TORONTO STOCK EXCHANGE SEPT. 9-15

The downward market momentum continued over the Sept. 9-15 trading period; the TSX Composite Index plunged a further 3% to make a total loss of 11% since the beginning of the month. The benchmark closed at 12,254.03 after losing another 380 points.

Mining companies were particularly hard hit. The Capped Metals and Mining Index tumbled 6%, closing at 589.71 points as ever-weakening metals prices gave little hope to investors. The losses have been steep for commodity producers over the past few months over concern that slowing global growth will lower demand for resources.

The Global Gold Index didn’t fare well either, falling 3% to 228.87 as gold closed at US$786 per oz.

Two companies listed on the TSX reached new 52-week highs over the period — a stark contrast to the 280 stocks that sank to new lows.

Banro slumped to $1.05 — a long way down from its 52-week high of $13 per share. In need of funds to further develop its gold projects in the Democratic of the Congo, the company raised US$19.25 million recently by selling 11 million units at $1.75 each, consisting of one share and one warrant. Bloomberg has reported the DRC government may be planning to take a 51% stake in projects for which a feasibility study has not been completed.

The biggest value loser for the period was Fording Canadian Coal Trust, down $9.25 per share to $81.83. Teck Cominco made a $12.4-billion cash-and-share offer for the company at the end of July. Teck shares fell $1.54 to $36.64 each.

Silver Standard Resources was down $3.32 to $17.02 per share while Mag Silver fell $2.25 to 44.45.

The most actively traded companies saw their shares decline. Eastern Platinum, at the top with 48.6 million shares traded, fell 11 to $1.11. Yamana Gold fell 50 to $8.60 per share on a volume of 47 million, and Goldcorp dropped 79 to $28.51 per share on 33 million shares traded.

The story wasn’t negative for all. Agnico-Eagle Mines was the biggest gainer, closing up $3.08 at $54.34 per share. The company doubled its line of credit to $600 million this month to ensure it can meet its goal of increasing production to 1.3 million oz. per year by 2010.

Potash Corp. of Saskatchewan shares rose $1.33 to $163.83 apiece. The company announced the approval of its plan to increase its share repurchase program to 10% of its shares — or 31.5 million shares, which will be cancelled by January 2009. Potash president and CEO Bill Doyle says the company’s shares are undervalued when looking at the company’s long-term potential.

Sterling Mining shares doubled over the period to 36 apiece. On Sept. 8, Minco Silver backed out of a friendly takeover deal after completing a due-diligence review, causing Sterling shares to fall.

TSX most active issues
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Eastern Platin	ELR	48627	1.23	0.94	1.11	-0.11
Yamana Gold	YRI	47104	9.34	7.81	8.60	-0.50
Goldcorp	G	33825	31.70	26.60	28.51	-0.79
Uranium One	UUU	32087	4.40	3.67	3.84	-0.49
Kinross Gold	K	31799	14.99	12.31	13.80	-0.50
Barrick Gold	ABX	30396	31.96	28.01	29.67	-1.37
High River Gol	HRG	28785	0.62	0.46	0.56	+ 0.04
GBS Gold Intl	GBS	21224	0.13	0.03	0.04	-0.09
HudBay Minls	HBM	20854	8.90	7.13	7.54	-1.09
Coalcorp Mng	CCJ	19322	1.50	1.06	1.35	+ 0.15

TSX greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Sterling Mng	SMQ	126	0.39	0.12	0.36	+100.0
Rockwell Diam	RDI	5546	0.34	0.31	0.31	+ 63.1
Silver Eagle	SEG	1197	0.34	0.18	0.31	+ 40.9
Coalcorp wt	CCJ_T	72	0.04	0.03	0.04	+ 33.3
Brazilian Diam	BDY	707	0.05	0.02	0.04	+ 33.3
American Bonan	BZA	2023	0.05	0.04	0.05	+ 25.0
Premier Gold M	PG	888	2.24	1.70	2.20	+ 21.5
Richview Res	RVR	149	0.08	0.06	0.06	+ 20.0
Sierra Minls	SIM	36	0.26	0.13	0.26	+ 18.1
Goldstake Exp	GXP	141	0.07	0.05	0.07	+ 16.6
GBS Gold Intl	GBS	21224	0.13	0.03	0.04	-69.2
Fletcher Nicke	FL	2022	0.36	0.12	0.14	-63.1
Greystar Res	GSL	1918	1.88	0.91	0.95	-48.6
Silver Bear Rs	SBR	142	1.30	0.75	0.84	-45.8
X-Cal Res	XCL	1913	0.06	0.04	0.05	-44.4
Birch Mountn	BMD	898	0.16	0.08	0.08	-42.8
Potash One	KCL	5410	2.64	1.55	1.56	-41.1
Campbell Res	CCH	5632	0.05	0.02	0.03	-40.0
Laramide Res	LAM	1927	2.32	1.31	1.43	-38.1
UEX Corp	UEX	5679	2.51	1.51	1.65	-35.5

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Agnico-Eagle	AEM	8054370	54.34	+ 3.08
Central Gold-T	GTU_U	19781	35.46	+ 2.46
Potash Cp Sask	POT	10999622	163.83	+ 1.33
Royal Gold	RGL	18932	33.30	+ 1.30
Agrium	AGU	9364883	78.64	+ 1.07
Seabridge Gold	SEA	360910	15.06	+ 0.93
Timminco	TIM	5869072	13.50	+ 0.90
Thompson Creek	TCM	7671552	13.89	+ 0.54
Centerra Gold	CG	1334028	4.34	+ 0.45
PremierGoldM	PG	887720	2.20	+ 0.39
Fording C C T	FDG_U	5466853	81.83	-9.25
Silver Std Res	SSO	939201	17.02	-3.32
Mag Silver	MAG	968323	4.45	-2.25
Katanga Mng	KAT	1481350	7.61	-2.08
Teck Comin A	TCKA	14485	38.02	-2.06
North Am En Pa	NOA	20887	13.00	-1.85
Kirkland Lk Gd	KGI	655371	4.68	-1.72
Teck Comin B	TCKB	18768242	36.64	-1.54
Cameco Corp	CCO	11933803	25.78	-1.53
IShCOMEXGTr	IGT	51959	82.88	-1.48