines DEN 1208256 15.50 +0.38
Aquiline Res AQI 907664 5.00 +0.33
Mundoro Mng MUN 458650 2.10 +0.26
Teck Comin A TCK.A 12256 72.62 -5.88
First Quantum FM 1349253 57.50 -5.55
Agnico-Eagle AEM 7921331 37.32 -5.44
Newmont Mng NMC 591988 51.11 -5.305
Teck Comin B TCK.B 8177254 69.53 -4.96
Glamis Gold GLG 17567257 45.75 -4.75
Silver Std Res SSO 657245 24.51 -4.06
Agnico-Eag wt* AEM.WT.U 44770 17.34 -3.96
Barrick Gold ABX 12595851 33.15 -3.75
Alcan AL 9372458 46.60 -3.75

TSX most active issues

VOLUME(000s) HIGH LOW CLOSE CHANGE
Breakwater Res BWR 41458 1.39 1.19 1.22 -0.08
Goldcorp G 37983 31.89 27.55 27.68 -2.58
EuroZinc Mng EZM 31562 3.38 2.72 2.76 -0.36
Kinross Gold K 29082 17.00 13.97 13.98

-1.81
Bema Gold BGO 26790 6.32 5.25 5.27 -0.85
Equinox Minls EQN 18649 1.80 1.55 1.61 -0.15
Inco Ltd N 18328 85.95 85.37 85.59 -0.27
Glamis Gold GLG 17567 53.05 45.75 45.75 -4.75
Yamana Gold YRI 17221 12.29 10.77 10.87 -0.69
Ivanhoe Mines IVN 17195 7.71 6.90 7.10 +0.12
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