Growing concern that efforts to lower public sector deficits could impede global growth caused the world’s major stock markets to lose much of their mid-week gains during the May 11-17 trading period and the TSX composite index was no exception.
The TSX fell 134.9 points, or 1.1%, to 11,813 points, despite having broken through the 12,000 level for a few days.
Mining stocks took the brunt of the drop; the Capped Metals and Mining index fell 107.75 points, or 10.8%, to 886.61. And further showing fear over global growth and stability, the Global Gold index rose 12.39 points, or 3.5%, as gold reached a new all-time high just below US$1,250 per oz.
Base metals miners were the top losers by value over the period. Copper miner First Quantum Minerals saw shares fall $8.48 to $64.98 apiece. First Quantum, which has projects in Mauritania, Democratic Republic of the Congo, Zambia, Finland and Australia, reported first quarter earnings of US$146.2 million, up from US$10.9 million in the first quarter of 2009.
Copper, coal and zinc miner Teck Resources saw its shares down $6.42 to $33.11, while copper, zinc and gold miner Inmet Mining saw share fall $5.71 to $46.44.
On the gaining side were the gold miners. Gold-focused royalty company Frankco-Nevada saw shares rise by $3.30 to $32.30, Newmont Mining shares were up $2.28 to $459.10 apiece while Royal Gold, another royalty company, saw shares rise $2.13 to $53.01.
Franco-Nevada released its first quarter results over the period. The company reported net income of $7.8 million compared to $3.8 million for the same period in 2009.
On a percentage basis, US Gold shares shone, rising 23.1% to $4.20 apiece. The company has been drilling its El Gallo and Palmarito silver projects in Sinaloa state, Mexico. Recent results from Palmarito include 16.1 metres grading 213.9 grams per tonne silver.
Intrepid Mines shares rose 21% over the period to 46¢ apiece. The company’s most recent news was in early May when it signed a deal to sell its Paulsens gold mine in Western Australia for A$27 million to Northern Star Resources.
Western Copper shares plunged 35% over the period to $1.24 apiece after the Yukon Water Board rejected the company’s application for a water licence at its Carmacks copper property that it’s planning to construct next year. The Board said that Western Copper’s plan to build a heap-leach mine to extract copper was not adequately explained and poses too many risks for the environment.
Cline Mining shares fell 24.2% to $1.44 apiece even though the company announced that its New Elk metallurgical coal mine in Colorado was on target to start production in the fourth quarter of this year to produce 1.3 million tons of metallurgical steelmaking coal in 2011.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Eastern Platin | ELR | 53378 | 1.32 | 1.03 | 1.07 | -0.19 |
Yamana Gold | YRI | 36145 | 12.03 | 11.20 | 11.50 | + 0.53 |
Eldorado Gold | ELD | 29841 | 18.93 | 17.05 | 17.87 | + 1.31 |
Teck B | TCKB | 27745 | 38.91 | 31.75 | 33.11 | -6.42 |
Barrick Gold | ABX | 27355 | 47.99 | 45.46 | 45.87 | + 0.92 |
Western C Coal | WTN | 26999 | 5.72 | 4.38 | 4.70 | -0.96 |
Lundin Mng | LUN | 26847 | 4.46 | 3.84 | 3.95 | -0.25 |
HoriznsGBear | HGD | 24120 | 3.47 | 3.08 | 3.32 | -0.30 |
Equinox Minls | EQN | 23192 | 3.89 | 3.22 | 3.44 | -0.40 |
New Gold | NGD | 23047 | 6.63 | 5.98 | 6.12 | + 0.19 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Acadian Mng | ADA | 7480 | 0.06 | 0.04 | 0.05 | + 25.0 |
US Gold Can Ac | UXE | 69 | 4.25 | 3.45 | 4.20 | + 23.1 |
Mediterrn Res | MNR | 1208 | 0.12 | 0.08 | 0.11 | + 22.2 |
Intrepid Mnrl | IAU | 2775 | 0.48 | 0.39 | 0.46 | + 21.0 |
OceanaGold | OGC | 7752 | 2.91 | 2.40 | 2.85 | + 19.7 |
Contintl Gold | CNL | 3539 | 3.17 | 2.37 | 2.85 | + 19.2 |
Orezone Gold | ORE | 1508 | 1.03 | 0.79 | 0.99 | + 19.2 |
PremierGoldM | PG | 2815 | 4.94 | 4.11 | 4.88 | + 18.4 |
Zazu Metals | ZAZ | 82 | 0.21 | 0.17 | 0.20 | + 17.6 |
VG Gold | VG | 1588 | 0.28 | 0.21 | 0.28 | + 16.6 |
Nord Res | NRD | 911 | 0.25 | 0.10 | 0.18 | -40.0 |
Western Copper | WRN | 1945 | 1.84 | 1.20 | 1.24 | -35.0 |
Treasury Metal | TML | 947 | 0.56 | 0.40 | 0.40 | -25.9 |
Cline Mng | CMK | 4877 | 1.87 | 1.31 | 1.44 | -24.2 |
Grande Cache C | GCE | 12905 | 6.37 | 4.62 | 4.92 | -23.8 |
Avnel Gold | AVK | 21 | 0.25 | 0.20 | 0.20 | -20.0 |
TriAusMin | TOR | 11 | 0.09 | 0.08 | 0.08 | -20.0 |
Copper Mtn Mng | CUM | 6586 | 2.70 | 2.20 | 2.20 | -18.5 |
Mercator Mnls | ML | 10739 | 2.15 | 1.63 | 1.67 | -18.1 |
Africo Res | ARL | 18 | 0.97 | 0.87 | 0.88 | -17.7 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Franco-Nevada | FNV | 4333718 | 32.30 | + 3.30 |
IShCOMEXGTr | IGT | 28963 | 123.60 | + 2.69 |
Newmont Mng | NMC | 108940 | 59.10 | + 2.28 |
Royal Gold | RGL | 23783 | 53.01 | + 2.13 |
CentralGold-T | GTU_U | 28527 | 52.24 | + 1.74 |
Silver Wheaton |
SLW | 15210927 | 21.40 | + 1.70 |
Goldcorp | G | 19015704 | 46.25 | + 1.67 |
Pan Am Silver | PAA | 1656076 | 27.99 | + 1.62 |
Seabridge Gold | SEA | 425730 | 34.69 | + 1.45 |
Eldorado Gold | ELD | 29840728 | 17.87 | + 1.31 |
First Quantum | FM | 3661957 | 64.98 | -8.48 |
Teck B | TCKB | 27745499 | 33.11 | -6.42 |
Inmet Mining | IMN | 1699355 | 46.44 | -5.71 |
Teck A | TCKA | 40558 | 35.17 | -4.30 |
Labdr I-Ore Ro | LIF_U | 457585 | 44.88 | -3.88 |
Agrium | AGU | 4696598 | 58.17 | -2.28 |
Major Drilling | MDI | 283016 | 22.98 | -1.84 |
PotashCpSask | POT | 4499822 | 104.62 | -1.65 |
Grande Cache C | GCE | 12905331 | 4.92 | -1.54 |
Quadra Mng | QUA | 10253836 | 12.42 | -1.41 |
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