Trading Summary (September 19, 2001)

Plus-4% losses by the Oil & Gas, Paper & Forest and Utilities subindices dragged the Toronto Stock Exchange even lower on Wednesday. By day’s end the TSE’s 300 composite index had lost 148.2 points or 2.2% to hit 6,696.3, territory not seen in more than 2 years. The refrain was the same in the U.S. with the Dow Jones industrial average dropping 1.62%, the Nasdaq index losing 1.76% and the S&P 500 index falling 1.68%.

Gold rose another US$2.90 to end at US$289.40 per oz., and silver jumped 27 to US$4.70 per oz. in New York. Platinum gained US$8 to US$488 per oz. Palladium lost US$5 to US$455 per oz. The base metals were lower across the board in Europe.

The TSE’s Gold & Precious Minerals subindex was one of just a pair to finish in black gaining 68.69 points or 1.32% to 5,291.22 points. The Pipelines subgroup managed to tack on 0.44%.

Kinross Gold was the busiest gold issue falling 4 to $1.53 with more than 5 million shares changing hands. Placer Dome grabbed 55 to reach $19.30 on 3.4 million shares. Barrick Gold rose 49 to $26.70 with more than 2.6 million shares traded.

The smaller producers fared better with nice percentage gains by Bema Gold, which rose 16 or 26% to 78. The company’s 79%-owned Julietta mine in Russia’s far east recently launch into production. Others on the rise included Dayton Mining, up 14 or 34% to 55, Cumberland Resources plus 15 or 16.7% to $1.05, St Andrew Goldfields, up 2 pennies or 16.7% 14, NovaGold Resources, 28 or 15.6% higher at $2.08 and Viceroy Resources, up 2.5 or 16% to 18.

The country’s base metal majors were less fortunate. Inco dropped 28 to $22.32 on nearly 3 million shares, making it the busiest base metal issue. Sherritt International fell 29 to $3.99, Noranda shed a penny to $15.45 and Alcan lost 65 to $48.55. Teck Cominco was conspicuous rising 43 to $11.41.

Canada’s junior exchange faced yet another session of strong selling with technology and oil & gas issues falling some 3%. The Canadian Venture Exchange lost 52.2 points, or 1.8%, to finish the day at 2,785.07. The Mining Index followed suit, losing 60 points, or 0.8%, to close at 7,054.97.

Poplar Resources topped the most actively traded chart, adding 3 cents to close at 32 cents on over 1.2 million shares. The company’s 65%-owned subsidiary is working the Sundsvall diamond and Bottenbacken polymetallic project. Both projects are in Sweden.

New Blue Ribbon Resources failed to get a boost on news that its diamond projects in Alberta and Manitoba have resumed. Shares in the junior ended the day flat at 6 cents on a volume of 467,000.

Shares in Quaterra Resources climbed to a new 52-week intraday high of 27 cents, before settling down to end unchanged at 24 cents on a volume of 404,000. The Thomas Patton-led junior has the drill rig turning on its Union Bay platinum-palladium property in Alaska.

Great Basin Gold popped back onto investor’s radar screens, dropping 5 cents to close at 45 cents on 336,000 shares. The Hunter Dickinson-led company has been trying to advance the Ivanhoe gold property in Nevada.

Chales Fipke’s Cantex Mine Development continues to trade near 52-week lows, ending the day down to 6 cents on 434,000 shares. The junior has been working gold and massive sulphide properties in Yemen.