TSX struggled in the Apr. 25-29 trading week

The TSX composite index dropped 27.23 points or 0.20% to finish the Apr. 25-29 trading week at 13,944.79, while the Capped Metals & Mining index rose 8.11 points or 0.55% to 1,485.47 and the Global Gold index fell 6.77 points or 1.64% to finish at 405.85. Twenty-three companies on the Toronto Stock Exchange reached new 52-week highs, while eight sank to new 52-week lows.

The three most active stocks of the week — Equinox Minerals, Lundin Mining and Barrick Gold — were all heavily traded due to takeover bids. Equinox Minerals advanced 60¢ to $8.10 per share following Barrick Gold’s announcement of an all-cash takeover bid for the copper producer of $8.15 per share. Barrick’s shares fell sharply on the announcement, losing $4.75 to close at $48.32 per share.

Lundin, meanwhile, rose 15.7% or $1.26 to close the week at $9.26 after Toronto’s Globe and Mail reported that a Chinese-led group plans to bid for the company. The daily newspaper claimed on Apr. 29 that a consortium headed by China’s Jinchuan Group, which includes the country’s sovereign wealth fund, China Investment Corp., was planning a takeover bid. In response to speculation in the media, Lundin would only say in a press release that it is “undertaking a strategic process to explore options to create shareholder value.”

First Quantum Minerals topped the list of value gains on no news, rising $4.86 to $134.83 per share. Central Gold Trust, which holds pure refined gold bullion, was up $1.47 to $56.57 per share. On Apr. 29 the company reported that net assets in the first quarter increased by US$16.8 million or 1.9% to a total of US$839.9 million during the three months ended Mar. 31 2011.

Shares of.Agnico-Eagle Mines advanced 93¢ to $65.92. The gold producer announced. net income reached US$45.3 million or 27¢ per share in the first quarter, up from 22.3 million or 14¢ per share in the first quarter of 2010. Net income in the three months ended Mar. 31  included a non-cash foreign currency translation loss of US$14.1 million, or 8¢ per share, stock option expenses of US$18.5 million, or 11¢ per share, and expenses of US$3.1 million, or 2¢ per share related to the Mar. 10 fire at Meadowbank. (It also included a gain on the sale of investments of US$4.4 million.)

IInmet Mining — still struggling after the recent termination of an agreement to merge with Lundin Mining — fell $3.38 to $66.40 per share. Merger-related costs reached $6 million, the company noted in a press release. Earnings in the first quarter reached $2.33 per share, reflecting earnings from discontinued operations of $1.36 per share after the sale in January of its interest in Ok Tedi and 97¢ per share from continuing operations compared to 96¢ per share in the first quarter of 2010.