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TABLE OF CONTENTS Mar 31 - Apr 6, 2014 Volume 100 Number 7 - 0 comments

TSX rises as gold miners fall, March 17-21

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2014-03-26

The S&P/TSX Composite Index was up 77 points to 14,335.76 points for the period, as better-than-expected retail sales and stronger economic data from south of the border lifted investors’ spirits. Several closely watched leading indicators rose last month by the largest amount in three months, which triggered optimism that economic growth could have a comeback.

The S&P/TSX Global Gold Index tracked the falling gold price down 15 points to 197.95 points, while the yellow metal shed US$47 to US$1,336 per oz.

The S&P/TSX Capped Diversified Metals & Mining Index enjoyed renewed strength — up 16 points to 786.87. The copper price recovered only a little bit after its recent sell-off, with the red metal up a cent to US$2.95 per lb.

Semafo was the most actively traded mining stock for the period, with volume of 33.4 million. But unfortunately for the company all that activity was net negative, as its share price fell 52¢ to $4.19. A downgrade to a “sell” rating from a “buy” at Jennings Capital may have been the culprit. Jennings’ analyst Stuart McDougall pointed to the stock’s recent price appreciation as a reason for the downgrade, noting that he views Semafo’s underlying fundamentals, growth potential and exploration upside as positive.

North American Palladium was one of the period’s top performers, with its shares up 23% to 59¢. The Toronto-based producer updated markets on its reserve and resource estimates and life-of-mine at its Lac de Îles mine in northwestern Ontario. Total reserves and resources of contained palladium rose 24% to 5.2 million oz., and the extra ounces had the company increasing the mine life one year to 2019, with production of over 200,000 payable oz.

Financial results weren’t kind to Atna Resources, which reported a $49.6-million net loss last year. While the fourth quarter generated a $1.5-million cash flow, investors focused on the losses and sent its valuation down 30% to 14¢ per share. The loss included a $33.1-million impairment charge, $10.3-million deferred tax-asset writeoff, $2.6 million in inventory writedowns and $1.1 million in writeoff loan fees. Gold sales from its Briggs and Pinson mine totalled 36,252 oz. gold compared to 36,454 oz. last year.

Gran Colombia Gold saw its share price fall 25% to $1.65, likely due to dilution. The company closed an equity financing during the period, where it issued 8.4 million units for  $1.93 per unit. While the move diluted existing shareholders, it raised $16.3 million in capital. Some of the cash will go towards repaying a recent bridge loan, while some will help initiatives that improve cash flows, grow production and expand resources at the Segovia project in Colombia.

TSX most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Semafo SMF 33804 4.93 4.16 4.19 - 0.52
Endeavour Mng EDV 21434 1 0.84 0.94 - 0.03
B2Gold BTO 20531 3.52 3.01 3.11 - 0.32
Perseus Mng PRU 17650 0.55 0.45 0.52 + 0.02
Capstone Mng CS 17549 2.76 2.53 2.74 + 0.22
Torex Gold TXG 17327 1.33 1.1 1.11 - 0.24
Romarco Mnrls R 16219 0.87 0.67 0.7 - 0.15
Barrick Gold ABX 15484 23.12 21.51 21.76 - 1.43
Banro BAA 15269 0.77 0.58 0.58 - 0.2
Goldcorp G 12871 31.69 29.63 29.86 - 1.98

TSX greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Dejour Enterp DEJ 1614 0.32 0.18 0.29 + 54
North Am Pall PDL 3923 0.61 0.44 0.59 + 22.9
Treasury Metal TML 638 0.57 0.44 0.57 + 17.5
Macarthur Mnl MMS 34 0.27 0.2 0.24 + 17.5
Oracle Mng OMN 12 0.24 0.19 0.24 + 17.5
Canarc Res CCM 39 0.11 0.09 0.11 + 16.6
Elemental Mnls ELM 11 0.29 0.21 0.29 + 16
Royal Nickel RNX 1812 0.52 0.42 0.48 + 15.6
Horizns G Bear HGD 2467 12.8 11.04 12.62 + 14.9
Coro Mining COP 13 0.13 0.11 0.13 + 13.6
Evolving Gold EVG 11699 0.03 0.02 0.02 - 40
Atna Res Ltd ATN 5747 0.2 0.14 0.14 - 30
Crocodile Gold CRK 4074 0.35 0.24 0.25 - 25.7
Banro BAA 15269 0.77 0.58 0.58 - 25.6
Gran Colombia GCM 854 2.26 1.6 1.65 - 25
Mediterrn Res MNR 655 0.04 0.03 0.03 - 25
Starcore Int V SAM 1039 0.25 0.19 0.19 - 22.9
Lake Shore Gld LSG 9550 1 0.77 0.77 - 23
Loncor Res LN 478 0.19 0.15 0.15 - 21
Gabriel Res GBU 3456 1.19 0.9 0.9 - 21

TSX greatest value change


Company Symbol Change Close Change
Horizns G Bear HGD 2467169 12.62 + 1.64
Agrium AGU 2507182 105.14 + 1.29
First Quantum FM 9771324 19.73 + 0.96
Teck Res B TCKB 8308457 23.68 + 0.82
Potash Cp Sask POT 8062183 38.46 + 0.75
Teck Res A TCKA 12494 25.05 + 0.55
Cameco Corp CCO 5396779 26.81 + 0.34
Sherritt Intl S 6494801 3.66 + 0.34
Russell Metals RUS 927502 29.94 + 0.31
Altius Mnrls ALS 119988 13.7 + 0.3
Franco-Nevada FNV 2344903 52.49 - 5.94
Tahoe Res THO 1162272 23.84 - 3
Royal Gold RGL 54116 76.15 - 2.87
Goldcorp G 12870766 29.86 - 1.98
Agnico-Eagle AEM 4147091 36.59 - 1.82
Horizns G Bull HGU 4131403 10.56 - 1.7
Silver Wheaton SLW 6213408 28.1 - 1.53
Walter Energy WLT 172080 8.46 - 1.47
Seabridge Gold SEA 227293 9.3 - 1.47
Barrick Gold ABX 15483521 21.76 - 1.43


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Related News
Roxgold completes Yaramoko feasibility study
Semafo shows short term sacrifice pays off
TSX dips, April 7-11
Related Press Releases
Gran Colombia Gold Confirms Resignation of a Director
Atna Commences Small Scale Production at Pinson
Atna Reports Results of Annual General Meeting of Shareholders
 



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