Trading Summary (October 01, 2003)

Toronto stocks rebounded to the tune of 88.54 points, or 1.2%, to end Wednesday’s trading session at 7,509.67 points. The diversified miners and technology stocks led the way with plus-2% gains. The golds managed to edge 0.12 of a point higher at 193.65.

Investors pummelled McWatters Mining, after the company suspended mining at its troubled Sigma-Lamaque open-pit mine in Quebec. The issue ended 4.5, or 45%, lower at 5.5 with just short of 20 million shares on the fly, enough to rank as the TSX’s second most traded issue.

Thistle Mining was next in line with about a third as many shares shedding a penny to 55. There was no immediate news out of company. Next came Ivanhoe Mines, which slipped another 21 to $7.49 with 4.15 million shares traded. Ivanhoe recently added David Huberman to its board as the lead independent director. Huberman brings with him experience in securities and corporate law fields. Ivanhoe’s board now numbers eight.

Canada’s gold majors ended mixed, Kinross Gold slipped a penny to $10.20, while Barrick GoldPlacer Dome rose 9 to $18.65. The modest performances were spurred on by the yellow metal, which shed a buck to end the day at US$383.70 per oz. in New York.

The country’s major base metal miners were slightly better, putting gin gains of 1 and 2%. Teck Cominco‘s B series stood out form the pack with a 77, to 5.3%, gain to $15.18. On Wednesday, Reuters reported that negotiations for a new labour pact at the Highland Valley copper mine in B.C., have begun. The old 5-year deal expired at the end of September. Teck owns 64% of Highland Valley, BHP Billiton owns a third, with the balance held by other investors. During the second quarter, the mine produced 42,600 tonnes copper-in-concentrate, down from 47,400 in the second quarter of 2002.