Market news

TORONTO STOCK EXCHANGE

The S&P/TSX Composite Index was down 68 points to 11,524.90 for the period, but it could have been much worse.

After bad economic data from the U.S. showed worsened industrial production, consumer sentiment and manufacturing conditions, investors were bracing for a steep sell-off. But negative momentum was mitigated by another economic indicator: inflation. With inflation numbers coming in under the Fed’s target rate, investors speculated that there is more room for the Fed to pursue another round of quantitative easing, which should bolster hard asset prices.

Assurances from central bankers and policy-makers that plans were in place to respond to market volatility — should Greece’s weekend elections trigger any chaos — also helped.

The S&P/TSX Global Gold Index was off a point to 321.82, despite the price of gold gaining US$26, to close at U$1,628.10 per oz.

The S&P/TSX Capped Diversified Metals & Mining Index was down 6 points to 894.6, with base-metal prices a mixed bag. Copper, zinc and lead prices were higher, and nickel and aluminum prices fell.

First Uranium shares were up 26% to 24¢ after shareholders voted in favour of deals to sell its Mine Waste Solutions tailings-recovery operation in South Africa and its Ezulwini gold mine. AngloGold Ashanti will get the Mine Waste Solutions operation for $335 million, while Gold One International gets the Ezulwini mine for $70 million.

Construction progress of a full-scale ­alumina plant got Orbite Aluminae’s share price rolling. The company’s shares were up 19% to $1.97 after it announced that it was converting its Cap-Chat pilot plant in Quebec into a full-scale facility. In February of last year the company announced it had produced high-purity alumina at the plant using its own proprietary technology. The larger facility could cost between $26 million and $30 million, and is expected to produce 3 tonnes of alumina per day.

Investors weren’t as enthused with news from South American Silver. The company’s shares were off 23% to $1.05 after it updated investors on its Malku Khota project in Bolivia. The company is having problems with a group of artisanal miners on the property. The company says the artisanals are encouraging confrontations between the communities and the company, and are impeding the project. The artisanals have also joined with activists from outside the local community and have recently protested in La Paz, as well as near the project site. To help settle the issue the minister of mines has mandated a consultation period with the local indigenous communities before the extraction phase of the project begins — which is targeted for 2014 or 2015.

TSX most active issues

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
Romarco Mnrls R 21653 0.65 0.50 0.53 -0.07
First Uranium FIU 21122 0.26 0.16 0.24 +0.05
Eldorado Gold ELD 20868 13.40 11.96 13.23 +1.13
Kinross Gold K 19956 9.21 8.37 9.05 +0.54
Ivanhoe Mines IVN 19193 11.00 9.58 9.60 -1.12
Barrick Gold ABX 18757 40.38 39.10 40.28 +0.15
Great Basin Go GBG 16711 0.80 0.63 0.80 +0.09
Avlon Gold AVR 16508 0.61 0.47 0.54 -0.05
Lake Shore Gld LSG 16471 1.17 0.95 0.96 -0.09
Yamana Gold YRI 13832 17.03 16.06 16.36 +0.05

TSX greatest percentage change

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
Calvista Gold CVZ 473 0.40 0.22 0.37 +30.3
Energizer Res EGZ 1387 0.37 0.26 0.33 +26.9
Aura Mnls ORA 1130 0.55 0.38 0.50 +26.5
First Uranium FIU 21122 0.26 0.16 0.24 +26.3
Geovic Mng GMC 179 0.10 0.09 0.10 +25.0
Polaris Minls PLS 52 0.67 0.51 0.67 +21.8
INV Metals INV 126 0.14 0.11 0.13 +19.0
Orbite Alumnae ORT 2099 1.97 1.66 1.97 +18.6
Tanz Roy Exp TNX 882 5.18 4.26 4.97 +17.7
Acadian Mng ADA 42 0.10 0.08 0.10 +17.6
Homeland Enrgy HEG 367 0.03 0.02 0.03 -37.5
Starfield Res SRU 231 0.02 0.01 0.01 -33.3
Africo Res ARL 17 0.53 0.43 0.43 -30.6
Baja Mng BAJ 4033 0.22 0.15 0.15 -30.2
South Am Silvr SAC 786 1.37 0.96 1.05 -22.7
Lucara Diam LUC 3232 1.02 0.75 0.78 -22.0
Teranga Gold TGZ 1800 2.19 1.70 1.70 -20.5
Intl Tower Hill ITH 762 3.56 2.66 2.66 -20.3
Stockport Expl SPT 59 0.12 0.08 0.08 -20.0
Northcliff Res NCF 35 0.65 0.52 0.52 -20.0

TSX greatest value change

< td>IVN

 VOLUME WEEK
CLOSE CHANGE
Agrium AGU 3793254 83.89 +2.40
Agnico-Eagle AEM 7487982 42.91 +1.61
Franco-Nevada FNV 2632958 47.12 +1.56
Cameco Corp CCO 6219531 21.20 +1.48
LAbdr I-Ore Ro LIF_U 614854 33.45 +1.42
First Quantum FM 13190870 19.43 +1.25
Teck Res B TCKB 12203386 32.94 +1.24
Eldorado Gold ELD 20868105 13.23 +1.13
Tanz Roy Exp TNX 881714 4.97 +0.75
Allied Nevada ANV 737878 30.32 +0.60
Royal Gold RGL 127021 79.37 -1.83
Ivanhoe Mines 19193053 9.60 -1.12
Imperial Metal III 524527 9.68 -1.11
Semafo SMF 6090361 5.06 -0.73
Golden Mnls AUM 117600 4.76 -0.70
Intl Tower Hill ITH 762194 2.66 -0.68
Mag Silver MAG 437935 8.40 -0.65
Detour Gold DGC 1013896 23.02 -0.64
Richmont Mines RIC 411040 5.83 -0.60
Verde Potash NPK 72032 3.99 -0.56
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