Gold closed up US50 over last Friday, to finish at US$398.25 per oz. in the afternoon in London. The gold index was up by 0.32%, or 0.64 point, to close at 199.63. The diversified metals and mining index was down 0.34%, or 0.75 point, to close at 222.67 points. The S&P TSX composite index was down 0.02%, or 1.31 points, to close at 8,486.00 points.
Trading was down today, probably in connection with the July 4th holiday in the U.S. One stock traded over 2 million shares and just one other managed to trade over 1 million.
Stelco "a" led the way in volume, trading 2.37 million shares. The stock price shot up 15%, or 11, to close at 84. No news was released today, however last week the company reported that it will relocate its corporate offices to the Stelco plant, in Hamilton, Ont. The move should save Stelco $4.5 million annually beginning in 2005.
Sherritt traded 1.1 million shares and closed up 1.87%, or 13, to close at $7.08. There was no news to account for the volume.
Defiance Mining was up by 4.35%, or 2, to close at 48, on a volume of almost 907,600 shares. The stock has jumped about 20% since last Wednesday, when Rio Narcea Gold Mines reported that it plans to acquire Defiance Mining offering a premium of about 37% over its closing share price last Tuesday.
The Wheaton River saga continued today although trading was relatively low with just 244,000 shares exchanging hands. Shares were up 0.79%, or 3, to close at $3.84. shareholders will vote tomorrow on the proposed merger between Wheaton and Iamgold.Iamgold was down 0.40%, or 3, to close at $7.40 on a volume of 310,900 shares.
Tahera Diamond traded fourth in volume and closed down 1.4%, or .05, at 35.5 on a volume of 886,470 shares.
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