Higher gold prices were seen as one of the saviours of the TSX Composite Index over the Sept. 11-17 trading session; the index finished the week 105.58 points higher at 13,809.86, despite continued worries over the slowing of the U.S. economy.
Gold’s bullish run lifted it another US$15.50, finishing the period at US$719 per oz. That helped miners like Yamana Gold — the period’s most actively traded with over 62 million shares changing hands — finish 25 higher at $12.19. Fellow gold miners Meridian Gold, Kinross Gold and Goldcorp also moved up on high volumes. Overall, however, stronger prices had only a marginal effect on the Global Gold Index. It gained just 1.85 to finish at 294.68.
The Capped Metals and Mining Index followed the market’s upward trend, climbing 23.72 points. While copper was down for the period, its price was gaining at presstime on low stockpiles at the London Metal Exchange. Nickel prices were higher as well, finishing at US$12.72 per lb., with lead, zinc and tin also seeing a lift.
Gains on base metals, however, were mitigated by fears of a U.S. economic slowdown squeezing demand. The U.S. is the second-largest consumer of copper.
Africo Resources made the biggest gains for the period after the Democratic Republic of the Congo’s (DRC) justice minister issued a letter saying that it, and not rival Akam, was the rightful owner of the Kalukundi copper and cobalt property. News of the letter sent the company’s shares up 70% to $1.70.
Khan Resources was also the recipient of good news from government. After being told in August that its exploration licence for the Additional Dornod uranium property was being revoked, the Mongolian government did an about-face. The government now says the licence will remain in Khan’s possession, but that the company will have to upgrade to a mining licence. The company’s shares soared nearly 44% on the news to $2.46.
Fellow uranium explorer Western Prospector Group also made gains on the news, climbing 60% to $2.37 per share. The company holds exploration licences at the Saddle Hills uranium project in Mongolia.
Renewed confidence in the Mongolian government also aided fellow Canadian miner QGX, which has coal and other properties in the country. The company’s shares gained 34% to $3.22 apiece for the week.
On the downside, Gabriel Resources took the brunt of market dissatisfaction after the Romanian government announced it was suspending its environmental impact assessment review of the company’s Rosia Montana gold project. The suspension comes on the heels of a court challenge to the environmental process by two NGOs, one of which — the Open Society Institute — is tied to billionaire philanthropist George Soros. The NGOs are challenging the validity of a certificate needed to win a construction permit.
TSX greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Africo Res | ARL | 668 | 2.25 | 1.00 | 1.70 | + | 70.0 |
New Gold wt | NGD_T | 19 | 0.17 | 0.15 | 0.16 | + | 60.0 |
Khan Res | KRI | 6014 | 2.60 | 1.79 | 2.46 | + | 43.8 |
QGX | QGX | 1037 | 3.26 | 2.32 | 3.22 | + | 34.1 |
Kinross Gld wt | K_T | 1281 | 0.40 | 0.28 | 0.34 | + | 25.9 |
Strateco Res | RSC | 12210 | 2.53 | 1.94 | 2.35 | + | 24.3 |
Moydow Mns Int | MOY | 64 | 0.25 | 0.235 | 0.25 | + | 21.9 |
Golden Peaks | GL | 72 | 2.32 | 1.85 | 2.28 | + | 21.9 |
Grande Cache C | GCE | 2343 | 1.25 | 0.99 | 1.21 | + | 21.0 |
Spur Ventures | SVU | 5101 | 0.64 | 0.49 | 0.59 | + | 20.4 |
Glencairn G wt | GGG_T | 225 | 0.035 | 0.025 | 0.025 | – | 28.5 |
Gabriel Res | GBU | 15336 | 3.66 | 2.00 | 2.42 | – | 28.4 |
Sulliden Expl | SUE | 408 | 0.36 | 0.26 | 0.28 | – | 26.3 |
Ascendant Copp | ACX | 1929 | 0.23 | 0.165 | 0.18 | – | 21.7 |
Franc-Or Res | FOR | 12 | 0.18 | 0.18 | 0.18 | – | 16.2 |
Yukon Gold | YK | 51 | 0.36 | 0.30 | 0.30 | – | 14.2 |
Glencairn Gold | GGG | 8631 | 0.195 | 0.14 | 0.155 | – | 13.8 |
American Bonan | BZA | 513 | 0.22 | 0.19 | 0.19 | – | 13.6 |
Orvana Mnrls | ORV | 479 | 0.84 | 0.70 | 0.72 | – | 13.2 |
Tiomin Res | TIO | 9611 | 0.115 | 0.095 | 0.10 | – | 13.0 |
TSX greatest value change
VOLUME | CLOSE | CHANGE | |||
First Quantum | FM | 3027350 | 86.75 | + 11.05 | |
Cameco Corp | CCO | 10516889 | 44.20 | + | 2.80 |
Inmet Mining | IMN | 1556511 | 96.29 | + | 2.42 |
Labdr I-Ore Ro | LIF_U | 503099 | 38.80 | + | 2.27 |
Altius Mnrls | ALS | 845134 | 19.89 | + | 1.74 |
Uranium One | UUU | 15258948 | 12.70 | + | 1.70 |
Fronteer Dev G | FRG | 1274206 | 9.70 | + | 1.55 |
Denison Mines | DML | 7654676 | 10.25 | + | 1.52 |
Agrium | AGU | 4688028 | 50.45 | + | 1.45 |
Gammon Gold | GAM | 4938981 | 9.80 | + | 1.40 |
Agnico-Eagle | AEM | 5532823 | 49.24 | – | 2.06 |
Alcan | AL | 3609004 | 101.83 | – | 1.97 |
Katanga Mng | KAT | 5697455 | 18.05 | – | 1.67 |
Gabriel Res | GBU | 15335838 | 2.42 | – | 0.96 |
Teal Expl & Mg | TL | 100765 | 5.30 | – | 0.79 |
Potash Cp Sask | POT | 4076917 | 91.88 | – | 0.62 |
Dynasty Met&Mn | DMM | 286925 | 7.64 | – | 0.55 |
Gold Reserve | GRZ | 339789 | 4.41 | – | 0.55 |
Barrick Gold | ABX | 14872576 | 38.42 | – | 0.54 |
Central Gold-T | GTU_U | 21175 | 27.45 | – | 0.53 |
TSX most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Yamana Gold | YRI | 62073 | 12.45 | 11.85 | 12.19 | + | 0.25 |
Breakwater Res | BWR | 39356 | 2.54 | 2.36 | 2.47 | + | 0.06 |
Northern Orion | NNO | 34997 | 6.44 | 5.69 | 5.75 | – | 0.37 |
Meridian Gold | MNG | 23255 | 31.70 | 30.01 | 30.89 | + | 0.65 |
Kinross Gold | K | 22784 | 14.74 td> | 13.97 | 14.40 | + | 0.38 |
Goldcorp | G | 19194 | 28.75 | 27.15 | 28.50 | + | 1.23 |
Equinox Minls | EQN | 18609 | 3.99 | 3.68 | 3.84 | + | 0.17 |
Gabriel Res | GBU | 15336 | 3.66 | 2.00 | 2.42 | – | 0.96 |
Uranium One | UUU | 15259 | 13.09 | 11.01 | 12.70 | + | 1.70 |
Paladin Res | PDN | 15107 | 6.07 | 5.04 | 5.89 | + | 0.80 |
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