Stocks surge on home rescue plan+BWR Technicals

Stocks surge on home rescue plan

RTGAM

A plan to help some U.S. mortgage borrowers facing huge increases in interest rates helped send stock markets sharply higher for a second day Thursday.
The Toronto stock got extra lift from energy stocks amid sharply higher oil prices, which helped to overcome a drop in the financial sector following earnings reports from CIBC and Scotiabank.
The Toronto stock market's S&P/TSX composite index gained 115.26 points to 13,849.8. The TSX Venture Exchange drifted 24.15 points higher to 2,716.37.

The Canadian dollar had another volatile session, starting off negative after losing about 1.5 cents (U.S.) since the Bank of Canada cut interest rates by a quarter point Tuesday, then jumping 0.6 of a cent to close at 99.09 cents.
Part of the reason for the gain was Thursday's sharp spike in oil prices but analysts also noted that the dollar had fallen heavily, more than 10 per cent, since topping $1.10 on Nov. 7.

On Wall Street, the Dow Jones industrials gained 174.93 points to 13,619.89 after President George W. Bush announced a plan allowing some homeowners facing foreclosure to freeze their interest rates for up to five years or refinance their mortgages.
The Nasdaq composite index rose 42.67 points to 2,709.03 points and the S&P 500 index was 22.33 points higher to 1,507.34.

In Toronto, the base metals sector jumped 4.55 per cent on merger and acquisition activity.
The energy sector was up 1.6 per cent as the January crude contract on the New York Mercantile Exchange climbed $2.74 to $90.23. Canadian Press

Copyright 2001 The Globe and Mail

BWR Technicals

Good News Breakwater Provides Update On Its Mochito Mine

Breakwater Provides Update On Its Mochito Mine
Breakwater Resources Ltd. ("Breakwater") (TSX-BWR)


TORONTO, Dec. 6 /CNW/ - Milling operations at the Mochito mine, located in Honduras, have returned to normal levels and the Company is currently depositing tailings in the Pozo Azul tailings impoundment area. On October 18, 2007, the Company announced that it had discovered a discharge of water from the newly commissioned Soledad tailings impoundment area which necessitated a suspension of milling at Mochito. It was determined that recommissioning the Pozo Azul tailings impoundment area, for which permitting remained in place, would be the quickest method of returning Mochito to full production. Mining continued throughout this period and construction is underway at Pozo Azul to increase the capacity of this tailings impoundment area to hold up to 24 months of additional material while plans are being formulated to repair Soledad.

GMP Crosses 2 Million Warrants

GMP Dumps Over 650,000 Shares

EQN VS BWR

The stock is up 15% Today, On Good Volume.

First Quantum acquires 41.3 million shares of Equinox 2007-12-06 10:00 ET - News Release See News Release (C-FM) First Quantum Minerals Ltd Mr. Clive Newall of First Quantum reports FIRST QUANTUM MINERALS ACQUIRES 17.27% INTEREST IN EQUINOX MINERALS LIMITED First Quantum Minerals Ltd., on Dec. 5, 2007, acquired 41.3 million common shares in Equinox Minerals Ltd. representing 7.31 per cent of the issued and outstanding shares. After the acquisition of the shares, First Quantum will beneficially own 97,556,700 common shares representing 17.27 per cent of the issued and outstanding shares of Equinox Minerals. The securities were acquired through the facilities of the Toronto Stock Exchange. First Quantum has acquired the common shares for investment purposes and may acquire further common shares or dispose of its holdings of common shares both as investment conditions warrant. We seek Safe Harbor.

Pescod Shows Teck + BWR Are The Same Chart

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China may cancel VAT export rebate and levy export tax on 0# zinc

By Ida Chen

Shanghai. November 12. INTERFAX-CHINA - The Chinese government is considering canceling the current 5 percent value-added tax (VAT) export rebate and imposing a minimum 5 percent export tax on 0# refined zinc (>=99.995 percent) in January next year, in order to slow investment growth in zinc smelting projects and curb the country's huge trade surplus, industry insiders told Interfax today.

"The policy is still being discussed by relevant government departments and major smelters. However, as smelters, we hope the existing policy can be retained," a senior official, surnamed Wang, from the trading department of Hunan Zhuzhou Smelter Group, China's leading zinc smelter, said.

Wang expressed concern that the policy may burden domestic zinc smelters with unprecedented difficulties. "The domestic zinc smelting sector will face the same problems as the lead smelting sector is currently facing," he added.

The policy will result in a significant drop in China's zinc exports and tight global supply, which will in turn dramatically increase both global zinc prices and zinc concentrate prices. Domestic zinc smelters will have no choice but to accept soaring imported concentrate prices, and will probably be forced to reduce production, Wang explained.

Zhu Yiman, an analyst from Commodity Business Intelligence China, a Shanghai-based commodity market service provider told Interfax that "it is only a matter of time before the government cancels the VAT export rebate on 0# zinc, as other types of refined zinc, namely 1# zinc (>=99.99 percent but <99.995>(<99.99>

Zhu further commented that major smelters met with government departments last Friday to discuss policy feasibility, but no details have been released to date.

0# zinc is the standard form of zinc on both the London Metal Exchange and the Shanghai Futures Exchange, and accounts for the majority of China's zinc exports.

China imported 104,729 tons of zinc in the first nine months of this year, slumping 56.1 percent from the same period last year, while exports climbed 43.7 percent to 248,233 tons. As a result, net exports reached 143,504 tons. Exports in September tumbled by 44.03 percent from August to 12,325 tons, down 18.5 percent from the same period last year.

The country produced 2.696 million tons of refined zinc in the first nine months, up 19 percent year-on-year, creating ample supply that has dragged zinc futures to record lows since their debut on the Shanghai Futures Exchange in March this year.

Zinc for immediate delivery at the benchmark Shanghai Yangtze River Market traded at an average of RMB 22,500 ($3,036.44) per ton today, down RMB 200 ($26.99) from last Friday.

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