The TSX composite index continued to beef up thanks in large part to its strong ties with the commodities sector. For the Oct. 4-8 period, the index gained 160 points to finish up at 12,535.59.
The Canadian dollar strengthened against the U.S. greenback but fell against other major currencies.
That discrepancy was attributed to, on one hand, the likelihood of more quantitative easing in the States but on the other, the Canadian economy’s tight connection with the U.S. economy and its sluggish growth prospects.
Bad employment numbers in the U.S. were behind the belief that more loose monetary policy was coming from the Federal Reserve, so it wasn’t surprising to see gold continue to venture towards new heights. The metal was up US$35 to finish at US$1,351.50 but the Global Gold index failed to reflect that enthusiasm as it fell, if only slightly, by 3 points to 397.83.
The Capped Metals & Mining index, however, continued on its steep upward trend as it added another 31 points to finish at 1,197.15, in a period in which the prices for copper, aluminum, nickel, tin, lead and zinc were all higher.
High-grade assay results from its Accha zinc oxide district in southern Peru pushed Zincore Metals up 67% to 60¢ The company announced highlights including 20.12% zinc over 36.1 metres, 11.42 % zinc over 22.7 metres, 18.51% zinc over 12.3 metres and 18.53% zinc over 21.4 metres. Zincore plans to finish drilling at the end of October after which it will work towards generating a technical report on the project.
The drill was also kind to South American Silver as the company climbed 43% to $1.00 after reporting extremely wide intercepts from its Malku Khota silver-indium project in Bolivia. Highlights included 286.4 metres grading 75.8 grams silver equivalent, 318 metres of 150.5 grams silver equivalent and 202 metres of 113.5 grams silver equivalent. The company says it has drilled 6,000 metres of the 11,500-metre drilling campaign for this year.
Crocodile Gold poured a record amount of gold in September and the market rewarded the company with a 34% boost to its share price as it finished at $1.49. The company said it poured 10,024 oz. gold for September and is on track to produce 85,000 oz. for the year. Crocodile is producing gold from three open-pit mines and one underground mine, all of which are in Australia’s Northern Territory.
And a takeover bid for GlobeStar Mining had that company’s shares up 34% to $1.58. The offer comes from Australianbased, but majority Chinese owned, Perilya Ltd, and is for $1.65 per share -a 30% premium. GlobeStar’s board said it fully supported the bid, which its shareholders will have 35 days to accept.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Kinross Gold | K | 43604 | 19.98 | 18.94 | 19.25 | -0.01 |
Eastern Platin | ELR | 38839 | 1.59 | 1.37 | 1.51 | + 0.12 |
Andean Res | AND | 33550 | 6.43 | 6.18 | 6.30 | -0.01 |
Crowflight Mnl | CML | 27608 | 0.06 | 0.05 | 0.05 | -0.01 |
Western Coal | WTN | 26804 | 6.89 | 5.97 | 6.80 | + 0.62 |
Yamana Gold | YRI | 26643 | 12.12 | 11.39 | 11.71 | + 0.05 |
Crocodile Gold | CRK | 24933 | 1.65 | 1.08 | 1.49 | + 0.38 |
Lundin Mng | LUN | 23369 | 5.55 | 5.01 | 5.50 | + 0.28 |
Teck B | TCKB | 18635 | 45.18 | 42.11 | 45.01 | + 1.66 |
Goldcorp | G | 18382 | 46.09 | 43.58 | 44.56 | + 0.01 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Zincore Mtls | ZNC | 3763 | 0.63 | 0.37 | 0.60 | + 66.6 |
DynacorGoldM | DNG | 742 | 0.84 | 0.53 | 0.84 | + 50.0 |
South Am Silvr | SAC | 4449 | 1.00 | 0.68 | 1.00 | + 42.8 |
Geologix Ex | GIX | 7124 | 0.47 | 0.32 | 0.47 | + 42.4 |
Crocodile Gold | CRK | 24933 | 1.65 | 1.08 | 1.49 | + 34.2 |
Globestar Mng | GMI | 4435 | 1.62 | 1.20 | 1.58 | + 33.9 |
Cluff Gold | CFG | 28 | 2.90 | 1.75 | 2.24 | + 33.3 |
Polaris Minls | PLS | 3481 | 1.16 | 0.85 | 1.10 | + 29.4 |
Alexco Res | AXR | 2180 | 6.35 | 4.56 | 6.02 | + 28.6 |
Caledonia Mng | CAL | 7014 | 0.09 | 0.07 | 0.09 | + 28.5 |
Hard Creek Ni | HNC | 237 | 0.31 | 0.24 | 0.26 | -18.7 |
Contl Precious | CZQ | 360 | 0.65 | 0.52 | 0.53 | -18.4 |
Timminco | TIM | 6824 | 0.47 | 0.37 | 0.37 | -17.7 |
Golden Peaks | GL | 101 | 0.61 | 0.51 | 0.51 | -17.7 |
Acadian Mng | ADA | 2207 | 0.05 | 0.05 | 0.05 | -16.6 |
Crowflight Mnl | CML | 27608 | 0.06 | 0.05 | 0.05 | -16.6 |
Franconia Mnls | FRA | 1339 | 0.59 | 0.49 | 0.51 | -13.5 |
Laramide Res | LAM | 1036 | 1.68 | 1.43 | 1.44 | -13.2 |
Velocity Minls | VLC | 49 | 0.16 | 0.14 | 0.14 | -12.5 |
EMC Metals | EMC | 566 | 0.08 | 0.07 | 0.07 | -12.5 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Agrium | AGU | 6257761 | 82.12 | + 5.62 |
First Quantum | FM | 4008117 | 84.63 | + 4.71 |
PotashCpSask | POT | 5669751 | 147.50 | + 2.50 |
Inmet Mining | IMN | 1463119 | 60.01 | + 2.44 |
Cameco Corp | CCO | 5186362 | 30.21 | + 1.69 |
Teck B | TCKB | 18635045 | 45.01 | + 1.66 |
Teck A | TCKA | 20161 | 45.18 | + 1.58 |
Franco-Nevada | FNV | 1753051 | 33.82 | + 1.47 |
Silver Std Res | SSO | 953179 | 22.25 | + 1.46 |
Alexco Res | AXR | 2180108 | 6.02 | + 1.34 |
Newmont Mng | NMC | 27384 | 63.55 | -1.41 |
Detour Gold | DGC | 2371585 | 28.06 | -1.19 |
Allied Nevada | ANV | 1426306 | 26.85 | -1.04 |
Royal Gold | RGL | 29277 | 50.50 | -0.83 |
Golden Mnls | AUM | 627162 | 19.38 | -0.82 |
SouthGobi Res | SGQ | 337906 | 10.10 | -0.51 |
Minefinders | MFL | 2164887 | 9.44 | -0.50 |
Coeur d Alene | CDM | 65384 | 20.09 | -0.40 |
Alamos Gold | AGI | 4161910 | 16.94 | -0.37 |
Ventana Gold | VEN | 1911043 | 10.04 | -0.36 |
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