TORONTO STOCK EXCHANGE FEB 5-11

The TSX Composite Index managed to bounce back from a mid-week slump that saw it close as low as 12,867.20 to finish the Feb. 5-11 period at 13,258.16. But the index still recorded an overall loss, down 127.24 from the previous period.

The rebound was aided by higher crude oil prices — which were credited to comments by Venezuelan Ppresident Hugo Chavez. Chavez said he’d retaliate against an attempt by Exxon Mobil to freeze the assets of Venezuela’s state-owned oil company through British courts by cutting off oil sales to the U.S.

The price of gold continued to show strength, with the yellow metal gaining US$35.60 to US$922.20 per oz., bringing the Global Gold Index up to 343.2 points from 336.61.

Of the bigger Canadian gold miners, Agnico-Eagle Mines benefited most from the price gain, due to its unhedged production. Its shares climbed $4.59 to $64.57. Other strong performers were Kinross Gold, up $1.56 to $22.98, Goldcorp, up $1.42 to $37.31, and Franco-Nevada, up $1.33 to $20.50.

Silver and platinum prices were also strong as they finished the period at US$12.37 and US$1,924 per oz., respectively, helping make Eastern Platinum a popular choice for investors. The company finished the period up 59 at $3.23 on nearly 25 million shares traded.

Base metal prices recovered slightly from their recent sell-off, as copper, aluminum, nickel, tin and lead all finished higher, with zinc falling just 1 to US$1.10 per lb. The Capped Metals and Mining Index continued to slide, however, down another 26.62 points to 739.51.

Grande Cache Coal topped the most active list with its shares gaining 98 to finish at $3.12 on roughly 39 million shares traded. While the Calgary-based miner reported an increase in losses in its third-quarter earnings over the same period last year, lower production costs, higher revenues and increased sales tempered the news.

The decision of investors to exercise the outstanding warrants of Vista Gold helped the company gain 26% to $5.42. The exercise meant another US$2.9 million in cash went into the company’s coffers, bringing its total cash on hand to roughly US$11 million.

Sierra Minerals announced a private placement that will raise $3.2 million to optimize its Cerro Colorado mine in Sonora,

Mexico. The mine now produces 18,000 oz. gold per year, but Sierra wants to raise that to 30,000 oz. via an expansion. The company’s shares were up nearly 19% to 42 for the period.

News that TVI Pacific won’t joint venture with Atlas Consolidated Mining and Development at its Canatuan mine in the Philippines sent the company’s shares down nearly 19% to 7.