STOCK MARKETS — Toronto composite index on the mend as gold jitters continue — Some base metals gain momentum lost in previous weeks

The Toronto Stock Exchange 300 composite index took a nose-dive during the report period ended April 16, dropping 77.46 points (or 1.3%) to 5,743.55.

However, a jump of 64.22 points in trading on April 15 offset four days of continuous losses and is being looked upon by some market observers as a possible sign that the bull market may return.

The Canadian dollar was down again this week, losing 51 basis points against its American counterpart. On April 16, the Loony had a noon rate of 71.56 cents. The dollar also fell against all other major foreign currencies.

Despite a good day on April 10, investor fears stemming from the Bre-X debacle, combined with a slipping gold price, resulted in the TSE’s gold and precious metals sub-group dropping another 378.99 points to 9,035.19, for a loss of 4%. Gold was fixed at US$341.25 per oz. in the London bullion market on April 16 — a drop of $6.55 over the report period. Silver was also down this week, losing 4 cents to close at US$4.73 per oz., while platinum lost an even buck to be fixed at US$365 per oz.

For the second consecutive report period, Bre-X Minerals was the most-Traded issue, with 48.6 million shares crossing the floor. However, the company’s denials of core-Tampering at the Busang property seem to have alleviated market jitters somewhat, as the issue saw only 5 cents shed from its value, finishing the week at $2.25. Parent company Bresea Resources took second spot on the most actively traded list, with 7.7 million shares changing hands. The issue fell 24 cents to finish at $1.08.

Losing half the amount it gained during the previous week, Franco-Nevada was down to $67.25, for a loss of $2.25. Sister company Euro-Nevada also lost some value, shedding 50 cents to close at $40.75. Among the senior producers, Placer Dome went for the roughest ride, falling $1.30 to $23.40, while Barrick Gold finished at $31.60, for a loss of 85 cents. TVX Gold dropped as much as Barrick to finish the week at $8.80.

Copper saw a slight decrease in its value, falling US2 cents to US$1.05 per lb. Nickel was down a penny to US$3.30 per lb., while relatives lead and zinc each broke even, trading at last week’s values of US29 cents and US56 cents, respectively.

Activity among the base metal issues was relatively sedate, with the TSE’s metals and minerals sub-group shedding only 21.59 points, for a 0.4% loss in value, to close the report period at 5,148.40. The big loser among base metal producers was Cameco, which plunged $6.35 to $44.40. Also suffering a drop in share value was Rio Algom, which lost a $1.15 to close at $31.40. Cominco climbed $1.60 to $36.60, while Noranda added 90c to to finish at $29. Teck B series shares gained 50c, ending the week at $29. Falconbridge was up 35 cents at $27.90.

The highest percentage gain went to America Mineral Fields, which rose 32% to $4.50, for a gain of $1.10. The junior was awarded the Kolwezi tailings recovery project in Zaire and was granted the right to explore and develop other properties along the copper belt. As well, a previously announced agreement with Gecamines was ratified. The deal will see U.K.-based Techpro Mining & Metallurgy undertake a preliminary feasibility study aimed at reopening the Kipushi zinc mine. Going the opposite way was Golden Rule Resources, which lost $1.85 to close at $4.85.

On American markets, Delgratia Mining lost half of its share value of US$16 when trading resumed after a 3-week hiatus. Despite wire service reports that samples from the company’s Josh property in Nevada were assayed by Robert Gunnison (who was convicted of securities fraud in 1978) and that the work carried out may have been in violation of Arizona law, the issue rebounded $9.50 to finish at $17.50.