Toronto Stock Exchange September 26 – October 2

The Toronto market rode higher during the reporting period Sept. 26-Oct. 2, as the resource stocks rallied from the carnage of the previous week. While the TSX composite index rose 1.8% to 11,787.39 points, the golds (up 5.2% to 281.72) and the diversified miners (up 4.2% to 524.11) outpaced the broader market.

The rebound among the base metal miners gave Teck Cominco a boost, with A-series shares up $7.02 at $75.84 and B-series shares up $4.64 at $69.50. First Quantum Minerals, a loser the week before, was back up $6.90 for a close of $54.90, and other copper-sensitive stocks showed gains as well: Inmet Mining jumped $2.17 to $43.42, Aur Resources rose $1.27 to $17.84, and Northern Orion Resources picked up 39 to close at $4.42.

Firmer nickel prices — nickel was steadily above US$31,000 per tonne on the London Metal Exchange for the period — put the nickel producers on the plus side. Sherritt International closed at $9.95, up 38, FNX Mining at $12.48, up 30, and LionOre Mining International at $7.00, up 57.

One off-index base metal developer was heavily traded: Equinox Minerals, which is developing the Lumwana copper deposit in Zambia, saw 30.7 million shares change hands. Its price was bounced around by the market owing to uncertainty over the outcome of the Zambian elections, where one candidate, Michael Sata of the Patriotic Front, had said that he would raise royalty and tax rates, and mandate a minimum 49% local ownership in mines. In elections on Oct. 1, the voters returned sitting president Levy Mwanawasa, and Sata finished third. Equinox shares were up 29 at $1.56.

Cambior was up 12 to $3.96 on 25.2 million shares of volume and Iamgold rose 21 to $9.53 on 12.5 million shares, putting the notional price of Iamgold’s 0.42-share offer for Cambior at $4.00. That merger plan appears to be going more smoothly than the Goldcorp-Glamis tie-up.

Another actively traded gold stock was Bema Gold, which rose 4 to $4.89 on volume of 26.2 million shares. Bema is now one of the larger mid-tiers on the index, and some who’s-next speculation may be fastening to it in light of earlier remarks by chairman Clive Johnson that his phone was ringing constantly. Kinross Gold, often touted as a bidder for one or more mid-tier gold miners, was up $1.08 at $13.98.

The big winner on the index was Gabriel Resources, which rose 47 to $4.60, touching a 52-week high of $4.88 on the way. There has been no recent news on Gabriel’s flagship project, the proposed Rosia Montana gold mine in Romania, so its rise may be fuelled by speculative buying.

Among Toronto juniors, copper and gold producer Campbell Resources announced regulatory approval of its rights issue, which will bail it out of creditor protection; it saw a 52-week low of 9 and finished 3 lower at 10. Campbell’s financing angel Nuinsco Resources fell 6 to 34.

TSX greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Northgate wtA	NGX.WT.A	308	0.78	0.52	0.68	+44.6
Gabriel Res wt	GBU.WT	164	2.35	1.78	2.25	+28.5
Northgate M wt	NGX.WT	462	0.88	0.52	0.66	+24.5
US Gold	UXG	93	6.06	4.51	5.55	+23.3
Equinox Minls	EQN	30713	1.65	1.19	1.56	+22.8
Augusta Res	AZC	1281	2.30	1.75	2.20	+22.2
Constel Copper	CCU	4173	1.80	1.30	1.69	+20.7
Kirkland Lk Gd	KGI	516	8.30	6.48	7.73	+20.7
Olympus Pacif	OYM	666	0.455	0.36	0.44	+20.5
Banro Res	BAA	137	10.01	8.25	9.90	+19.2
Peregrine D wt	PGD.WT	33	0.20	0.10	0.10	-33.3
Campbell Res	CCH	5315	0.135	0.09	0.095	-24.0
Opawica Expl	OPW	2558	0.105	0.07	0.075	-21.0
GLR Res	GRS	67	0.38	0.30	0.325	-16.6
Pine Valley Mg	PVM	331	0.59	0.48	0.53	-14.5
Nuinsco Res	NWI	392	0.40	0.34	0.34	-13.9
Europn Goldfld	EGU	139	3.85	3.36	3.42	-12.0
Wallbridge Mng	WM	248	0.255	0.22	0.22	-12.0
South Am Gld&C	SAG	857	0.05	0.04	0.04	-11.1
Mercator Mnls	ML	325	2.47	2.15	2.25	-10.0

TSX greatest value change

		VOLUME	CLOSE	CHANGE
Teck Comin A	TCK.A	16147	75.84	+7.02
First Quantum	FM	2289397	54.90	+6.90
Teck Comin B	TCK.B	6363993	69.50	+4.64
Glamis Gold	GLG	9297651	43.38	+2.19
Inmet Mining	IMN	1363926	43.42	+2.17
Barrick Gold	ABX	11996960	34.60	+2.11
Dundee Bancrp	DBC.A	199708	48.49	+2.04
Alcan	AL	7333256	45.40	+2.00
Lundin Mng	LUN	374925	29.95	+1.99
Banro Res	BAA	136750	9.90	+1.60
Aber Diamond	ABZ	1841006	35.50	-1.18
Cameco Corp	CCO	8093914	40.27	-0.49
Europn Goldfld	EGU	138995	3.42	-0.47
Fording C C T	FDG.UN	1413503	28.72	-0.43
Gammon Lk Res	GAM	3476449	12.50	-0.42
Fortune Mnrls	FT	152300	2.52	-0.28
Mercator Mnls	ML	325170	2.25	-0.25
Far West Mng	FWM	205550	3.84	-0.24
Peregrine Diam	PGD	590500	1.90	-0.20
NovaGold Res	NG	2572642	17.27	-0.18

TSX most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Equinox Minls	EQN	30713	1.65	1.19	1.56	+0.29
Goldcorp	G	27191	27.22	24.55	25.82	+1.21
Bema Gold	BGO	26159	5.22	4.76	4.89	+0.04
Cambior Inc	CBJ	25238	4.02	3.82	3.96	+0.12
EuroZinc Mng	EZM	20017	2.78	2.48	2.71	+0.23
Breakwater Res	BWR	19855	1.10	0.92	1.06	-0.01
Kinross Gold	K	15045	14.36	12.82	13.98	+1.08
Eastern Platin	ELR	14143	1.25	0.94	1.14	+0.14
Queenstake Rs	QRL	12561	0.35	0.295	0.31	-0.025
IAMGold Corp	IMG	12512	9.73	9.27	9.53	+0.21