Montreal Exchange Abitibi volume leader

Blue chip stocks featured prominently in weekly trading on the Montreal Exchange this week as a slumping gold price led the market lower.

Most active issue on the exchange was Falconbridge with more than four million shares changing hands. The price fell $3.75 to close at $22 as the issue went ex-dividend. Also, labor contract talks broke off recently with a strike deadline at the company’s Sudbury operations looming. Nickel prices, already in backwardation on the London Metal Exchange (spot prices higher than future prices), could send off some more sparks.

Inco was also active with 476,000 shares trading as it slipped $1.62 to close at $36.25.

Abitibi Metals was a heavy trader this week with 891,900 shares trading. The stock picked up a penny to close at 17 cents . The company has been getting some good results from its Jolin gold property in Carpentier Twp near Val d’Or, Que.

Also among the most active issues was Vassan Resources. The company has been working north of the old Siscoe mine near Val d’Or. Some good results came out of the property late in 1987, including 37 ft grading 0.52 oz gold per ton, 29 ft of 0.49 oz and 40 ft of 0.28, but nothing has been heard from the company recently to warrant the trading activity.

Brosnor Exploration was unchanged at 8 cents although a quarter of a million shares changed hands. Kewagama Gold Mines was just as active, but it picked up a quarter to close at $1.20.

St. Genevieve continued to lose ground from its lofty 12-month high of $10.25. It closed at $1.75 after a touching a year low of $1.70 on 141,800 shares.