TORONTO STOCK EXCHANGE -May 11-17

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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