The TSX composite index was up 60.52 points to finish the Dec. 6-10 period at 13,239.47, marking the second consecutive weekly gain as both Canada and the U.S. posted better-than-expected trade data.
Statistics Canada reported that Canada’s trade surplus with the U.S. was at an 18-year low in October, while its trade deficit with the rest of the world fell to $1.7 billion from $2.3 billion in September. The week also saw China stepping up its efforts to curb inflation. China ordered the country’s banks to increase their cash reserves, signaling the third reserve increase in five weeks.
Gold was off more than US$21 to close at US$1,384.90 per oz. The Global Gold index followed suite, slipping 1.6% to 425.9 points. Copper hit a near-record high as the spot price rose US12¢ to US$4.10 per lb. The Capped Metals & Mining index added 78 points, finishing at 1,466.21.
Copper producer First Quantum Minerals jumped $19.65 to $118.94. Inmet Mining rose $8.81 to $78.26 on copper speculation. Inmet recently agreed to buy the remaining 30% of the Cobre Las Cruces copper mine in Spain that it doesn’t already own from Leucadia National for US$552 million in cash and shares.
Although the spot price for uranium oxide was down US$1 at US$60 per lb., it is 48% above its 2010 low of US$40.50 per lb. Given the recent movement in uranium price, Uranium One was one the most active traders, moving up 35¢ to $4.85. Uranium producer Denison Mines climbed 4¢ to $3.38.
Equinox Minerals jumped 41¢ to $6.01. The company is making a A$1.25-billion friendly takeover bid for Australia-listed Citadel Resource Group by offering shareholders one Equinox share for every 14.3 shares held, along with A10.5¢ cash for each Citadel share. Citadel holds a portfolio of Saudi Arabia exploration and development projects, including the flagship Jabal Sayid copper-gold project that has a measured and indicated resource of 28.7 million tonnes of 2.4% copper. Equinox owns and operates the Lumwana open-pit copper mine in Zambia.
Paramount Gold and Silver rocketed up 43.8% to $2.59 on news that it had hit significant gold and silver mineralization in 5 of 6 holes while drilling the 100%-owned San Miguel project in Mexico’s Chihuahua state. The company believes that it has discovered the southern strike extension of a structural corridor that hosts the Palmarejo gold-silver mine of Coeur d’Alene Mines. So far, Paramount has traced the Don Ese vein by core drilling over a strike length of 550 metres.
After announcing its third quarter results, Harry Winston Diamond fell $1.52 to $12.62. The company reported net earnings of US$3.9 million, or 5¢ per share, on consolidated sales totaling US$140.9 million for the three months ended Oct. 31, 2010, compared to a US$200,000 loss on sales of US$74.8 million for the same period a year ago.
|TSX most active issues|
|Uranium One||UUU||50069||5.75||4.65||4.85||+ 0.35|
|Western Coal||WTN||37589||12.05||11.57||12.00||+ 0.40|
|Equinox Minls||EQN||24873||6.12||5.65||6.01||+ 0.41|
|Denison Mines||DML||24735||3.65||3.27||3.38||+ 0.04|
|Lake Shore Gld||LSG||23494||4.26||3.92||4.07||+ 0.03|
|TSX greatest percentage change|
|Paramount Gold||PZG||2981||2.63||1.71||2.59||+ 43.8|
|Erdene Res Dev||ERD||7667||1.47||0.81||1.17||+ 37.6|
|Mandalay Res||MND||18283||0.45||0.34||0.45||+ 36.3|
|Fortune Mnrls||FT||4173||1.69||1.20||1.65||+ 34.1|
|Ratel Gold||RTL||3523||2.06||1.33||1.92||+ 32.4|
|Spur Ventures||SVU||370||0.48||0.37||0.48||+ 26.3|
|Coro Mining||COP||1561||0.95||0.74||0.94||+ 20.5|
|Liberty Mines||LBE||3312||0.14||0.09||0.12||+ 20.0|
|Hard Creek Ni||HNC||1041||0.48||0.33||0.40||-16.6|
|TSX greatest value change|
|First Quantum||FM||3740881||118.94||+ 19.65|
|Inmet Mining||IMN||2365406||78.26||+ 8.81|
|Major Drilling||MDI||547226||41.95||+ 6.35|
|Teck B||TCKB||12846987||57.90||+ 3.04|
|Teck A||TCKA||15660||58.00||+ 2.86|
|Altius Mnrls||ALS||282588||12.58||+ 1.58|
|Royal Gold||RGL||15892||54.58||+ 1.58|
|Cameco Corp||CCO||5843290||38.65||+ 1.05|
|Labdr I-Ore Ro||LIF_U||284783||67.10||-1.54|