Trading Summary (March 19, 2004)

The Toronto market was in positive territory on Friday, as the TSX Composite index added 27.91 points to finish the week at 8,583.81. Only the industrials and consumer staples stocks were behind, with the base metals, golds, and basic-materials sectors all outpacing the overall market.

Strength in the copper market has been pushing the base metal stocks higher, and on Friday the TSX Metals and Mining index pushed up another 1.3% of value, rising 2.91 points to 225.84. The copper-sensitive listings have been rising strongly, including Inmet Mining, which today announced that the Ok Tedi mine in Papua New Guinea (in which it holds an 18% interest) had resumed full production after a two-month shutdown of one of its two semi-autogenous grinding mills. Inmet was up another 55 today at $19.50.

Profits came out of two other copper-sensitive stocks on Friday, with Aur Resources down 15 at $6.90 and First Quantum Minerals down 54 at $15.16. The red metal’s own Big Blue, Noranda, was 41 higher at $23.05.

It was another day for the small producers on the gold board, as the TSX Gold index rose 0.99 point to 222.14. Rio Narcea Gold chalked up the best percentage gain among the producers, rising 21 to $2.98; among the development-stage companies Gabriel Resources was 46 better at $3.60.

Agnico-Eagle Mines sold off following the announcement after Thursday’s close that the Ontario Securities Commisson had questions about the disclosure of a rock burst at the company’s Laronde mine in March of last year. Agnico shares were off 67 at $18.72.

Among the Toronto juniors, UEX stood out with a 10 gain to 49. The company announced a deal with Cogema Resources under which it can acquire a 49% interest in eight of Cogema’s northern-Saskatchewan uranium projects. UEX can earn its interest by funding $30 million in exploration on the projects over an 11-year period.