Trading Summary (April 10, 2002)

The Toronto Stock Exchange finally pulled out of its recent slide adding 77.99 points to hit 7,800.1 on Wednesday. The golds led the way with a 218.5-point or 3.7% gain to 6,054.43. The yellow metal gained US$2.75 per oz. to US$301.50 in New York. Likewise, the base metal issues performed admirably tacking on 119.84 points or 2.6% to make 4,717.47. Leading just two declining subindices was the utilities sector, which plummeted 3.4%, thanks in large to a 6.2% fall by BCE.

Barrick Gold was the busiest gold miner advancing 79 to $28.34 with nearly 4.9 million shares changing hands. The next nearest miner was Kinross Gold growing by 17 or 9% to $2.07 on a trading volume of about 2.8 million shares. Also enjoying gold’s glitter were: Placer Dome, up 89 or 5% to $18.73; TVX Gold, plus 8 or 7.7% to $1.12; and Goldcorp, which gained $1.31 or 5.1% to $27.11.

Some impressive percentage gains from the lower ranks include: Golden Star Resources, up 19% to $2.02; Orezone Resources, 15% higher at 23; Dayton Mining, plus 14% to $1.20; Claude Resources, adding 12% to hit $1.23; and Echo Bay Mines, 10% to the good at $1.32.

Inco shares were the class of the base metal issues soaring $1.69 or 5.5% to $32.64, a new 2-year high. Two BMO Nesbitt Burns analysts raised their rating for Inco to “top pick” from “outperform” and raised their share price target to US$29 from US$25 on the New York Stock Exchange. The two also raised share price targets for rivals Falconbridge and Noranda. For their parts, Falco shares were up 50 to $18.90, and Noranda shares gained 36 to $18.06.

The upgrades come after Russia’s Norilsk Nickel, the world’s biggest nickel company, announced plans to use 60,000 tonnes of nickel from its reserves as collateral for a 3-year loan from a syndicate of foreign banks, a positive development for a tight market with demand beginning to strengthen.

Canada’s junior exchange straddled the flat line most of the day with a late-day buying spree pushing the average into the black. The S&P-CDNX Composite Index gained 3.59 points, or 0.3% to close at 1165.70.

Majescor Resources lost 9 to end the session at 92 on 697,662 shares. The junior holds a large land position in the emerging Otish Mountains diamond area of Quebec.

Gold Summit Mines added 2 to close at 17 on 310,000 shares. The company has the right to earn up to a 70% interest in the diamond rights to certain claims in the Eastmain River area of Quebec.

Madison Enterprises continued to move higher, adding 1 to close at 20 on 296,000 shares. The junior recently arranged a $870,000 financing and resumed work on its Mt. Kare gold property in Papua New Guinea.

Francisco Gold jumped 59 to close at $14.85 on 116,494 shares. Toronto-listed Glamis Gold entered into an agreement to acquire all of the issued and outstanding shares of Francisco. The junior’s annual shareholder meeting is set for May 30. Glamis is offering to exchange 1.55 shares and 1 share in a new exploration company for each issued Francisco share.

Samex Mining added 2 to close at 32 on 253,800. The junior holds a 60% interest in the Eskapa gold property in Boliva.