Trading Summary (April 16, 2002)

The Toronto Stock Exchange added 80.29 points or more than 1% to hit 7,841.6 on Tuesday, as stocks ignored the Bank of Canada’s decision to increase interest rates. The golds led five declining subindices falling 90.59 points or 1.5% to 5,936.44. The base metal issues managed to gain 108.77 points or 2.3% to make 4,777.94.

Kinross Gold remained at the head of the gold miners class falling 7 to $2.09 with more than 3.4 million shares traded. Uranium miner Denison Mines grabbed a penny and a half or 7.7% to 21. Denison’s winter exploration program at the 22.5% owned McClean Lake mine site in northern Sask., has uncovered new unconformity related uranium mineralization in the Athabasca sandstone.

Diamond Miner Tahera saw just fewer than 2 million shares changes hands, enough to rank as the TSE’s seventh busiest issue. The stock gained 0.5 to hit 35. Drilling by Kennecott on Tahera’s Rockinghorse property in Nunavut has expanded the tonnage potential of the highly diamondiferous Anuri pipe. Kennecott can earn a 62.5% interest in the project from Tahera by funding the project through a bankable feasibility study.

Barrick Gold fell 28 to $27.90 on about 1.9 million shares to grab the final spot on the TSE’s top ten list.

Goldcorp lost 40 to $25.60. On Tuesday, Goldcorp announced that the underwriters of its previously announced bought deal have exercised their option to purchase another 3 million units for US$18 apiece. The deal boosts Goldcorp’s cash reserves to US$224 million.

Alcan was the country’s most traded base metal issues with short of 1.4 million shares changing hands. The aluminum giant’s stock climbed 98 or 1.6% after the company announced first-quarter profit net income of US$86 million (26 per share), compared with year-ago net income of US$135 million (42 per share), and a net loss of US$356 million ($1.12 per share) in the previous quarter.

Noranda was the next in line climbing 71 or 3.8% to $19.50, a new 52-week high. The company will webcast its 79th annual general meeting for shareholders on Wed., April 24.

Canada’s junior exchange failed to follow the major bourses higher with volume remaining on the light side. The Standard & Poor’s-CDNX Composite Index lost 1.35 points, or 0.1% and closed at 1,155.17.

Gold Summit Mines traded heavily on news that the junior would seek at $450,000 financing to move forward on its diamond property in the Otish Mountains region of Quebec. Shares in the company ended the session unchanged at 20 on a volume of over 1.38 million.

Gallery Resources lost 1 to close at 11 on 663,500 shares. A gravity geophysical survey is underway on the junior’s Black Bart’s Katie massive sulphide project in central Newfoundland.

Rhonda added 5 to close at 43 on 484,500 shares. The diamond explorer announced that its annual general meeting will be held on June 6.

Philex Gold added 7 to close at $1.02 on 34,000 shares. Additional drill results from the Boyongan copper-gold property in the Philippines are expected shortly.