Toronto Stock Exchange May 23-29

The Bank of Canada raised its benchmark rate a quarter point for the seventh time in a row, bringing the rate to 4.25% on May 24. But some market watchers believe the rate hikes may be over, and as a result, the hike didn’t help the loonie’s trading over the May 23-29 trading period — nor did a downturn in commodities earlier in the week.

But strong underlying factors for commodities prices — namely, tight supply and continued strong demand — brought metals and the TSX back up 2.7% or 305.55 points over the period to 11,845.48. The gold index rose 1.8% or 5.74 points to 308.35, while the diversified miners rose 5.1% to 520.23.

Bema Gold was the most heavily traded miner with over 35 million shares changing hands. The company announced a 15% increase in probable reserves at its Kupol project in northeastern Russia; probable reserves now stand at roughly 8 million tonnes grading 16.8 grams gold per tonne and 205 grams silver for about 4.5 million oz. gold and 54 million oz. silver. Bema’s shares were up roughly 8% on the week at $5.78.

EuroZinc Mining continued to be one of the most popular miners on the market. The Vancouver-based company’s large number of outstanding shares and continued investor interest in zinc and copper — especially that produced in politically stable regions, such as Portugal, where the company has a number of projects — has kept EuroZinc on the radar.

Aurizon Mines was the biggest percentage gainer on the week with Northgate Minerals’ announcement that it intends to take over the Vancouver-based junior. Northgate is offering Aurizon shareholders 0.741 of a Northgate share for the equivalent Aurizon share. Aurizon shares were up 41% at $3.25, while Northgate gained 3% to close at $4.18 on the week. Positive exploration results caused a spike in Northgate’s shares on May 26. The company announced recent drilling intersected 8.92 grams gold per tonne over 218 ft.

Other gainers were: Caldera Resources, up 40% at 7 and Lumina Resources, which gained over 33% to close at 95.

After being one of the biggest losers the previous week, Blue Pearl Mining corrected itself and was one of the session’s big gainers, closing up over 25% at $2.57.

On the flipside, Brazillian Diamonds came tumbling down after a big gains the week before. The Vancouver-based junior lost nearly 23% on no news, ending at 24.

Another big loser on the week was Vancouver-based Formation Capital; the company lost 18.9% after announcing it would reconfigure its cobalt project near Salmon, Idaho, to address environmental concerns over the release of tailings into nearby streams. Once developed, the project will be the only primary cobalt mine in North America.

TSX greatest percentage change

VOLUME(000S) HIGH LOW CLOSE CHANGE
Aurizon Mines ARZ 21974 3.30 2.89 3.25 +41.3
Caldera Res CDR 3086 0.11 0.07 0.105 +40.0
Blue Pearl wt BLE.WT 277 1.93 1.12 1.93 +38.8
Lumina Res LUR 379 1.09 0.74 0.95 +33.8
HMZ Metals wt HMZ.WT 106 0.02 0.015 0.02 +33.3
Tahera Diam TAH 2545 3.05 2.18 2.90 +28.8
Blue Pearl Mng BLE 2787 2.59 1.72 2.57 +25.9
Minco Silver MSV 158 4.20 3.35 4.15 +25.7
Guyana Gldflds GUY 1021 8.15 6.26 7.93 +23.9
Capstone Gold CS 1473 1.92 1.48 1.89 +22.7
Brazilian Diam BDY 145 0.325 0.23 0.24 -20.0
Formation Cap FCO 2121 0.36 0.265 0.30 -18.9
Tiomin Res TIO 1797 0.365 0.265 0.29 -17.1
Central Asia G CGA 29 0.46 0.38 0.38 -15.5
Candente Res DNT 609 0.95 0.70 0.82 -15.4
Entree Gold ETG 1069 1.62 1.30 1.40 -12.5
Western C Coal WTN 417 2.61 2.23 2.29 -11.9
Pure Gld Mnr PUG 3053 0.085 0.075 0.075 -11.7
Pine Valley Mg PVM 217 1.45 1.18 1.26 -11.2
Teal Expl & Mg TL 14 5.20 4.70 4.75 -10.3

TSX greatest value change

VOLUME CLOSE CHANGE
Teck Comin B TEK.SVB 12843069 71.83 +6.14
Glamis Gold GLG 9523890 42.50 +4.74
First Quantum FM 2332642 53.85 +4.54
Lundin Mng LUN 338752 34.39 +4.18
Inmet Mining IMN 1501198 40.25 +3.85
Cameco Corp CCO 5084078 46.36 +2.82
Inco wt N.WT 42775 42.46 +2.46
Inco Ltd N 7861876 72.02 +1.84
Alcan AL 7183869 56.85 +1.80
Tenke Mining TNK 737795 14.25 +1.75
ISh COMEX G Tr IGT 47743 72.50 -1.05
Greystar Res GSL 281450 10.40 -0.80
Banro Res BAA 106202 12.00 -0.79
Central Gold-T GTU.UN 29436 26.80 -0.70
Teck Comin A TEK.MVA 38789 78.90 -0.56
Teal Expl & Mg TL 13600 4.75 -0.55
Potash Cp Sask POT 841345 102.98 -0.41
Moto Gold Mine MGL 984940 5.84 -0.41
Shore Gold SGF 2989389 5.55 -0.37
Western C Coal WTN 417400 2.29 -0.31

TSX most active issues

VOLUME(000S) HIGH LOW CLOSE CHANGE
Bema Gold BGO 35839 5.78 5.11 5.78 +0.45
EuroZinc Mng EZM 27718 2.89 2.29 2.82 +0.40
Aurizon Mines ARZ 21974 3.30 2.89 3.25 +0.95
Northgate Mnls NGX 19098 4.30 3.65 4.18 +0.13
Paladin Res PDN 15271 3.60 3.01 3.51 -0.15
Falconbridge FAL.LV 15159 56.24 53.10 55.94 +0.56
Kinross Gold K 14315 12.74 11.51 12.28 +0.22
Yamana Gold YRI 13653 11.26 9.65 11.19 +0.88
Breakwater Res BWR 13279 1.40 1.09 1.38 +0.17
Dynatec Corp DY 13192 1.4
8
1.34 1.44 +0.04
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