Trading Summary (July 10, 2001)

The Toronto Stock Exchange fell sharply today as earnings warnings among large U.S. companies circulated through the world’s financial markets. The TSE 300 composite index fell 81.99 points to close at 7,558.69, losing about 1% of its value. Only two sectors — the golds and the transportation and environmental services group — closed higher on the day.

Among metal producers, the golds were the good news, even though the gain was only a fraction of a percentage point. The gold and precious minerals subindex rose 6.1 points to 4,447.16. Placer Dome was the big gainer among the majors, adding 35 to finish at $15.20. Teck’s B-series were the most active with 1.5 million shares trading, but the issue dipped 81 to close at $12.60. Barrick Gold, with 1.3 million shares moving, fell 7 for a close of $22.20.

Supposed takeover targets in the gold group were strong, with Meridian Gold up 11 to close at $10.85 on 1.3 million shares. Agnico Eagle Mines added 56 to finish at $13.51 and Goldcorp was 19 higher at $15.90. There was heavy trading in Kinross Gold, which was 3 higher at $1.30 on a volume of 690,000.

The bad news was from the base metal sector, where the TSE metals and minerals index was down 101.28 points at 4,367.56, taking 2.3% off its value. Boliden took the severest beating, sliding 11 to finish at 39 on a volume of 398,000 shares.

Zinc producer Cominco was $1.80 lower at $28.35, dragging down parent Teck. Noranda fell 57 to close at $15.93.

Rex Diamond was the most heavily traded junior on the Toronto board, adding 3 to close at $2.95 on just over a million shares.

The Canadian Venture Exchange followed the lead of the seniors, falling 39.46 points on the day to close at 3,143.58.

The most active among the CDNX juniors was New Blue Ribbon Resources, which finished at 10, up 2, on a volume of 420,000 shares. Little has been heard about further work at the company’s Manitoba properties.

Cantex Mine Development was up 1 to end the day at 10 with 268,000 shares changing hands. The market is still digesting exploration results from the company’s Wadi Qutabah nickel-copper prospect in Yemen. Olympus Pacific Minerals, which has been drilling the Phuoc Son gold prospect in Vietnam, added 10 to close at 45.

Hawkeye Gold, which is planning exploration of diamond properties on Victoria Island in the Northwest Territories, was up 4 to close at 17. Another active issue was IBI Corporation, which was 1 higher at 6. The company is now producing from its Namekara vermiculite project in Uganda.