Trading Summary (March 15, 2004)

Toronto markets tanked on Monday, with the S&P-TSX Composite index falling 157.63 points to 8,434.41, a loss of 1.8% of value. The base metal stocks nearly had the worst of it, except for carnage among the technology stocks; the TSX Metals and Mining index slid 7.90 points to 213.43, a loss of 3.6%.

Teck Cominco B-series shares were at the front of the roller-coaster, plunging $1.34 to $23. Inco shares fell $2.04 to $44.64, and Falconbridge was off $1.30 at $33.45.

The one base metal producer to miss the train wreck was FNX Mining, which was 5 better at $7.35.

The golds did slightly better than the broad market, but were still slapped down 1.5% on the day, with the TSX Gold index off 3.09 points at 209.60. That slide came on weakness in both the majors and the mid-tiers: Barrick Gold was off 29 at $27.98, Placer Dome 46 at $21.39, Glamis Gold 71 at $20.93, and Agnico Eagle Mines 49 at $18.94.

The day worked out better for smaller gold producers and development-stage companies. Among the small producers on the index, Rio Narcea Gold closed at $2.79, Eldorado Gold at $3.88, and Northgate Exploration at $3.03, all up a nickel. Developers Nevsun Resources and Gabriel Resources were both up a nickel as well, Nevsun closing at $4.90 and Gabriel at $3.14.