After rebounding in the previous period, the S&P/TSX Composite index fell back into its prior downward trend, retreating nearly 450 points to finish the June 30-July 6 period at 10,027.
Worse than expected bankruptcy and unemployment numbers fed investor fears that the global economic recovery will be slower than most had recently come to believe. That turn in sentiment caused commodity prices to drop and took the index along for the ride.
Both the price of oil and gold fell, with gold down roughly US$10 to finish in the US$924-per-oz. range. That weighed down the Global Gold index, as it fell roughly 20 points to finish at 305.99.
The base metal producers didn’t fare much better. With copper, aluminum, nickel, tin, lead and zinc prices all softer, the Capped Metals and Mining index fell 5 points to finish at 612.56.
Lower prices didn’t hurt Ivanhoe Mines, however. The Vancouver-based company that holds one of the world’s largest copper-gold deposits through its stake in the Oyu Tolgoi project in Mongolia, surged 35% to finish the period at $8.61. The company’s share price has fluctuated wildly of late, as speculation continues to swirl over when the government will sign off on the investment agreement it needs to begin construction. There were rumours out of Mongolia that the deal could be approved by parliament before it adjourns for holidays in mid-July.
Teck shares were the most actively traded with roughly 36 million shares changing hands, and the company managed a gain in market cap as well. The stock finished the period 99¢ higher at $19.57 after Teck announced that a state-run Chinese sovereign wealth fund, known as China Investment Corp. (CIC), was investing $1.7 billion in the company. The money gets CIC roughly 17% of Teck, but only 6% of voting rights due to Teck’s dual-class share structure. The diversified miner will use the money to pay down a significant portion of its term loan. The size of its debt — taken on to buy Fording Canadian Coal Trust in 2008, just before coal prices fell and cash flows were crimped — had caused concern on the market over the last year.
Gabriel Resources saw its shares fall 27% to finish the period at $1.40. The fall came after the company experienced yet another setback at its Rosia Montana gold project in Romania. The latest news was that a Romanian court of appeals had ruled against the company in connection with the suspension of its environmental review process. The company had argued that it was not legally required to produce an urbanism certificate — a document detailing the legal, economic and technical regime for a project — as part of its environmental assessment. The court, however, upheld a previous decision requiring the company to do so. The environmental review process was suspended in 2007 after opposition from non-governmental organizations.
TSX most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Teck B TCKB | 36456 | 21.03 | 18.05 | 19.57 | + 0.99 |
Equinox Minls EQN | 24033 | 2.83 | 2.20 | 2.24 | -0.60 |
WesternCCoalWTN | 22465 | 1.99 | 1.61 | 1.66 | -0.29 |
Lundin Mng LUN | 14404 | 3.41 | 3.08 | 3.09 | -0.30 |
Yamana Gold YRI | 13073 | 10.77 | 10.06 | 10.10 | -0.51 |
GrandeCacheCGCE | 12326 | 2.00 | 1.68 | 1.69 | -0.21 |
Denison Mines DML | 12249 | 2.02 | 1.78 | 1.84 | -0.13 |
Eastern Platin ELR | 11227 | 0.55 | 0.49 | 0.50 | -0.02 |
Ivanhoe Mines IVN | 9115 | 8.70 | 6.40 | 8.61 | + 2.25 |
Tiomin Res TIO | 8800 | 0.03 | 0.01 | 0.02 | 0.00 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Firstgold | FGD | 594 | 0.05 | 0.03 | 0.05 | + 66.6 |
Colombia Goldf | GOL | 4718 | 0.09 | 0.04 | 0.06 | + 50.0 |
Ivanhoe Mines | IVN | 9115 | 8.70 | 6.40 | 8.61 | + 35.3 |
Entree Gold | ETG | 2026 | 1.74 | 1.09 | 1.42 | + 30.2 |
Anaconda Mng | ANX | 182 | 0.23 | 0.19 | 0.23 | + 27.7 |
Crystallex Int | KRY | 891 | 0.31 | 0.25 | 0.30 | + 25.0 |
Mundoro Cap | MUN | 545 | 0.75 | 0.58 | 0.72 | + 24.1 |
PC Gold | PKL | 952 | 0.74 | 0.52 | 0.74 | + 23.3 |
Jinshan Gold M | JIN | 627 | 1.12 | 0.89 | 1.09 | + 22.4 |
Erdene Res Dev | ERD | 57 | 0.29 | 0.23 | 0.28 | + 21.7 |
Gabriel Res | GBU | 8410 | 1.95 | 1.12 | 1.40 | -27.4 |
North Atlc Res | NAC | 1286 | 0.09 | 0.06 | 0.06 | -25.0 |
Gryphon Gold | GGN | 314 | 0.19 | 0.15 | 0.15 | -25.0 |
Goldstake Exp | GXP | 168 | 0.04 | 0.03 | 0.03 | -25.0 |
Silver Wtn wtA | SLW_TA | 24 | 0.85 | 0.73 | 0.73 | -23.1 |
Equinox Minls | EQN | 24033 | 2.83 | 2.20 | 2.24 | -21.1 |
Athabasca Pota | API | 767 | 4.60 | 3.59 | 3.66 | -20.4 |
Keegan Res | KGN | 555 | 3.42 | 2.60 | 2.79 | -20.2 |
Breakwater Res | BWR | 7099 | 0.30 | 0.24 | 0.24 | -20.0 |
Treasury Metal | TML | 399 | 0.22 | 0.16 | 0.16 | -20.0 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Ivanhoe Mines | IVN | 9115228 | 8.61 | + 2.25 |
Seabridge Gold | SEA | 66889 | 30.89 | + 1.09 |
Teck B | TCKB | 36455836 | 19.57 | + 0.99 |
Horizns G Bear | HGD | 5767471 | 6.80 | + 0.70 |
Tec k A |
TCKA | 19467 | 20.57 | + 0.39 |
Entree Gold | ETG | 2025628 | 1.42 | + 0.33 |
US Gold Can Ac | UXE | 24830 | 2.81 | + 0.32 |
Potash Cp Sask | POT | 3124226 | 110.60 | + 0.25 |
JinshanGoldM | JIN | 627015 | 1.09 | + 0.20 |
Minefinders | MFL | 475406 | 8.40 | + 0.18 |
Agnico-Eagle | AEM | 1506025 | 59.33 | -3.67 |
Newmont Mng | NMC | 55776 | 45.75 | -3.38 |
Goldcorp | G | 7077153 | 39.10 | -2.75 |
Agrium | AGU | 2953622 | 45.12 | -2.50 |
Cameco Corp | CCO | 2830222 | 27.81 | -2.42 |
Barrick Gold | ABX | 7753133 | 38.29 | -2.07 |
First Quantum | FM | 2205843 | 53.83 | -1.72 |
Inmet Mining | IMN | 1213714 | 40.60 | -1.49 |
IShCOMEXGTr | IGT | 12711 | 105.40 | -1.41 |
Horizns G Bull | HGU | 7840244 | 11.02 | -1.38 |
Be the first to comment on "Toronto Stock Exchange June 30-July 6"