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TABLE OF CONTENTS May 12 - 18, 2014 Volume 100 Number 13 - 0 comments

TSX moves up, April 28-May 2

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2014-05-07

The Toronto stock market had a strong trading week, helped by decent corporate earnings and better-than-expected jobs data from the U.S., with the S&P/TSX Composite Index gaining 232 points to 14,765.15. 

The American economy created 288,000 jobs in April, ahead of the expected 200,000, with the jobless rate falling 6.7% to 6.3% — largely due to fewer people looking for work. 

The S&P/TSX Capped Diversified Metals & Mining Index climbed 7 points to 868.66, but the gold miners didn’t gain any ground, as the S&P/TSX Global Gold Index slipped 1.3 points to 185.89. The spot price for gold fell US$3.20 per oz. to US$1,300.60 in New York. 

Agnico Eagle Mines was the top value gainer, soaring $3.48 to $35.53 per share. The gold miner, which recently partnered with Yamana Gold to jointly bid for Osisko Mining, reported first-quarter adjusted earnings of US$107 million, or US61¢ per share, which is double the figure it earned a year ago. 

The strong earnings resulted from more than a 50% increase in both gold production and sales. Total gold production was 366,000 oz., while sales amounted to 358,000 oz. Agnico’s top-performing asset, the Meadowbank mine in Nunavut, delivered 40% of the total production. 

Apart from Meadowbank, Agnico has six mines: three in Quebec, two in Mexico and one in Finland. It expects full-year production of more than 1.2 million oz. gold at total cash costs under US$670 per oz.

Toronto-based Detour Gold posted an adjusted net loss of US$28 million, or US20¢ a share, as it ramps up its flagship Detour Lake gold mine in Ontario to full production. The mill should process at its 55,000-tonne-per-day design capacity in the fourth quarter, which should drive up production and lower costs, the company says. 

Mill throughput during the first quarter averaged 45,000 tonnes per day — slightly lower than expected — but that was offset by the higher average gold grade of 0.9 gram per tonne. Quarterly output was around 107,000 oz. gold, meeting the company’s guidance. Detour moved up 72¢ to close the week at $11.86. 

Uranium producer Cameco was the biggest value loser, dropping $1.49 to $23.16. The Saskatoon-based firm posted first-quarter adjusted profits of $36 million, or 9¢ per share, missing the analyst average estimates of 11¢ per share. The drop resulted from the company’s fuel services and Nukem segments performing poorly, while its uranium segment did well, especially with the sale of its minority stake in Bruce Power Ltd. Partnership. 

Cameco also announced a delay at the mill servicing its Cigar Lake underground mine in Saskatchewan. Analysts do not expect the delay to have a huge negative impact, given the near- to medium-term weakness in the uranium market.

TSX most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Osisko Mng OSK 24479 8.07 7.78 8.07 + 0.09
Yamana Gold YRI 22911 8.4 7.93 8.19 - 0.19
B2Gold BTO 16451 3.26 3.08 3.14 - 0.12
Nautilus Minls NUS 14564 0.79 0.47 0.52 + 0.04
Barrick Gold ABX 14483 19.75 18.73 19.14 - 0.6
Lundin Mng LUN 10451 5.7 5.33 5.7 + 0.08
Cameco Corp CCO 10026 24.76 22.42 23.16 - 1.49
First Quantum FM 8937 22 20.42 21.55 - 0.15
Goldcorp G 8306 27.76 26.79 27.76 + 0.33
Detour Gold DGC 8136 12.31 10.55 11.86 + 0.72

TSX greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Mediterrn Res MNR 125 0.03 0.03 0.03 + 50
First Point FPX 1063 0.24 0.14 0.21 + 46.4
Harte Gold HRT 4287 0.12 0.08 0.12 + 43.7
Cerro Grande M CEG 428 0.03 0.02 0.03 + 25
Loncor Res LN 625 0.13 0.1 0.13 + 25
Orezone Gold ORE 954 0.64 0.52 0.63 + 21.1
Vena Res VEM 1017 0.06 0.05 0.06 + 20
Eastmain Res ER 412 0.35 0.3 0.34 + 19.3
Excellon Res EXN 351 1.58 1.25 1.45 + 18.8
Coro Mining COP 134 0.1 0.08 0.1 + 18.7
MDN Inc MDN 479 0.06 0.05 0.05 - 28.5
Nuinsco Res NWI 2801 0.03 0.02 0.02 - 20
Besra Gold BEZ 543 0.03 0.02 0.02 - 20
Strateco Res RSC 2342 0.08 0.06 0.07 - 18.7
Western Lithiu WLC 6462 0.64 0.48 0.52 - 18.7
Lupaka Gold LPK 21 0.17 0.14 0.14 - 17.6
Perseus Mng PRU 1874 0.39 0.31 0.32 - 17.1
Bannerman Res BAN 138 0.1 0.08 0.08 - 16.6
North Am Pall PDL 3424 0.33 0.28 0.29 - 13.6
Avnel Gold AVK 95 0.23 0.19 0.19 - 13.6

TSX greatest value change


Company Symbol Change Close Change
Agnico-Eagle AEM 6177103 35.53 + 3.48
Agrium AGU 1057877 105.8 + 1.82
Franco-Nevada FNV 1241146 53.48 + 1
Russell Metals RUS 1404879 32.53 + 0.9
Potash Cp Sask POT 5948874 40.18 + 0.76
Detour Gold DGC 8136138 11.86 + 0.72
Teck Res B TCKB 5975247 25.43 + 0.61
Royal Gold RGL 27601 73.22 + 0.43
Pretium Res PVG 780584 7.14 + 0.4
Mag Silver MAG 750776 8.46 + 0.37
Cameco Corp CCO 10025535 23.16 - 1.49
Altius Mnrls ALS 1183976 14.36 - 1.1
Energy Fuels EFR 196421 8.67 - 0.63
Barrick Gold ABX 14482973 19.14 - 0.6
Augusta Res AZC 2858952 2.99 - 0.38
Allied Nevada ANV 1191448 3.76 - 0.33
Thompson Creek TCM 1740893 2.87 - 0.32
Uranium Partic U 3807359 5.04 - 0.3
Walter Energy WLT 74014 7.9 - 0.3
Imperial Metal III 184952 13.99 - 0.27


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Related News
Cameco puts Cigar Lake on ice
U.S. equities edge higher, July 14-18
Job losses drive down TSX, July 7-11
Related Press Releases
Morganti Legal, P.C. Announces a Shareholder Lawsuit Against Detour Gold Corporation
Agnico Eagle exercises Pershimco Warrants
Agnico Eagle provides notice of release of second quarter 2014 results and conference call
 



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