The TSX composite index finished the Feb. 9-12 period higher despite a mid-period slump over concerns surrounding China’s decision to increase its bank reserve requirements. The move had investors worried that global economic growth could be curbed.
Markets were rebounding at presstime, however, on strong earning expectations. For the holiday-shortened period the TSX composite index was up 350 points to 11,469.81.
Commodities enjoyed a strong period after declining for several weeks. Gold finished US$30 higher at US$1,098.25, helping to move the Global Gold index upwards. The index finished the period 16 points higher at 319.70.
The news was also good for the base metals complex. Both the Capped Metals & Mining index and the Global Base Metals index finished the period higher on the back of stronger prices for copper, aluminum, nickel, tin, lead and zinc.
The prospect of more production for Erdene Resource Development had the Halifax-based company up 35% to 31¢ for the period. While the company announced two positive production developments, the more impactful news was that Xstrata would go ahead with opening the Donkin coal mine in Cape Breton, in which Erdene has a 25% stake. The junior also announced it would team up with a new partner to develop its Granite Hill aggregate project in Georgia in the U.S.
A deal with Silver Wheaton helped propel Augusta Resources up the market. The company finished the period trading 23% higher after announcing a forward sale of gold and silver from its Rosemont copper mine to Silver Wheaton. Augusta will use the upfront payment of US$230 million to build the mine. The company says it expects final permitting for Rosemont — which is near Tucson, Ariz. — to be completed in the fourth quarter of 2010.
Far West Mining also enjoyed a strong period. The company managed a 22% gain, finishing at $4.70 after updating its Santo Domingo project in Chile. The company said it drilled 32 holes for a total of 9,600 metres, and received favourable metallurgical results.
Bad news out of Zimbabwe took a toll on New Dawn Mining’s shares. The company saw its share price fall by 14%, finishing the period at $1.07, after the government of Zimbabwe announced it wants its indigenization plan to be in effect by April of this year. The indigenization plan calls for 51% of the company operating in Zimbabwe to be held by Zimbabwe nationals. New Dawn said it was weighing the implications of the government’s announcement.
MagIndustries announced a public offering and subsequently watched its share price fall. The company’s shares lost 19.2%, finishing at 42¢ as the market anticipated the coming dilution. The company said the offering would be done on a best-efforts basis, and that it would use the funds raised for working capital and general corporate purposes.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Eastern Platin | ELR | 21105 | 1.36 | 1.24 | 1.28 | + 0.03 |
TeckB | TCKB | 20257 | 37.90 | 35.25 | 37.87 | +3.37 |
Yamana Gold | YRI | 17536 | 11.35 | 10.85 | 11.21 | + 0.49 |
Western C Coal | WTN | 16194 | 3.75 | 3.26 | 3.71 | + 0.56 |
Barrick Gold | ABX | 15501 | 39.00 | 37.33 | 38.74 | + 1.70 |
Lundin Mng | LUN | 13809 | 4.41 | 4.09 | 4.30 | + 0.25 |
Crew Gold | CRU | 13243 | 0.22 | 0.14 | 0.22 | + 0.07 |
Goldcorp | G | 13074 | 39.43 | 37.50 | 39.35 | + 2.49 |
Amerigo Res | ARG | 12394 | 0.73 | 0.66 | 0.67 | -0.02 |
B2Gold | BTO | 12273 | 1.27 | 1.23 | 1.25 | 0.00 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Crew Gold | CRU | 13243 | 0.22 | 0.14 | 0.22 | + 46.6 |
Erdene Res Dev | ERD | 1676 | 0.37 | 0.23 | 0.31 | + 34.7 |
Ursa Major Min | UMJ | 3904 | 0.14 | 0.10 | 0.14 | + 27.2 |
Arehada Mining | AHD | 105 | 0.14 | 0.12 | 0.14 | + 27.2 |
Hard Creek Ni | HNC | 715 | 0.35 | 0.22 | 0.29 | + 26.0 |
Augusta Res | AZC | 894 | 2.91 | 2.28 | 2.86 | + 22.7 |
Cline Mng | CMK | 600 | 0.56 | 0.43 | 0.55 | + 22.2 |
Far West Mng | FWM | 141 | 4.75 | 3.95 | 4.70 | + 22.0 |
Queenston Mng | QMI | 131 | 5.25 | 4.33 | 5.25 | + 21.8 |
Silvercorp Mtl | SVM | 4963 | 6.67 | 5.56 | 6.67 | + 21.4 |
Freegold Vent | ITF | 1207 | 0.10 | 0.08 | 0.08 | -20.0 |
MagIndustries | MAA | 4577 | 0.51 | 0.41 | 0.42 | -19.2 |
Delta Uran | DUR | 261 | 0.06 | 0.05 | 0.05 | -16.6 |
New Dawn Mng | ND | 97 | 1.20 | 1.05 | 1.07 | -14.4 |
Diamond Fields | DFI | 501 | 0.07 | 0.05 | 0.06 | -14.2 |
Malaga | MLG | 646 | 0.15 | 0.12 | 0.13 | -13.3 |
Zincore Mtls | ZNC | 344 | 0.28 | 0.22 | 0.22 | -12.0 |
South Am Silvr | SAC | 171 | 0.34 | 0.30 | 0.30 | -11.7 |
Zazu Metals | ZAZ | 360 | 0.36 | 0.30 | 0.30 | -11.7 |
Horizns G Bear | HGD | 10611 | 5.15 | 4.72 | 4.79 | -9.4 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
PotashCpSask | POT | 4423446 | 117.90 | + 8.56 |
Agrium | AGU | 4624042 | 67.60 | + 5.58 |
Agnico-Eagle | AEM | 2535457 | 61.47 | + 5.36 |
Inmet Mining | IMN | 1451207 | 58.05 | + 5.20 |
First Quantum | FM | 2388917 | 74.40 | + 4.13 |
Teck B | TCKB | 20256599 | 37.87 | + 3.37 |
Teck A | TCKA | 11070 | 38.65 | + 2.95 |
Goldcorp | G | 13073870 | 39.35 | + 2.49 |
Quadra Mng | QUA | 3749399 | 15.22 | + 2.06 |
SouthGobi Engy | SGQ | 510524 | 17.00 | + 1.90 |
HoriznsGBear | HGD | 10611085 | 4.79 | -0.50 |
Intl Royalty | IRC | 1070303 | 6.81 | -0.33 |
OrbitGarantD | OGD | 572200 | 3.40 | -0.25 |
New Dawn Mng | ND | 96852 | 1.07 | -0.18 |
Intl Minls Crp | IMZ | 99297 | 4.16 | -0.16 |
Uranerz Energy | URZ | 20380 | 1.43 | -0.12 |
MagIndustries | MAA | 4576887 | 0.42 | -0.10 |
Capital Gold | CGC | 257207 | 3.55 | -0.09 |
Forsys Metals | FSY | 506838 | 3.99 | -0.08 |
Africo Res | ARL | 108533 | 0.87 | -0.08 |
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