Trading Summary (August 20, 2001)

Toronto stocks advanced modestly on Monday after the Canadian Imperial Bank of Commerce added a little zest to the gloomy market by posting stronger than expected profits. The Toronto Stock Exchange 300 composite index closed up 22.41 points, or 0.30%, on moderate volume, with the number of declining stocks slightly outpacing the number of advancing issues.

In the U.S., the Dow Jones industrial average rose 79.29 points, or 0.77%, to end the day at 10,320.07, while the Nasdaq composite index rose 14.34 points to 1881.35.

Overall, seven of the TSE 300’s 14 subindexes were higher with pushes from the financial services sector, the paper & forest sector, and the pipelines sector. Metals and minerals issues up 0.65%, led by the aluminum producers, while the golds were down 1.70% 4,871.70.

Most of the major precious and base metal producers ended the day in the negative column on low trading volume, as metal prices continued to sag in the face of a slowing global economy.

It was another slow trading day on Canada’s junior exchange with only 26 million shares changing hands. The Canadian Venture Exchange lost 11.54 points, or 0.4% to finish the day at 3,075.66. The Mining Index slumped 61.46 points, or 0.8% to close at 7,381.30.

International Barytex Resources topped the most actively traded chart among junior explorers, tacking on 1 to 41 on 828,000 shares. The company completed its due diligence study over Northern Orion’s Mantua copper project in Cuba. An independent technical report concluded that open pit mineral reserve estimates are reasonable and the scope for future mining should be within the range of 6.1 to 7.5 million tonnes grading between 2.8% Cu and 3.0% Cu with stripping ratios in the order of 7:1 to 8:1.

Shares in Poplar Resources climbed to a new 52-week high before drifting down, up 2 to 28 on a volume of 591,600. Investors appear to have bid up the shares on news that a planned $1 million financing would be used to advance its Bottenbacken palladium-copper project and the Sundsvall diamond property, both in Sweden.

Rich Minerals gave back some of its recent gains, dropping 9 to end the day at 25 on 157,000 shares. The junior’s wholly-owned US subsidiary has inked a deal to earn a 40% interest in the North Fork 14 sapphire property in Madagascar.

Shares in Radius Exploration continued to rebound modestly following the results from the last three holes drilled into the Lupita target on the Tambor gold property in Guatemala. Stock in the Simon Ridgway-led tacked on 1 to 95 on 95,350 shares. With six of the seven holes cutting broad low-grade mineralization (0.7-to-2 grams gold), the company has now moved the rig to the Sastre target.