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Toronto main board lower; Osisko Mining and Silver Wheaton hit hardest

Proactive Investors
Monday, 14 May 2012

From North America: It was a bloody Monday for stocks around the globe as Europe's problems were the centre of focus once again, with political uncertainty prevailing in Greece, while China took further action to stimulate slowing growth.
 
As of after 1:20pm ET, the S&P/TSX Composite Index plunged 138.45 points, or 1.18%, to 11,556.22, while the more junior S&P/TSX Venture Index fell 28.10 points, or 2.09%, to 1,318.23.
 
Commodities plunged, as gold for June delivery fell $20.5 to $1,563.5 an ounce, and crude oil for June shed $1.5 to $94.6 a barrel. Silver futures lost 51 cents to $28.38 an ounce, and the base metal copper contract retreated 10 cents to $3.54 a pound.
 
The situation in Greece got more heated over the weekend, as parties continued to struggle to form a new goverment, raising fears that the country could be forced to exit the eurozone.
 
Monday morning, yields on 10-year Greek bonds shot up to 27.3%. Spain and Italy yields also rose.
 
Over the next two days, European finance ministers will be meeting, with investors to pay close attention to discussions over growth objectives and plans for bank capital rules.
 
Meanwhile, data showed that industrial production in the 17 countries sharing the euro fell 0.3 per cent in March from February, the EU’s statistics office Eurostat said on Monday. Economists polled by Reuters had expected a 0.4 percent increase in the month.
 
And in China, the central bank took action to stimulate growth as it cut the amount of reserves banks are required to hold, following weak economic readings on inflation, industrial production growth, spending and lending.
 
In Toronto, metals and mining, energy, materials and financials all led the main index lower.
 
In mining, Osisko Mining (TSE:OSK) was down more than 12%, while Silver Wheaton (TSE:SLW) was down almost 5% after reporting it is on track to reach its production guidance of 27 million silver equivalent ounces in 2012 after making a "strong" start to the year.
 
Net earnings increased 20 per cent to US$147.2 million compared to Q1 last year, and the company declared a second quarterly dividend of US$0.09 per share.
 
Iamgold Corp.'s (TSE:IMG) also saw its shares drop more than 4% after it said first-quarter net earnings from continuing operations fell 11%  on lower gold production and higher costs.
 
Elsewhere in the mining sector, Goldcorp (TSE:G) was down more than 2%, Lundin Mining (TSE:LUN) tumbled over 3%, and First Quantum Minerals (TSE:FM) shed more than 3%.
 
Copper-focused Teck Resources (TSE:TCK.B) descended around 2%.
 
In energy, Bankers Petroleum (TSE:BNK) saw its shares plunge more than 30% after it announced its Q1 results Monday, reporting net income had fallen 31 percent from the same quarter last year.
 
For the three months that ended March 31, the oil and gas producer posted net income of $7.8 million, or 3.1 cents a share, down from $11.2 million, or 4.4 cents a share in the same period last year.
 
Energy stocks shed overall as Suncor Energy (TSE:SU) and Talisman Energy (TSE:TLM) dropped 2% and 3.5%, respectively.
 
Financials were also weak, as insurer Manulife Financial (TSE:MFC) declined 3.1% and Bank of Nova Scotia (TSE:BNS) shed 1.3%.
 
In corporate news, uranium giant Cameco (NYSE:CCJ)(TSE:CCO) has inked a deal to buy German nuclear fuel product broker Nukem Energy GmbH from Advent International for $136 million.
 
Vancouver-based Zincore Metals (TSE:ZNC) said Monday that First Quantum Minerals (TSE:FM) has acquired a near 20 percent stake in the company, or a total of around 42.07 million common shares.
 
Exall Energy Corp. (TSE:EE) said Monday fiscal first quarter comprehensive net income dropped by 39 percent on higher costs, despite posting an increase in sales aided by a rise in oil production and higher prices.
 
Golfsmith International Holdings (NASDAQ:GOLF) said Canadian golf retailer Golf Town will take it private for about $97.2 million.

 

*Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.*
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