Toronto Stock Exchange May 8-14

The TSX Composite Index surged past the 14,000 mark during the trading period of May 8-14, finishing with a 37.7-point gain at 13,903.28 points.

The record levels are thought to be the ongoing effects of Alcoa’s hostile takeover bid for Alcan.

Meanwhile, loss was prevalent elsewhere on the market. The Global Gold Index dropped 12.42 points to 289.41, while the price of gold fell US$18.60 to US$670.20 per oz. The Capped Metals and Mining Index shed 16.82 points to end the week at 775.53, though it reached a closing high of 804.40 during the period.

Aluminum lost about US2, finishing at $1.27 per lb., copper was down nearly US20 to about US$3.52 per lb., and nickel plunged about US85 to $22.90.

Eastern Platinum saw the most activity over the period with a trading volume of 53 million shares, which had a slight impact as the company closed 8 lower at $2.55. Eastern Platinum completed a financing worth more than $201.3 million to fund trial mining and infrastructure at its Spitzkop platinum group metals project in South Africa, as well as smelter upgrade evaluation and refurbishment at the Crocodile River mine, also in South Africa.

Breakwater Resources saw 45 million shares cross the floor, while about 41 million shares of Equinox Minerals were traded, and LionOre Mining saw almost 34 million shares change hands. LionOre lost 34 over the period before Xstrata upped its bid for the company in response to a competing bid from Norilsk Nickel.

The highest percentage gainer over the week was First Metals, which saw a 31% boost to close at $1.60. The company closed a $20-million financing that will be used to finish underground development at the Fabie Bay copper mine, near Rouyn-Noranda, in northwestern Quebec.

BrazMin shares gained 22% to close at $1.31. The company, which has several projects in the British Virgin Islands, released an update for its Campo Grande project. BrazMin reported an intersection of 7.98 metres grading 1.03 grams gold per tonne starting at 20.9 metres below surface and 20.55 metres of 1.18 grams gold, starting at 45.2 metres. The latter assay included a 4.47-metre interval that averaged 3.02 grams gold.

News of an upcoming National Instrument 43-101 technical report for the Viken uranium property in Sweden didn’t help Continental Precious Minerals, which saw its share price drop 35% to $3.30 over the period. Continental’s latest inferred resource for the property is 210 million tons grading 0.36 lbs. per ton U3O8, or about 75 million lbs. and is based on seven drill holes .

The market did not welcome Vista Gold spinoff Allied Nevada Gold. Vista shares fell 30% to $7.14 on 171,000 shares traded. The new company will focus solely on Nevada-based projects.

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