Trading Summary (March 11, 2003)

Sentiment on world markets didn’t improve much on Tuesday, and the TSX Composite index rose fractionally to 6,290.73 points. The good news was that some sectors did advance, with the information tech stocks the leader and the energy stocks not far behind.

Another winning sector was the base metals, as the TSX Metals and Mining index pulled up almost a point to 123.13, outpacing the broader market. Cameco made the best advance for the second day in a row, rising 93 to close at $36.43.

The larger nickel producers also had a good day; Inco was up 35 at $29.25 and Falconbridge added a quarter to finish at $17.10. The big declines were by new coal partners Teck, whose B-series backed off 18 to $10.85, and Sherritt International, which slid 7 to $4.28.

The gold price was fixed at US$348.70 per oz. in London on Tuesday afternoon, down almost US$6 from Monday. The gold equities, which didn’t rise in tandem with the price on Monday, fell along with it today: the TSX Gold index was off 4.15 points, or 2.7% of value, at 152.19.

Most active of the gold stocks on the index was Kinross Gold, which fell 54 to $8.99, a loss of 5.7% on the day. Over 3 million shares changed hands. Barrick Gold was also heavily traded, falling 40 to $21.35.

Off the index, Wheaton River Minerals was unchanged at $1.14 with 1.1 million shares moving.

Canada’s junior exchange felt the impact of a falling bullion price with investors electing to unload gold explorers. The S&P-TSX Venture Exchange composite index lost 11.11 points, or 1.03%, and closed at 1,071.94.

Investors unloaded shares of Snowfield Development. Stock in the junior had run up over the past week following news that the junior inked a deal with New Shoshoni Ventures to earn a 50% interest in the Fate Mineral diamond property in the Northwest Territories. Snowfield ended the day down 8 to 34 on nearly 1.2 million shares.

Consolidated Gold Win Ventures gave back half of yesterday’s gain, dropping 3 to close at 15, on 488,600 shares. The junior recently acquired an option to earn 100% in the ZZL and Cleft mineral claims in the south mining district of the Northwest Territories.

American Bonanza Gold Mining lost two pennies and closed at 25 with 555,714 shares traded. The junior is currently exploring the Copperstone gold project in Arizona.

Goldminco ended the session unchanged at 13 on 432,000 shares. The drill results from the first two holes into the Balabag gold property in the Philippines are expected any day now.