Toronto’s main stock market index continued to falter as lingering worries over lending markets, the health of the U.S. economy and a weaker U.S. dollar battered investor confidence. The TSX Composite Index fell 138.72 points over the Nov. 20-26 period to finish at 13,321.05.
Meanwhile, gold prices retreated somewhat after hitting US$845.40 an oz. earlier this month — their highest level since January 1980. The spot price of gold closed at US$826.80 per oz. on Nov. 26. The Global Gold Index fell 3.24 points to 312.650.
Despite the drop in the index, however, big-name gold companies still fared well for the most part during the trading period as investors continued to hedge their bets with gold against the ongoing turbulence in the financial and credit markets.
Barrick Gold was up $2.90 to $41.17 a share and Goldcorp rose $3.07 to close at $33.20 per share. Kinross Gold’s shares were up $1.14 to $17.75 apiece, while its warrants rose sharply by 58.6% to 92.
Newmont Mining, meanwhile, was riding high on news released Nov. 21 that it plans to launch an initial public offering of its Franco-Nevada unit.
Newmont is expected to raise about $1 billion from the IPO of the former TSX-listed company that it bought in 2002. Newmont shares rose $2.01 to $49.91.
NovaGold Resources was hammered on news that development has been suspended at its Galore Creek copper-gold-silver project, a joint venture with Teck Cominco. The companies announced that soaring costs and a much delayed construction schedule were to blame, along with shrinking operating margins, which they attributed to the stronger Canadian dollar. The project will be put on care and maintenance while the companies examine alternative development strategies. NovaGold shares fell $8.74 to close at $9.25 apiece.
Overall, the Capped Metals and Mining Index had a bad week as well, falling 19.63 points to 744.73. A handful of base metal miners reflected that poor performance. Teck Cominco’s A-series shares fell $4.05 to $44.20 while its B-series stock dropped $3.66 to $35.67. Pure Nickel, meanwhile, fell 27% to 54 and Constellation Copper dropped 28.5% to 7.5.Equinox Minerals was the period’s most actively traded, with roughly 66 million shares changing hands. Infill drilling has indicated that its Lumwana copper deposit, in northwestern Zambia, also hosts discrete zones of high-grade uranium mineralization.
The 1,355-sq.-km Lumwana project — which will be Africa’s largest copper mine when it goes into production — hosts measured and indicated reserves of 321 million tonnes averaging 0.73% copper, plus 417 million inferred tonnes of 0.6% copper. Equinox’s shares finished 32 lower at $4.16.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Kinross Gld wt | K_T | 6001 | 1.16 | 0.64 | 0.92 | + | 58.6 |
| Extract Res | EXT | 33 | 1.20 | 0.90 | 1.20 | + | 44.5 |
| South Am Silvr | SAC | 913 | 0.62 | 0.465 | 0.62 | + | 37.7 |
| Birch Mountn | BMD | 1042 | 0.90 | 0.58 | 0.77 | + | 28.3 |
| Ascendant C wt | ACX_T | 60 | 0.05 | 0.03 | 0.05 | + | 25.0 |
| CGA Mining | CGA | 430 | 1.80 | 1.33 | 1.65 | + | 24.0 |
| Euro Res | EUR | 15 | 1.35 | 1.10 | 1.35 | + | 22.7 |
| Capital Gold | CGC | 392 | 0.77 | 0.63 | 0.77 | + | 22.2 |
| HMZ Metals | HMZ | 748 | 0.03 | 0.025 | 0.03 | + | 20.0 |
| Australn Solom | SGA | 88 | 0.78 | 0.68 | 0.78 | + | 20.0 |
| NovaGold Res | NG | 9598 | 19.99 | 9.09 | 9.25 | – | 48.5 |
| La Mancha Res | LMA | 530 | 0.55 | 0.35 | 0.39 | – | 31.5 |
| Constel Copper | CCU | 17356 | 0.12 | 0.065 | 0.075 | – | 28.5 |
| Inspiration Mg | ISM | 598 | 4.80 | 3.34 | 3.42 | – | 27.2 |
| Pure Nickel | NIC | 949 | 0.92 | 0.54 | 0.54 | – | 27.0 |
| New Gold wt | NGD_T | 50 | 0.12 | 0.05 | 0.05 | – | 23.0 |
| Vaaldiam Res | VAA | 906 | 0.68 | 0.52 | 0.57 | – | 16.1 |
| OceanaGold | OGC | 355 | 2.65 | 2.15 | 2.15 | – | 15.6 |
| Independent Ni | INI | 359 | 0.44 | 0.38 | 0.38 | – | 15.5 |
| Baffinland Irn | BIM | 404 | 3.93 | 3.31 | 3.35 | – | 14.9 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | |||
| ISh COMEX G Tr | IGT | 24243 | 80.50 | + | 4.40 |
| Major Drilling | MDI | 349106 | 57.00 | + | 3.97 |
| Goldcorp | G | 15874959 | 33.20 | + | 3.07 |
| Barrick Gold | ABX | 12225655 | 41.17 | + | 2.90 |
| Pan Am Silv wt | PAA_T | 42676 | 21.00 | + | 2.66 |
| Fording C C T | FDG_U | 2912398 | 32.25 | + | 2.43 |
| Central Gold-T | GTU_U | 38505 | 31.00 | + | 2.10 |
| Meridian Gold | MNG | 583310 | 36.63 | + | 2.06 |
| Thompson Creek | TCM | 6794850 | 19.24 | + | 2.04 |
| Newmont Mng | NMC | 155928 | 49.91 | + | 2.01 |
| NovaGold Res | NG | 9598141 | 9.25 | – | 8.74 |
| Teck Comin A | TCKA | 22829 | 44.20 | – | 4.05 |
| Teck Comin B | TCKB | 19450705 | 35.67 | – | 3.66 |
| Inmet Mining | IMN | 2161354 | 77.68 | – | 2.82 |
| Labdr I-Ore Ro | LIF_U | 244758 | 40.14 | – | 1.86 |
| Horizns G Bear | HGD | 1467563 | 13.47 | – | 1.53 |
| Russell Metals | RUS | 3700530 | 23.50 | – | 1.47 |
| Altius Mnrls | ALS | 372355 | 24.35 | – | 1.46 |
| Katanga Mng | KAT | 1066629 | 13.60 | – | 1.41 |
| Inspiration Mg | ISM | 597623 | 3.42 | – | 1.28 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Equinox Minls | EQN | 66758 | 4.60 | 3.98 | 4.16 | – | 0.32 |
| Breakwater Res | BWR | 44013 | 1.90 | 1.62 | 1.66 | – | 0.05 |
| Yamana Gold | YRI | 23484 | 14.04 | 12.53 | 13.31 | + | 0.94 |
| Uranium One | UUU | 21381 | 9.54 | 8.43 | 8.70 | – | 0.30 |
| Teck Comin B | TCKB | 19451 | 39.94 | 35.45 | 35.67 | – | 3.66 |
| Kinross Gold | K | 19413 | 18.46 | 16.90 | 17.75 | + | 1.14 |
| Eastern Platin | ELR | 18230 | 2.68 | 2.35 | 2.63 | + | 0.12 |
| Constel Copper | CCU | 17356 | 0.12 | 0.065 | 0.075 | – | 0.03 |
| Goldcorp | G | 15875 | 34.28 | 30.84 | 33.20 | + | 3.07 |
| Redcorp Vent | RDV | 14304 | 0.24 | 0.19 | 0.20 | – | 0.035 |
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