The TSX Composite Index continued to climb during the abbreviated June 27-30 trading week, posting four straight days of gains. The index moved up 391.98 points to 13,300.87, as commodity prices rose and the Greek parliament approved a second austerity bill.
The Capped Diversified Metals & Mining Index also gained 100.17 points, to finish at 1,427.52 during the week shortened by the Canada Day Holiday.
Despite the price of gold dropping, the Global Gold Index jumped 6.5 points to end at 365.20, while the yellow metal dipped US$15.72 to US$1,486.58 per oz. on July 1 in New York.
Nuinsco Resources‘ shares were the week’s largest percentage gainer, surging 27% to 14¢. The rise came as the miner announced that the Quebec Superior Court allowed it and Ocean Partners to take a joint ownership of all exploration, mining and processing assets in Quebec that were previously owned by Les Ressources Campbell Inc. and Ressources MSV.
The assets, now owned wholly by Nuinsco and Ocean Partners, host seven past-producing copper-gold mines, two development-stage properties, a 3,000-ton-per-day mill and a permitted tailings facility.
Nuinsco and Ocean Partners were secured creditors of Campbell.
Trailing close behind, EMC Metals saw its shares spike 27% to close at 19¢ on no news. The most recent news the miner released was on June 14, after it sold its Fostung tungsten property in Sudbury, Ont., to Janus Resources for $500,000 cash.
Labrador Iron Mines Holdings saw its stock climb 20% to close at $12.25 as it announced that the first loaded iron ore train had left Silver Yards for the Port of Sept-Iles, making it the first commercial iron ore train from the Schefferville area in nearly 30 years. Production started at James mine and Silver Yards plant in June.
On back of a potential stock split, First Quantum‘ shares moved $13.22 to $140.62 on 1.9 million shares traded. On June 30, it mailed out a notice of meeting and management information circular regarding the special shareholders’ meeting to vote on the five-for-one stock split of the company. If the split receives shareholders’ and regulatory approvals, each shareholder would receive four more shares for each share held on the stock split record date.
As Labrador Iron Ore Royalty Corp.‘s stapled units began trading on the TSX on a subdivided basis on June 28, the company saw its shares jump $5.71 to close at $38.79. Labrador Iron Ore announced on May 30 that it would subdivide its units on a two-for-one basis and that new certificates would be sent to registered holders on July 4. It also said on June 14, that the cash distribution of 75¢ for holders on record as of June 30 would be paid on July 25 on a pre-subdivision basis.
With 22.8 million shares traded, Uranium One was the most active stock. However, with all the activity, the company dipped 7¢ to $2.66 on no major news.
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