Trading Summary (April 02, 2004)

Toronto’s gold stocks were alone in the red on Friday, as the yellow metal fell US$6.20 to US$421.00 per oz. in New York. The diversified miners more than picked up the slack with a 5.6-point gain to 231.51. It was the technology stocks that stole the show rising nearly 4% to help the S&P-TSX Composite Index jumped 146.67, or 1.7%, to 8,798.75.

Recent proposed newlyweds Wheaton River Minerals and Iamgold again dominated the volume board with Wheaton on top falling 4 to $4.26 on nearly 19 million shares. Iamgold slipped a penny less to $8.35.

Diamond Explorer Tahera grabbed third spot with just more than 4 million shares making their way 1.5 higher to 36.5. On Thursday, the company appointed Daniel Johnson as executive vice-president of operations. Johnson was employed with BHP Billiton from 1981 to 1997, in various senior management positions.

Fellow diamond issue Rex Diamond Mining was far less fortunate plummeting 13, or about 19%, to 57 after it said that the government of Sierra Leone had cancelled its mining leases in that country. Rival Diamondworks jumped 15 to $3 even after picking up one of those licences.

Staying with diamonds, Aber Diamond fell 23 to $42.25 on thin volume after the company said on Friday that it had paid US$85 million for a 51% stake in jeweller-to-the-stars Harry Winston. The initial payment comes to US$40 million, with the balance due in a year.

Mountain Province Diamonds dropped a dime to $2.35. On Thursday, MPV said it has cancelled more than 16 million shares held by Mountain Glen Mining. The move is part of the amalgamation of MPV’s wholly owned subsidiary, Mountain Glen with Glenmore Highlands in 2000. MPV now has around 51.2 million shares issued and outstanding.