Disappointing jobs data in Canada showing that the economy shed 7,000 jobs in February — leaving the country’s unemployment rate unchanged at 7% — were offset by news of stronger employment numbers in the U.S. The S&P/TSX Composite Index climbed 89.49 points, or 0.63%, to 14,299.08, while the S&P/TSX Capped Diversified Metals & Mining Index fell 6.99 points, or 0.84%, to 828.15. The spot price for gold advanced US$10.90 to finish the trading week at US$1,339.50 per oz.
Kinross Gold was the most traded stock of the week, with 21.8 million shares changing hands. The company announced mid-week that it had suspended operations at its Maricunga mine in Chile after unionized workers went on strike. Management and the employees have yet to agree on a new collective agreement. Kinross shares fell 35¢ to $5.43 apiece.
Osisko Mining was the second most active stock, with 21.2 million shares traded after the company dropped a lawsuit against Goldcorp regarding the gold miner’s hostile takeover bid. Under the settlement, Goldcorp said it would not take up Osisko shares tendered under its hostile offer until April 15, and Osisko has agreed to waive its shareholder-rights plan before April 14 and give Goldcorp access to due diligence materials by April 1. Osisko has recommended that its shareholders reject the offer, which it says is opportunistic and inadequate. Goldcorp has offered 0.146 of a share and $2.26 in cash for each Osisko share. Some observers believe that Osisko’s decision to drop the lawsuit raises the possibility of a friendly deal between the two companies. Osisko shares advanced 43¢ to $7.48, while Goldcorp’s shares rose 20¢ to $29.97.
Shares of Mediterranean Resources jumped 100% to 5¢ each after the junior announced that it has “received an approach” from a consortium led by its Turkish partners, the Kaya family, “with a view” to increase their participation in either the company’s 96%-held Turkish subsidiary or in the parent company itself. The junior is developing its 100%-owned Red Mountain (Kizildag) project in northeastern Turkey, which consists of the gold–copper Tac deposit and the gold–zinc–lead Corak deposit.
Rumours in recent weeks that Rio Tinto might be considering a bid for Turquoise Hill Resources drove the company’s shares up 29¢ to $4.52. The U.K. mining giant already owns 50.8% of Turquoise Hill, which holds a 66% ownership stake in the massive Oyu Tolgoi copper–gold mine in Mongolia. Entrepreneur Robert Friedland holds a 3% interest in Turquoise Hill.
Potash Corp. of Saskatchewan advanced $1.88 to $38.48. The crop-nutrient giant announced that it has priced a US$750-million offering of 10-year notes at 3.625% due March 15. The company said it would use the funds for general corporate purposes.
TSX most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Kinross Gold | K | 21756 | 5.99 | 5.39 | 5.43 | – | 0.35 |
| Osisko Mng | OSK | 21195 | 7.73 | 7.25 | 7.48 | + | 0.43 |
| Carpathian Gld | CPN | 19723 | 0.07 | 0.06 | 0.06 | 0 | |
| Mega Uranium | MGA | 17215 | 0.42 | 0.24 | 0.3 | + | 0.06 |
| B2Gold | BTO | 15939 | 3.47 | 3.17 | 3.34 | + | 0.14 |
| Barrick Gold | ABX | 14707 | 23.3 | 21.85 | 22.08 | – | 0.48 |
| Goldcorp | G | 14518 | 30.84 | 29.67 | 29.97 | + | 0.2 |
| Primero Mng | P | 14464 | 7.79 | 6.93 | 7.44 | + | 0.26 |
| Endeavour Mng | EDV | 10104 | 0.97 | 0.79 | 0.93 | + | 0.13 |
| Turquoise Hill | TRQ | 10045 | 4.82 | 4.02 | 4.52 | + | 0.29 |
TSX greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Mediterrn Res | MNR | 839 | 0.05 | 0.03 | 0.05 | + | 100 |
| PC Gold | PKL | 1306 | 0.09 | 0.04 | 0.09 | + | 88.8 |
| Verde Potash | NPK | 1345 | 1.48 | 0.93 | 1.48 | + | 54.1 |
| Goldgroup Mng | GGA | 745 | 0.31 | 0.2 | 0.31 | + | 51.2 |
| Rio Novo Gold | RN | 538 | 0.19 | 0.12 | 0.17 | + | 41.6 |
| Zincore Mtls | ZNC | 440 | 0.14 | 0.1 | 0.14 | + | 40 |
| Geovic Mng | GMC | 30 | 0.06 | 0.05 | 0.06 | + | 37.5 |
| Bannerman Res | BAN | 1235 | 0.12 | 0.09 | 0.11 | + | 37.5 |
| Elgin Mng | ELG | 5010 | 0.35 | 0.23 | 0.3 | + | 34 |
| Marengo Mng | MRN | 892 | 0.02 | 0.02 | 0.02 | + | 33.3 |
| Delrand Res | DRN | 106 | 0.12 | 0.1 | 0.1 | – | 34.4 |
| Evolving Gold | EVG | 1730 | 0.05 | 0.03 | 0.03 | – | 25 |
| Macarthur Mnl | MMS | 24 | 0.23 | 0.17 | 0.17 | – | 22.7 |
| Canarc Res | CCM | 275 | 0.12 | 0.09 | 0.09 | – | 21.7 |
| Western Lithiu | WLC | 5456 | 0.7 | 0.53 | 0.59 | – | 21.3 |
| Powertech Uran | PWE | 6174 | 0.11 | 0.08 | 0.08 | – | 20 |
| American Bonan | BZA | 356 | 0.03 | 0.02 | 0.02 | – | 20 |
| Loncor Res | LN | 827 | 0.27 | 0.19 | 0.2 | – | 20 |
| Carlisle Goldf | CGJ | 2845 | 0.08 | 0.06 | 0.07 | – | 18.7 |
| Forbes & Man C | FMC | 26 | 0.13 | 0.13 | 0.13 | – | 18.7 |
TSX greatest value change
| Company | Symbol | Change | Close | Change | |
| Agrium | AGU | 2434681 | 106.42 | + | 4.43 |
| Potash Cp Sask | POT | 7882918 | 38.48 | + | 1.88 |
| Labdr I-Ore Ro | LIF | 730764 | 32.93 | + | 0.75 |
| Silver Std Res | SSO | 1501750 | 12.12 | + | 0.71 |
| Energy Fuels | EFR | 524790 | 12.57 | + | 0.67 |
| Major Drilling | MDI | 2159019 | 9.5 | + | 0.64 |
| Centerra Gold | CG | 2649229 | 5.51 | + | 0.59 |
| Verde Potash | NPK | 1344706 | 1.48 | + | 0.52 |
| Alamos Gold | AGI | 2165774 | 11.1 | + | 0.49 |
| Osisko Mng | OSK | 21195091 | 7.48 | + | 0.43 |
| First Quantum | FM | 8569942 | 20.1 | – | 1.38 |
| Imperial Metal | III | 303680 | 17.12 | – | 0.73 |
| Tahoe Res | THO | 1816731 | 25.32 | – | 0.66 |
| Barrick Gold | ABX | 14706718 | 22.08 | – | 0.48 |
| Walter Energy | WLT | 63041 | 11.5 | – | 0.45 |
| China Gold Int | CGG | 3314882 | 3.23 | – | 0.42 |
| Horizns G Bear | HGD | 2612709 | 12.42 | – | 0.37 |
| Kinross Gold | K | 21755852 | 5.43 | – | 0.35 |
| Silvercorp Mtl | SVM | 1264629 | 2.51 | – | 0.35 |
| Franco-Nevada | FNV | 1777654 | 56.26 | – | 0.33 |
Be the first to comment on "TSX posts gains, Mar. 3-7"