Trading Summary (March 18, 2004)

Thursday saw a US$8 increase in the gold price, possibly fed by increasing worry over terrorism. That translated into a 4.97-point (or 2.3%) increase in the TSX Gold index, giving that sector the day’s checkered flag. Base metal stocks were also higher in a day that was otherwise mostly dismal for Toronto equities. The TSX Composite index fell 45.82 points to 8,555.90, with only the resource, basic-materials, and utilities sectors advancing.

The gold index was pulled along by the smaller companies, including Cambior, which was up 39 (or over 11% of value) at $3.85. Cambior announced it had started commercial production at the Rosebel mine in Suriname, which is planned to take up the slack as the company’s Omai mine in Guyana is depleted.

Another winner was Golden Star Resources, which rose 56 to $8.40. Results from the Yirisen gold prospect in Sierra Leone, where Golden Star is earning a 51% interest from Vancouver-listed junior Mano River Resources, showed high grades in surface channel samples.

The TSX Metals and Mining index rose 4.74 points to 222.93, also drawn higher by rises in the smaller companies. Copper producer First Quantum Minerals was up $1.09 at $15.70, and the two mid-tier mainstays, Aur Resources and Inmet Mining, also made gains on the day, Aur adding 20 to close at $7.05 and Inmet adding 47 to finish at $18.95.