Canadian shares fell to a five-week low after raw-materials miners slumped as gold hit the lowest level since January.
In corporate activity TransCanada (TSE:TRP) the country’s second-biggest pipeline operator rose 1.1 percent to C$61.47. The company defended its corporate structure as the best way to maximize profits following a report suggesting some activist funds may push to break up the company.
() an oil company operating in western Canada tumbled 3.4 percent to C$20.54 after it suspended its stock dividend program.
() which sells natural gas and electricity to residences fell 3 percent to C$5.79 after it agreed to sell Hudson Energy Solar its commercial solar development business to an unidentified energy company.
(TSE:MX)(NASDAQ:MEOH) has restarted its Chile I plant at its site in Punta Arenas with the operations having been idled since May because of not enough natural gas supply. Shares still fell 2 percent to C$75.20.
Vancouver-based Dynasty Metals & Mining (TSE:DMM)(OTCQX:DMMIF) has posted an updated resource estimate for its Zaruma gold project in Ecuador which has led to a new preliminary economic report that the company says is encouraging. Shares jumped 6.4 percent to C$1.33 on Friday.
’s (TSE:OMI) (LON:OMI) San Gregorio mine in Uruguay produced at the top end of forecasts in its latest quarter though costs rose as the miner developed a new underground zone. Output in the three months to August was 13684 oz (2013: 16851oz) in line with the top end of annual guidance of 50000–55000 oz Orosur said.
Canadian explorers (TSE:PSR) and Iron Creek Capital (CVE:IRN) have agreed to merge and rebrand under a new name controlling more than 330000 hectares of exploration ground in northern Chile focused on copper gold and silver. A non-binding letter of intent agreement has been signed between the two parties with the companies aiming to come to a definitive agreement within a month and to close the deal before the end of this year.
In other stocks () North America’s largest auto-parts supplier fell 4.8 percent to C$113.30 on reports a Brazilian antitrust watchdog visited one of its subsidiary offices.
Gluskin Sheff and Associates (TSE:GS) rose 1.3 percent to C$30.65 after the company raised its quarterly dividend and posted a fourth quarter profit that more than doubled from a year ago.
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