Toronto Stock Exchange May 22-28

The TSX Composite Index fell slightly over the May 22-28 trading period, but stayed near all-time highs as it finished at 14,024.07, down just 81.27 points.

Expectations of mergers in the metal sector moved the Metals and Mining Index higher; it was up 11.45 points to 802.75 despite falling prices for copper, aluminum, nickel, tin and zinc.

The Global Gold Index didn’t fare so well. It fell roughly 8 points as the yellow metal lost some lustre and shed roughly US$3 to close the period at US$655.30 per oz.

On the base metal side, Alcan rejected Alcoa’s US$28-billion hostile takeover offer, calling it “inadequate in multiple respects.” Reports surfaced that Alcan is in discussions with BHP Billiton, and that Norsk Hydro and Rio Tinto are considering making separate bids.

Alcan hasn’t ruled out launching its own bid for Alcoa. Its shares were up $5.70 to $94.25 apiece for the period.

The bidding war for LionOre Mining International also gathered steam. Russia’s Norilsk Nickel countered Xstrata’s most recent bid, totalling $6.2 billion, with a $6.8-billion offer. Xstrata has until June 1 to make a better offer. LionOre shares finished the period at $28.80 on 31.7 million shares traded.

The period’s most popular miners were Starfield Resources, Equinox Minerals and Dynatec.

Starfield — which saw trading volume of 47.6 million shares — was also the period’s second largest gainer by percentage. The Vancouver-based company gained over 43% to $1.46 over the session after announcing positive results from a petrological study at its Ferguson Lake palladium-platinum-nickel-cobalt-copper project in Nunavut.

Sherritt International says if its $1.6-billion takeover of Dynatec goes through, the mining company’s share of annual production from the Moa nickel project, in Cuba, and the new Ambatovy mine, in Madagascar, should reach 50,000 tonnes of ore by 2012.

Opawica Explorations was the largest gainer by percentage after announcing it had settled the terms of a private placement, option and joint-venture agreement with Northgate Minerals.

Opawica shares were up nearly 59% to 14 on 13.4 million shares traded. Northgate is taking 10 million shares of Opawica at 7 and can now earn 55% of the mineral rights at the company’s Matachewan properties in Ontario. Many of the claims are contiguous to Northgate’s Young-Davidson gold property.

Freegold Ventures rounded out the top three, gaining 31% to $1.18 on 18.2 million shares traded. The company announced high-grade intersects from its Golden Summit project, outside Fairbanks, Alaska, including highlights of 36.7 grams gold per tonne over 1 metre, 22.2 grams gold over 1 metre, and 13.4 grams over 2 metres.

TSX most active issues

VOLUME(000s) HIGH LOW CLOSE CHANGE
Starfield Res SRU 47694 1.59 1.01 1.46 +0.44
Equinox Minls EQN 37101 3.10 2.78 3.08 +0.31
Dynatec Corp DY 32951 5.14 4.68 5.13 +0.28
LionOre Mng In LIM 31714 28.69 26.75 28.08 +0.44
Rio Narcea Gld RNG 28117 5.76 5.25 5.55 +0.10
South Am Gld&C SAG 22178 0.065 0.04 0.055 +0.005
Breakwater Res BWR 20902 2.54 2.21 2.42 +0.01
Eastern Platin ELR 20617 2.70 2.27 2.36 -0.09
Paladin Res PDN 19838 8.40 7.53 7.88 -0.05
SXR Uranm One SXR 16665 17.30 16.04 16.38 -0.20

TSX greatest percentage change

VOLUME(000s) HIGH LOW CLOSE CHANGE
Opawica Expl OPW 13402 0.14 0.08 0.135 +58.8
Starfield Res SRU 47694 1.59 1.01 1.46 +43.1
Freegold Vent ITF 1828 1.29 0.92 1.18 +31.1
Peru Copper PCR 896 7.52 5.73 6.66 +19.5
Moneta Porcpn ME 51 0.14 0.13 0.14 +16.6
Brazilian Diam BDY 38 0.23 0.175 0.19 +15.1
Formation Cap FCO 4769 0.92 0.76 0.88 +14.2
FNX Mining FNX 5558 35.16 29.81 34.71 +14.1
Grandview Gld GVX 170 0.55 0.45 0.46 +12.2
Equinox Minls EQN 37101 3.10 2.78 3.08 +11.1
New Gold wt NGD_T 64 0.42 0.27 0.30 -33.3
Ascendant C wt ACX_T 81 0.10 0.07 0.07 -22.2
Energem Res ENM 177 0.50 0.385 0.41 -18.0
Ontex Res ONT 32 0.22 0.205 0.205 -16.3
Australn Solom SGA 129 1.26 0.91 1.10 -15.3
Spur Ventures SVU 916 0.72 0.62 0.62 -15.0
Virgin Metals VGM 1073 0.71 0.56 0.60 -14.2
Glencairn G wt GGG_T 70 0.14 0.125 0.125 -13.7
Laramide Res LAM 1995 13.65 10.91 11.06 -12.8
Golden China R GCX 503 0.74 0.59 0.64 -12.3

TSX greatest value change

VOLUME CLOSE CHANGE
Alcan AL 11379036 94.25 +5.70
FNX Mining FNX 5557760 34.71 +4.31
First Quantum FM 2944193 86.59 +1.65
Energy Metals EMC 11075742 18.29 +1.64
HudBay Minls HBM 8281430 24.26 +1.26
Peru Copper PCR 896133 6.66 +1.09
Ivanhoe Mines IVN 5472473 14.74 +1.04
Thompson Creek TCM 5619351 17.46 +0.83
Teck Comin A TCKA 18819 49.79 +0.79
Inmet Mining IMN 1255228 73.75 +0.65
Agnico-Eagle AEM 2310731 36.23 -1.95
Major Drilling MDI 544701 36.44 -1.68
Laramide Res LAM 1994909 11.06 -1.63
Labdr I-Ore Ro LIF_U 603668 33.85 -1.57
Goldcorp G 12522135 24.55 -1.35
Potash Cp Sask POT 3895286 73.51 -1.34
Gammon Lk Res GAM 6278218 14.44 -1.21
Barrick Gold ABX 8073176 31.37 -1.17
Denison Mines DML 6735978 13.80 -1.12
Banro
Res
BAA 192165 10.65 -1.05
Print

 

Republish this article

Be the first to comment on "Toronto Stock Exchange May 22-28"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close