Toronto Stock Exchange March 10-16

Toronto’s main stock index enjoyed a reprieve during the March 10-16 reporting period, as positive sentiment pushed up the S&P/TSX composite index by 506.3 points, or 6.4%, to 8,386.7. The S&P/TSX Capped Metals and Mining index added to previous gains, rising 32.2 points, or 11.5%, to 313.2.

The uptick came after Toronto’s key stock index clocked its lowest closing level in five years on March 6 — and despite reports from Statistics Canada that falling stock market prices were largely responsible for a record drop in household wealth during the final quarter of 2008. The agency noted that household wealth declined a record 4.4% in the fourth quarter of 2008 — the largest drop since the agency started collecting the data in 1990. The government also announced that the economy lost more than 82,000 jobs in February (30,000 more than expected), pushing the unemployment rate up to 7.7%, the highest since 2003.

The big newsmaker during the March 10-16 reporting period was Canadian fertilizer giant Agrium, which officially launched its hostile takeover bid for CF Industries Holdings of Deerfield, Ill. Agrium is offering CF stockholders US$31.70 in cash and one share of Agrium for each CF share. Alternatively, CF shareholders have the option to receive 1.7866 shares of Agrium, or US$72 in cash, subject to pro-ration. Currently CF Industries, one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in North America, is in the midst of its own hostile takeover bid for rival Terra Industries. Agrium advanced $4.77 per share to close the reporting period at $47.02 per share.

Increased production in February at the Dolores open-pit mine in Chihuahua, Mexico, gave Minefinders positive cash flow for the first time — driving up the company’s share price by $1.74 to $8.70 per share. The company reported on March 12 that gold production in February at Dolores reached 5,090 oz., up 88% from 2,700 oz. in January. Silver production totalled 111,010 oz. in February, up 122% from 50,000 oz. in January. The mine is on target to reach commercial production in the second quarter of 2009.

Inmet Mining enjoyed the biggest value gain, climbing $8.06 to $35.20 per share, on no news, while African copper miner First Quantum Minerals jumped $4.40 to $37.60 per share on strong quarterly operating results. First Quantum reported 30% higher copper production and 20% higher gold sales in the final quarter of 2008. Higher production and sales sent full-year revenue up by more than US$200 million. In 2009, the company estimates it can produce 240,000 oz. gold and 380,000 tonnes of copper. Shares of Potash Corp. of Saskatchewan, meanwhile, rose $6.39 to close at $96.42 per share; the company announced it would reduce 2009 potash production by an additional 1.5 million tonnes, bringing the total curtailments of operational capacity this year to at least 3.5 million tonnes.

TSX most active issues
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Teck B	TCKB	49702	5.50	3.87	5.28	+ 1.56
Yamana Gold	YRI	38322	11.00	9.35	10.27	-0.52
Uranium One	UUU	32363	2.30	1.79	2.24	+ 0.48
HoriznsGBull	HGU	28336	12.14	9.68	11.75	+ 0.16
Barrick Gold	ABX	26896	38.05	32.69	37.58	+ 1.34
Kinross Gold	K	24104	20.45	18.40	20.22	-0.11
IAMGold Corp	IMG	23720	9.44	8.09	9.06	-0.37
Goldcorp	G	22203	38.10	33.53	37.11	+ 0.57
Lundin Mng	LUN	21249	1.20	0.98	1.10	-0.04
Equinox Minls	EQN	19843	1.77	1.56	1.68	+ 0.17

TSX greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Southwstrn Res	SWG	4222	0.44	0.40	0.43	+104.7
North Atlc Res	NAC	12	0.12	0.08	0.12	+ 71.4
Carlisle Goldf	CGJ	1285	0.05	0.04	0.05	+ 66.6
Arehada Mining	AHD	100	0.05	0.03	0.05	+ 66.6
Firstgold	FGD	231	0.30	0.18	0.29	+ 61.1
Western Copper	WRN	135	0.40	0.26	0.40	+ 53.8
Franconia Mnls	FRA	212	0.20	0.14	0.20	+ 53.8
Homeland Enrgy	HEG	8800	0.30	0.16	0.24	+ 50.0
Mercator Mnls	ML	5157	0.54	0.35	0.52	+ 48.5
Crew Gold	CRU	138	1.13	0.63	0.90	+ 45.1
Gitennes Expl	GIT	55	0.05	0.03	0.03	-57.1
Forsys Metals	FSY	16268	6.40	3.53	3.57	-42.8
Avnel Gold	AVK	15	0.08	0.05	0.05	-37.5
BRC DiamondCr	BCD	126	0.09	0.07	0.07	-36.3
Linear Metals	LRM	154	0.09	0.05	0.06	-33.3
Africo Res	ARL	12	0.64	0.55	0.55	-32.1
Armistice Res	AZ	64	0.25	0.17	0.20	-25.9
Canadn Royalts	CZZ	604	0.26	0.20	0.20	-25.9
Rockwell Diam	RDI	9249	0.04	0.03	0.03	-25.0
Anaconda Mng	ANX	225	0.10	0.08	0.09	-25.0

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TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Inmet Mining	IMN	1984639	35.20	+ 8.06
Potash Cp Sask	POT	8570429	96.42	+ 6.39
Agrium	AGU	7193487	47.02	+ 4.77
First Quantum	FM	3750394	37.60	+ 4.40
Franco-Nevada	FNV	3077712	28.75	+ 2.50
Labdr I-Ore Ro	LIF_U	370212	27.90	+ 2.42
Seabridge Gold	SEA	199151	24.64	+ 2.08
Major Drilling	MDI	1140701	12.03	+ 2.03
Minefinders	MFL	1464762	8.70	+ 1.74
Cameco Corp	CCO	9456565	20.05	+ 1.60
Forsys Metals	FSY	16268354	3.57	-2.68
Central Gold-T	GTU_U	62745	51.41	-2.62
IShCOMEXGTr	IGT	57108	115.60	-2.02
Newmont Mng	NMC	82042	47.75	-1.26
Eldorado Gold	ELD	14138126	9.48	-1.04
Gammon Gold	GAM	3757381	8.88	-0.78
Agnico-Eagle	AEM	5856033	61.88	-0.54
Yamana Gold	YRI	38321721	10.27	-0.52
Horizns G Bear	HGD	8553083	8.59	-0.51
US Gold Can Ac	UXE	12017	2.12	-0.42