Toronto Stock Exchange
The S&P/TSX Composite Index slipped during the Nov. 7-11 trading week to 12,276.85 points, down 1%, or 131 points.
Investors watched the political drama unfold in Italy and Greece as the two struggled to contain their sovereign debt problems. In Athens, senior banker Lucas Papademos was appointed the new prime minister of an interim coalition government on Nov. 10. A day later, he swore in a new cabinet.
In Italy, Silvio Berlusconi promised to resign as premier after new economic reforms passed. On Nov. 11, Italy’s senate approved the economic reforms demanded by the European Union, allowing Berlusconi to leave his post the next day. Economist and former European Union commissioner Mario Monti is expected to replace Berlusconi.
The price of gold rose US$34.50 per oz. to US$1,788.50. The Global Gold Index followed, gaining 4.56 points to end at 430.13. However, the Capped Diversified Metals & Mining Index didn’t fare as well, dropping 88.67 points to 1,085.17.
Mariana Resources was the week’s biggest percentage gainer, gaining 36.3% to end at 15¢ on no news. The latest news that the company released contained drill results from 28 holes it completed on the Calandrias gold-silver project in Argentina. The best intercept was 40 metres carrying 1 gram gold per tonne from 8 metres, which included 1 metre of 10.8 grams gold.
Second up was Lithium Americas, jumping 32.4% to $1.55 a share. On Nov. 8, the company said it kick-started production at its newly constructed lithium carbonate pilot plant in Lakefield, Ont. The company expects to harvest 30 kg of battery-grade lithium carbonate a day from the plant. Once the pilot phase is completed, Lithium Americas will ship the plant to its Cauchari-Olaroz lithium project in Argentina.
Goldcorp was one of the biggest value gainers, moving up $2.17 to $54.48 on 13.6 million shares traded. The miner said it would pay a monthly dividend of 3.4¢ a share on Nov. 25. This marks the company’s eleventh monthly dividend for the year.
After posting better than expected third-quarter results, Coeur d’Alene advanced $2.04 a share to $29.77 apiece. The company reported all-time record sales and operating cash flow for both the period and the first nine months. Quarterly sales equalled US$343.6 million, while operating cash flow was US$151 million. For the nine months, sales and operating cash flow came in at US$774.3 million and US$356.9 million, respectively. Profit for the quarter was US$31.1 million, up from a loss of US$22.6 million in the same period last year.
Looking at the most heavily traded stocks for the week, Lundin Mining claimed the top spot with 35.3 million shares, but closed down 20¢ to $3.83 on no news. Kinross Gold trailed with 25.7 million shares traded, slipping 14¢ to $14.42, also on no news.
TSX most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Lundin MngLUN353074.063.653.83-0.20
Kinross GoldK2573515.2314.0114.42-0.14
Barrick GoldABX2106053.9951.2653.72+1.49
First QuantumFM2074523.0618.0318.97-3.84
Yamana GoldYRI1540116.9416.1016.62+0.15
Osisko MngOSK1514513.3111.6012.30-0.83
Teck BTCKB1447140.7237.3438.31-1.16
Mercator MnlsML140612.051.701.80-0.14
Lake Shore GldLSG137711.891.521.72-0.11
Crocodile GoldCRK136980.560.390.41-0.13
TSX greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Mariana ResMRY2720.150.120.15+36.3
Lithium AmericLAC5401.701.231.55+32.4
Starcore Int VSAM68020.240.160.22+29.4
Candente CopprDNT36631.491.081.41+27.0
New Dawn MngND341.391.091.27+23.3
Mawson ResMAW3252.081.642.06+21.1
TimmincoTIM13490.290.190.23+21.0
Caledonia MngCAL28060.130.090.12+20.0
Redhawk ResRDK11090.540.430.54+20.0
White Tigr GldWTG51161.050.841.04+19.5
Crocodile GoldCRK136980.560.390.41-24.0
Polaris MinlsPLS41740.330.200.23-23.3
Tanz Roy ExpTNX47963.801.592.86-23.3
CIC EnergyELC11742.301.671.75-22.2
Aura MnlsORA28881.711.291.30-22.1
Mines ManagmntMGT422.602.042.04-20.9
Serabi GoldSBI1860.200.140.16-20.0
Namibia Rare ENRE770.510.450.45-18.1
Crosshair E&MgCXX1760.550.440.45-18.1
Silver Std ResSSO192721.3614.8316.25-16.9
TSX greatest value change
WEEK
VOLUMECLOSECHANGE
Labdr I-Ore RoLIF_U66312834.94+2.22
GoldcorpG1360558054.58+2.17
Coeur d AleneCDM31315429.77+2.04
Royal GoldRGL3934182.36+1.94
Agnico-EagleAEM329232147.71+1.70
Barrick GoldABX2105982953.72+1.49
Kirkland Lk GdKGI139362320.25+1.47
Newmont MngNMC12646671.58+1.31
Franco-NevadaFNV209505943.10+1.28
Central Gold-TGTU_U2388468.35+1.05
First QuantumFM2074546918.97-3.84
Walter EnergyWLT1296973.08-3.82
Pan Am SilverPAA160239026.84-3.55
Silver Std ResSSO192657816.25-3.31
MinefindersMFL218743813.68-2.36
Ivanhoe MinesIVN460234420.75-2.07
Inmet MiningIMN80850959.91-1.89
Seabridge GoldSEA9509623.09-1.85
Cameco CorpCCO1030069220.03-1.74
Allied NevadaANV103963337.40-1.59
TSX Venture Exchange
Junior mining stocks maintained their slight downward trajectory in the Nov. 7-11 trading period, with the S&P/TSX Venture Composite Index slipping 8.7 points to end at 1,641.31 points. As in recent weeks, volume remained light at an average of 84 million shares traded daily.
CB Gold was the most active trader after the British Columbia Securities Commission forced the company to restate assay results from the first drill hole completed at its Vetas gold project in Colombia. CB restated the results using several top cuts, as a long interval of 115 metres grading 7.57 grams gold per tonne contained a small high-grade section of 2.09 metres grading 316.67 grams gold. With a 15-gram-gold-per-tonne top cut, the intersection is reduced to 115 metres grading 1.2 grams gold. Shares of CB Gold fell 33¢ following the disclosure on Nov. 8 from $1.71 to $1.38, before climbing back to end the week at $1.52.
Charging ahead as the trading period’s biggest value gainer was Lumina Copper, owner of the promising Taca Taca porphyry-copper-gold-molybdenum project in Argentina. Lumina’s largest shareholder is Vancouver resource magnate Ross Beaty, and Taca Taca is the last of 10 projects acquired by the company in 2003 amidst a downturn in the sector and low metal prices. It sold the rest of the projects for $1.2 billion in the years up to 2008, and restarted work on Taca Taca in mid-2010. A 40,000-metre drill program is ongoing and Lumina expects to release an updated resource estimate for the project soon. According to its 2010 annual report, Lumina plans on marketing the project for sale by the end of this year. Shares of the company gained 55¢ during the week to end at $9.90, and are up from $3.16 a year ago.
Having a tougher go of things is junior gold explorer Canaco Resources, which fell another 47¢ over the week to close at $1.39, a fresh 52-week low. The stock is down from a high of $6.45 in February. Canaco’s nine drill rigs are completing 11,000 metres of drilling per month at its flagship Magambazi gold project in Tanzania with the hope of compiling a maiden resource estimate there by the end of first-quarter 2012. Canaco’s market cap has declined from over $1 billion earlier this year to $265 million at present, despite the company having $120 million in its kitty and no debt. A prelimina
ry economic assessment for Magambazi is expected in mid-2012.
Rounding things off as the trading period’s biggest percentage gainer was Sino Vanadium, which rose 257.1% after announcing plans to take the company private for 27¢ a share. President Liu Bingqiang and director Ma Zhaoyang, along with eight other shareholders, already control 73.9% of the company’s shares. Sino Vanadium controls the Daquan property, an advanced-stage vanadium play in China’s Shaanxi province.
TSX-V most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
CB GoldCBJ90081.751.291.52-0.17
Aurcana CorpAUN89170.900.730.75-0.07
Canaco ResCAN75701.921.351.39-0.47
Rodinia LithmRM60650.310.200.26+0.06
Victoria GoldVIT60590.500.440.45-0.01
NWM MngNWM57070.120.090.100.00
Apogee MinlsAPE45700.210.180.19-0.01
Andean Am GoldAAG45510.430.250.41+0.11
Sandstorm GldSSL43701.471.281.44+0.16
Trade Winds VtTWD43590.470.440.45-0.01
TSX-V greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Sino VanadiumSVX1780.250.240.25+257.1
Knight ResKNP790.210.120.21+75.0
Kettle RiverKRR1140.050.040.05+66.6
Infinito GoldIG3800.220.120.22+57.1
Solid ResSRW14070.110.080.11+57.1
Duncan Park HDPH670.090.090.09+50.0
Lounor ExplLO9540.060.050.06+50.0
Canterra MnlsCTM6090.260.170.21+50.0
Defiance CaptlDEF360.750.500.66+43.4
Valencia VentVVI4660.100.060.10+42.8
Argonaut ExplAGA100.050.050.05-44.4
Mill Bay VentMBV310.080.060.06-40.0
Hudson River MHRM1760.080.050.05-37.5
Nomad VenturesNMD980.200.130.13-35.0
Stakeholdr GldSRC1900.090.070.08-33.3
Altair VentAVX1560.040.030.04-33.3
Firebird ResFIX130.500.410.41-31.6
Invenio ResIVO700.120.080.09-30.7
Rainy Mtn RoylRMO900.090.070.07-30.0
Firestone VentFV960.080.050.07-30.0
TSX-V greatest value change
WEEK
VOLUMECLOSECHANGE
Lumina CopperLCC2523859.90+0.55
Silver Range RSNG1554541.40+0.35
Quest Rare MnlQRM9495093.61+0.33
Bear Creek MngBCM13316754.66+0.33
Mirasol ResMRZ3834243.64+0.32
Gogold ResGGD1682781.58+0.30
Titanium CorpTIC9640422.20+0.28
Maudore MinlsMAO1235525.65+0.27
Strategic MetlSMD16050161.70+0.26
Samco GoldSGA5479001.20+0.25
Chesapeake GldCKG2479713.60-0.54
Canaco ResCAN75699731.39-0.47
Atac ResATC5971783.64-0.30
Loncor ResLN153001.72-0.27
St Elias MnsSLI8224282.08-0.26
D Arianne ResDAN23699271.68-0.25
Callinex MinesCNX462370.68-0.24
RoxgoldROG24163431.13-0.22
Pershimco ResPRO8635471.05-0.20
Verde PotashNPK1640517.40-0.20
U.S. Markets
Despite continued worries over European debt, U.S. companies have been reporting better than expected third-quarter results and strengthened domestic markets for the Nov. 7-11 period. The Dow Jones Industrial Average was up 170 points to 12,135.68, the S&P 500 Index was up 10 points to 1,263.85 and the Nasdaq Composite Index dropped only 5 points to 2,678.75.
On the ination front, lower gasoline prices eased concerns, but core ination is still holding on, which could freeze the federal government on further policy easing.
China Shen Zhou Mining & Resources made steady gains after announcing its third-quarter results. The Beijing-based company said its revenues were 96% higher than last year at US$7.1 million, while gross profit was up 64.4% to US$2.9 million. Earnings per share from continuing operations came in at 2¢ per share – the same as it was in 2010. The company says growth was driven by increased global demand, higher prices for fluorite resources and the Chinese government’s policy of tightening restrictions for new entrants into the fluorite industry. Outside of fluorite, the company is involved in developing and producing zinc, lead and copper within China. The company’s shares were 21% higher for the period and finished at $2.18.
Quarterly results from Brigus Gold were also well received, with shares rising 11% to $1.45 despite producing less gold than it did in the same period last year. Still, the market seemed focused on the year’s production levels trending in the right direction, with the company producing 16,838 oz. gold in the third quarter compared to 15,688 oz. in the second quarter, and just 8,772 oz. in the first quarter of the year.
The period’s big loser was Tanzanian Royalty Exploration, which saw its shares fall 23% to $2.84 on no news. Following the sell-off the company issued a statement saying that there was no particular event, other than a technical market situation, that could explain the trading action. The company has exploration-stage gold properties in Tanzania, and last month it signed a joint-venture agreement with Tanzania’s State Mining Corporation on the Buckreef gold project.
U.S. most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Alcoa*AA14626011.0210.1310.60-0.33
Freeport McMo*FCX10097242.1038.3739.86-0.46
Alpha Nat Res*ANR5270029.2925.0726.39-1.70
Hecla Mining*HL414857.006.156.70+0.17
Barrick Gold*ABX3735653.2650.1053.17+1.75
Newmont Mng*NEM3459872.4267.9370.49+1.11
Molycorp*MCP3211642.9033.1133.45-6.73
Silver Wheatn*SLW3203137.3833.7636.28+0.19
Kinross Gold*KGC3061815.0413.7314.26-0.07
Potash C Sask*POT3052849.5845.1746.86-1.19
U.S. greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Silver Dragon*SDRG29910.090.070.08+33.3
Caledonia Mng*CALVF19140.120.080.12+33.3
Habanero Res*HBNRF860.080.060.08+33.3
Tri-Valley*TIV25650.230.170.22+29.4
China Shen Zh*SHZ3672.601.852.18+21.1
Kobex Mnls*KXM1170.640.540.64+14.2
Dejour Enterp*DEJ2800.410.350.40+11.1
Brigus Gold*BRD4541.521.321.45+10.6
Petaquilla Mn*PTQMF7910.790.700.77+10.0
Infrastrc Mat*IFAM1680.110.100.11+10.0
Grandview Gld*GVGDF220.040.010.01-66.6
Tanz Roy Exp*TRX211703.771.562.84-22.8
Mines Managem*MGN6532.572.002.07-19.1
Silver Std Re*SSRI1512021.0714.5216.00-17.1
Molycorp*MCP3211642.9033.1133.45-16.7
Samex Mng*SMXMF2650.910.740.75-14.7
Minefinders*MFN419016.2313.3013.50-14.0
Crosshair E&M*CXZ360.540.440.46-13.2
Douglas Lk Ml*DLKM4380.170.140.15-11.7
Li3 Energy*LIEG22580.100.080.08-11.1
U.S. greatest value change
WEEK
VOLUMECLOSECHANGE
Goldcorp*GG2798242353.95+2.25
Coeur d Alene*CDE1319195729.40+2.15
Royal Gold*RGLD411137781.29+2.00
Cabot Corp*CBT404844232.95+1.77
Barrick Gold*ABX3735610353.17+1.75
Agnico-Eagle*AEM1074035147.13+1.73
AngloGold Ash*AU1046146348.83+1.59
Franco-Nevada*FNV49608442.62+1.50
Buenaventura*BVN523729444.38+1.50
Newmont Mng*NEM3459809270.49+1.11
Molycorp*MCP3211568733.45-6.73
Walter Energy*WLT118389972.00-3.63
Silver Std Re*SSRI1512036216.00-3.30
Pan Am Silver*PAAS668505626.58-3.21
Peabody Enrgy*BTU2918316740.43-3.14
OM Group*OMG221183325.97-2.55
Minefinders*MFN418997013.50-2.20
Consol Energy*CNX1277800042.89-1.83
Ivanhoe Mines*IVN1777144820.56-1.82
Cliffs Nat Rs*CLF1861729369.71-1.74
Be the first to comment on "Market news"