Trading Summary (January 09, 2002)

A 4.4% gain by the gold issues wasn’t enough to keep the Toronto Stock Exchange out of the red on Wednesday. The technology stocks, which opened higher, suffered a sell off at the end of the day to finish 26.23 points lower. Overall, the TSE 300 composite index slipped 6.24 points to 7,775.8.

Gold finished the day off strong in New York hitting US$283.00 per oz., up US$4.30 per oz. from Tuesday’s end and US$1.90 higher than the PM fix in London. Silver grabbed US8 to hit US$4.71 per oz.; palladium gained US$5 to $432.00 per oz. and platinum lost a dollar to US$$71.00 per oz. Nickel stood out gaining US$140 to US$6,350 per tonne on the London Metal Exchange.

Franco-Nevada Mining enjoyed a $1.15 increase to $24.05 as investors are betting the gold mining royalty company will come out as a big winner in Anglo Gold and Newmont’s battle from Australia’s Normandy Mining. Franco has a 19.9% stake in Normandy. Franco saw more than 6.3 million shares change hands.

The country’s remaining gold miners enjoyed similar results. Barrick Gold rose $1.07 to $27.45; Placer Dome added 75 to reach $19.26; Kinross Gold climbed 4 to $1.28; and TVX Gold was 3 higher at 78.

The mid-tier producers tagged along. Agnico Eagle Mines gained 67 to $16.60; Goldcorp tacked on 30 to hit $20.50; Meridian Gold rose 81 to $17.96; and Glamis Gold found 21 to end at $5.90. Silver-miner Pan American Silver grabbed 28 to settle at $7.05.

Canadian base metal majors were not as fortunate. Inco led the way falling a nickel to $27.85 on more than 1.1 million shares; Teck Cominco’s B series lost 15 to $13.45; Falconbridge slid a dime to $16.70; and Boliden lost 11 $7.20. Standing out were Sherritt International, up 28 to $4.50 and Noranda, 28 higher at $16.03.

Breakwater Resources returned a chunk of its recent gains falling 4 or almost 12% to 30. The zinc miner recently announced upped resources and reserves at its El Mochito mine in Honduras and its El Toqui mine in Chile.

Canada’s junior exchange resumed its march forward following a modest set back yesterday. The S&P-CDNX Composite Index gained 10.69 points, or 1% to close at 1095.03.

New Blue Ribbon Resource topped the most actively traded chart among junior explorers. The company ended the session up 1 at10 on 925,000 shares. The company recently signed a letter of intent to acquire a 90% interest in the Lac Joubert diamond property in the Otish Mountains region of northern Quebec.

Starfield Resources added 5 to 61 on 166,745 shares. The company is gearing up to resume drilling on its Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.

Gold Canyon Resources ended the day at $1.80, up 10 on a modest 69,330 shares. The company announced a $250,000 private placement and recently copleted its first round of drilling on the Cordero gallium project in Nevada.

Pan Asia Mining closed the day down 1 to 10 on 592,500 shares. The junior continues to seek a Nasdaq listing and hopes to advance its diamond projects in China.

Donner Minerals ended the day at 24, up 2 on 190,000 shares. Donner holds a majority stake in the South Voisey Bay nickel sulphide project in Labrador.