Over the abbreviated Dec. 19-22 trading session, it looked like Santa Claus wouldn’t be coming to the Toronto Stock Exchange this year. The S&P/TSX composite index fell 175.82 points, or 2.1%, to close at 8,249.53 points. Toronto’s benchmark stock index had closed 1.5% higher on Friday, Dec. 19, following news that the Canadian government and three provinces had agreed to help finance a $32-billion restructuring plan for the frozen non-bank asset-backed commercial paper market. News from Washington, D. C., of a US$17.4-billion government aid package for the struggling auto sector also helped buoy market sentiment on the TSX. But the optimism didn’t last very long and on Monday, waning confidence sent Toronto’s main stock index down more than 3.5%.
The biggest loser was fertilizer producer Potash Corp. of Saskatchewan, which plunged $10.67 to close at $79.33 per share following a downgrade by Goldman Sachs. The downgrade came after an announcement that the company was cutting its profit outlook due to the weak global economy. Fellow potash producer Agrium lost $3.05 per share to close the trading session at $35.95.
Adanac Molybdenum suffered the greatest percentage loss, plummeting 80% to close at a penny per share. The B. C. Supreme Court on Dec. 19 said it would give the company an initial 28 days of protection from its creditors. Adanac has $16 million in the bank, but owes US$80 million on a bridge loan that matures on Jan. 31, 2009. The company has also committed about $100 million to building its US$647-million Ruby Creek moly project, in B. C. The court gave Adanac until Jan. 16 to submit a restructuring plan, at which time it may also receive an extension to creditor protection under the Companies’ Creditors Arrangement Act (CCAA).
Of course it wasn’t all bad news. The Capped Metals and Mining index rose 9 points, or 4%, to close at 215.36 and gold mining stocks generally fared better as the price of gold settled at US$847.60 per oz. Seabridge Gold rose $2.85 to close at $18 per share as it continued to dine out on Dec. 15 news that it had completed the sale of its 100%-owned Noche Buena gold project in Mexico. On Dec. 22, Seabridge released its final 2008 drill results from the Mitchell zone of its 100%-owned KSM project in British Columbia, one of the world’s largest undeveloped gold-copper projects. Agnico-Eagle Mines gained $1.51 per share to close at $54.30. On Dec. 16, the gold miner announced it had completed the purchase of the surface rights at its Pinos Altos project in Mexico’s Sierra Madre by issuing 900,000 shares at US$38 per share.
Finally, Fronteer Development Group’s announcement that it plans to acquire Aurora Energy Resources sent shares in the junior uranium company up 64.2%, or 60¢ apiece, to $1.56.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Uranium One | UUU | 37304 | 1.46 | 1.23 | 1.42 | -0.03 |
| Eastern Platin | ELR | 24742 | 0.31 | 0.25 | 0.28 | -0.01 |
| Teck B | TCKB | 15580 | 5.90 | 5.00 | 5.15 | -0.23 |
| Barrick Gold | ABX | 13891 | 42.32 | 38.52 | 39.65 | -0.85 |
| Yamana Gold | YRI | 13652 | 8.69 | 7.55 | 7.85 | + 0.01 |
| Northgate Mnls | NGX | 13226 | 0.98 | 0.67 | 0.90 | -0.07 |
| Golden Star | GSC | 12783 | 1.21 | 0.77 | 1.07 | -0.11 |
| Kinross Gold | K | 12396 | 21.68 | 19.15 | 20.11 | + 0.43 |
| Goldcorp | G | 11602 | 36.56 | 33.25 | 34.06 | -0.43 |
| Semafo | SMF | 8527 | 1.30 | 1.25 | 1.28 | -0.03 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Crescent Gold | CRA | 35 | 0.08 | 0.08 | 0.08 | +100.0 |
| Aurora Energy | AXU | 3311 | 1.97 | 0.91 | 1.56 | + 64.2 |
| Ventana Gold | VEN | 565 | 0.23 | 0.17 | 0.23 | + 53.3 |
| Virgin Metals | VGM | 89 | 0.03 | 0.02 | 0.03 | + 50.0 |
| Dynasty Met&Mn | DMM | 210 | 3.40 | 2.14 | 3.25 | + 44.4 |
| Armistice Res | AZ | 60 | 0.08 | 0.06 | 0.08 | + 33.3 |
| Yukon Gold | YK | 31 | 0.04 | 0.04 | 0.04 | + 33.3 |
| Australn Solom | SGA | 179 | 0.04 | 0.04 | 0.04 | + 33.3 |
| Mineral Depost | MDM | 2276 | 0.60 | 0.60 | 0.60 | + 27.6 |
| Anaconda Mng | ANX | 2750 | 0.14 | 0.09 | 0.14 | + 27.2 |
| Adanac Moly | AUA | 7580 | 0.06 | 0.01 | 0.01 | -80.0 |
| Crew Gold | CRU | 392 | 0.19 | 0.08 | 0.08 | -33.3 |
| Africo Res | ARL | 14 | 0.50 | 0.42 | 0.42 | -30.0 |
| Ivernia | IVW | 1733 | 0.10 | 0.06 | 0.07 | -30.0 |
| WestTimminsM | WTM | 295 | 0.37 | 0.26 | 0.26 | -27.7 |
| Fronteer Dev G | FRG | 1767 | 3.25 | 2.08 | 2.19 | -27.4 |
| Aura Mnls | ORA | 4238 | 0.15 | 0.10 | 0.12 | -25.0 |
| Colombia Goldf | GOL | 56 | 0.04 | 0.03 | 0.03 | -25.0 |
| Aquila Res | AQA | 66 | 0.10 | 0.06 | 0.06 | -25.0 |
| Copper Mesa | CUX | 68 | 0.03 | 0.01 | 0.03 | -25.0 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Seabridge Gold | SEA | 46741 | 18.00 | + 2.85 |
| Central Gold-T | GTU_U | 29122 | 47.00 | + 1.70 |
| Agnico-Eagle | AEM | 4986831 | 54.30 | + 1.51 |
| Dynasty Met&Mn | DMM | 209658 | 3.25 | + 1.00 |
| Aurora Energy | AXU | 3310806 | 1.56 | + 0.61 |
| Labdr I-Ore Ro | LIF_U | 123842 | 20.00 | + 0.60 |
| Franco-Nevada | FNV | 980616 | 19.65 | + 0.55 |
| Kinross Gold | K | 12395761 | 20.11 | + 0.43 |
| Migao | MGO | 698450 | 5.36 | + 0.37 |
| IShCOMEXGTr | IGT | 55472 | 101.76 | + 0.31 |
| Potash Cp Sask | POT | 4778736 | 79.33 | -10.67 |
| Agrium | AGU | 2917399 | 35.95 | -3.05 |
| Inmet Mining | IMN | 820533 | 16.35 | -2.32 |
| Barrick Gold | ABX | 13890820 | 39.65 | -0.85 |
| Fronteer Dev G | FRG | 1766955 | 2.19 | -0.83 |
| Cameco Corp | CCO | 6369776 | 19.00 | -0.80 |
| Kirkland Lk Gd | KGI | 992569 | 3.61 | -0.74 |
| Harry Winston | HW | 353494 | 5.02 | -0.68 |
| First Quantum | FM | 994146 | 17.40 | -0.50 |
| Tanz Roy Exp | TNX | 536734 | 4.90 | -0.47 |
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