TORONTO STOCK EXCHANGE JULY 18 – 21

The TSX was down during the July 15-21 trading session, with the TSX Composite Index losing 52 points, or 0.4%, to 13,689. Mining and materials stocks suffered steeper losses: the Capped Metals and Mining Index dropped 46 points, or 5.9%, to 737; and the Capped Materials index lost 21 points, or 5.1%, to 398.

The oil price was again in the limelight, continuing its slide to close at about US$131 per barrel. Where will the price go next? A few months ago, Goldman Sachs predicted that it would rise to US$200 a barrel, while National Bank Financial is now forecasting US$75-80 within 15 to 18 months, as a result of demand destruction. At CIBC, opinions are also split, with one economist calling for US$200 a barrel in the next few years, and another predicting US$125.

Despite the declines in oil, the gold sector moved up, underpinned by rising inflation fears in the U. S. after the U. S. Federal Reserve moved to shore up mortgage giants Fannie Mae and Freddie Mac.

North of the border, Bank of Canada governor Mark Carney is also concerned about inflation, fearing it could hit 4% next year, above the bank’s target.

Gold stocks moved up over the trading period: Barrick Gold gained 44 to $48.35; Newmont Mining rose $1.43 to $49.67; Goldcorp added 23 to $26.13; Kinross Gold advanced 88 to $23.70; and Agnico-Eagle Mines climbed $1.55 to $71.83. Meanwhile, Yamana Gold dropped a penny to $14.50.

Could the uranium sector be recovering from its year-long decline? It may, because the uranium spot price continued to firm up during the trading session, rising US$4 to US$64 per lb. uranium oxide.

Uranium issues were mixed during the period: heavyweight Cameco dropped 4 to $39.65; mid-tier producer Denison Mines lost 4 to $7.59; fellow mid-tier producer Uranium One added 5 to $3.70; explorer Crosshair Exploration & Mining declined 3 to 55; Aurora Energy Resources rose 2 to $3.42; and Strateco Resources gained 3 to $1.68. Strateco is exploring for the radiocative metal in Quebec, while Aurora and Crosshair are exploring in Labrador, where a three-year moratorium on uranium mining is in force. The moratorium does not apply to uranium exploration.

Khan Resources added 4 to 97. The company has a uranium project in Mongolia, and the market may be speculating that Tinpo Holdings, which is in the process of acquiring Western Prospector Group, could be interested in Khan as well.

Cline Mining dropped 17 to 98. Earlier this year, Cline bought the New Elk coal mine in Colorado. In July, Cline announced that Mitsui Matsushita International had acquired a position in the company, and was planning to buy more shares, bringing its ownership interest to about 22%.

TSX most active issues
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Eastern Platin	ELR	14424	2.11	1.83	2.06	+ 0.19
Equinox Minls	EQN	10514	3.91	3.65	3.87	+ 0.16
Blue Note Mng	BN	9919	0.09	0.08	0.09	+ 0.01
Lundin Mng	LUN	7585	5.49	5.09	5.37	+ 0.05
Yamana Gold	YRI	7356	14.79	14.02	14.50	-0.01
Coalcorp Mng	CCJ	7280	1.56	1.50	1.55	0.00
Uranium One	UUU	6192	3.78	3.55	3.70	+ 0.05
Goldcorp	G	6125	46.81	45.50	46.13	+ 0.23
Barrick Gold	ABX	5385	48.49	47.01	48.35	+ 0.44
Kinross Gold	K	4629	23.82	22.57	23.70	+ 0.88

TSX greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Golden Peaks	GL	229	1.85	0.97	1.34	+ 35.3
Gitennes Expl	GIT	90	0.18	0.17	0.17	+ 21.4
Zincore Mtls	ZNC	13	0.20	0.17	0.20	+ 17.6
Carpathian Gld	CPN	48	0.35	0.30	0.35	+ 16.6
Moydow Mns Int	MOY	117	0.21	0.21	0.21	+ 16.6
Ontex Res	ONT	353	0.39	0.31	0.35	+ 16.6
Sulliden Expl	SUE	801	1.09	0.88	1.06	+ 16.4
QGX	QGX	460	4.53	3.86	4.50	+ 14.8
Gateway Gold	GTQ	45	0.24	0.20	0.24	+ 14.2
Liberty Mines	LBE	219	0.57	0.46	0.57	+ 14.0
Australn Solom	SGA	77	0.32	0.27	0.27	-22.8
Platmin	PPN	57	6.14	5.40	5.41	-16.7
Brazilian Diam	BDY	30	0.05	0.05	0.05	-16.6
Niocan Inc	NIO	21	0.56	0.46	0.46	-14.8
Cline Mng	CMK	1780	1.15	0.94	0.98	-14.7
Greystar Res	GSL	531	2.87	2.35	2.48	-14.4
Stornoway Diam	SWY	492	0.35	0.30	0.30	-14.2
Katanga Mng	KAT	823	11.74	9.75	9.94	-13.1
Coalcorp wt	CCJ_T	74	0.08	0.06	0.07	-12.5
Bannerman Res	BAN	20	1.85	1.85	1.85	-11.9

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Potash Cp Sask	POT	2897836	222.99	+ 7.68
Agrium	AGU	2352056	99.68	+ 4.44
Major Drilling	MDI	145356	46.79	+ 1.77
Pan Am Silver	PAA	557044	35. 19	+ 1.58
Agnico-Eagle	AEM	1170437	71.83	+ 1.55
Newmont Mng	NMC	35916	49.67	+ 1.43
Labdr I-Ore Ro	LIF_U	110018	52.15	+ 1.14
Fording C C T	FDG_U	1739466	80.05	+ 1.05
Inmet Mining	IMN	303303	64.70	+ 1.04
Kinross Gold	K	4628948	23.70	+ 0.88
MMXMineMet	XMM	50000	26.00	-2.00
Katanga Mng	KAT	822979	9.94	-1.51
Platmin	PPN	56756	5.41	-1.09
Timminco	TIM	912575	23.70	-0.97
Harry Winston	HW	375188	19.91	-0.71
FNX Mining	FNX	914870	18.44	-0.65
Kirkland Lk Gd	KGI	146512	8.38	-0.63
First Quantum	FM	917536	67.65	-0.60
Mirabela Nickl	MNB	229907	4.67	-0.52
Minefinders	MFL	774730	10.66	-0.48