Trading Summary (July 05, 2001)

The Toronto Stock Exchange welcomed U.S. markets back after the holiday by falling 47.61 points to 7,683 on more profit warnings. Half of the TSE’s 14 subindexes finished the day in the red. The golds were among that group, falling 69.43 points, or 1.5%. The base metal issues managed to climb 12.93 points.

All of the precious metals fell in New York. Most notable was gold’s US$2.80 slide to US$265.30 per oz. Lead was again the lone gainer on the London Metal Exchange, rising US$5 to US$438 per tonne.

Barrick Gold was the country’s most active mining issue with about 3.2 million shares crossing the floor to fall 47 to $22.43. Another gold miner, Placer Dome, grabbed a spot on the TSE’s most active list with nearly 1.5 million shares changing hands. The issue continued its recent trend, falling 36 to $14.77.

Most of Canada’s other gold issues followed suit. Goldcorp shed 2 to $15.88, Kinross Gold dropped 6 to $1.23, TVX Gold fell a penny to 74 and Cambior did the same, coming to rest at 80. Sticking out like a sore thumb was Glamis Gold, which gained 9 to $4.39.

The base metal stocks performed a bit better with mostly modest gains. Teck’s B series was the most active with just fewer than 1.1 million shares traded. The stock gained 13 to $13.15. Others on the rise included Inco, 15 higher at $26, Sherritt International, up 18 to $5.30, Cominco, up 45 to $29.70, and uranium producer Cameco, up 75 to $31.25.

Canada’s junior exchange drifted lower in lacklustre trading. The Canadian Venture Exchange composite index slumped 10.31 points, or 0.3%, and closed the day at 3,192.06. The Mining Index dropped 14.42 points, or 0.2%, and closed at 7,461.22.

Aquiline Resources tacked on 2 despite news that only low-grade platinum-palladium mineralization was hit in two of eight drill holes testing the Central River Valley joint-venture project in Ontario. The company ended the day at 27 on 455,000 shares.

Starfield Resources drifted lower ahead of an analyst’s tour to its Ferguson Lake nickel-sulphide project in Nunavut. The junior has two rigs turning and a third is slated to begin soon. The issue lost 1 to 58 on 105,500 shares.

Klondike Gold ended the day at 12, up 1 on 103,000 shares. The junior recently failed to intercept sulphides in two holes on the Yahk property. It is currently drilling the Crawford Bay polymetallic property. Both projects lie in southeastern British Columbia.

Shares in Philex Gold failed to find firm footing, losing 15 to end the day at $1.20 on volume of 119,150. The company’s stock surged to a 52-week intra-day high of $2.60 just three weeks ago on the back of good drill results from the Boyongan copper-gold prospect in the Philippines.