Trading Summary (March 16, 2004)

The Toronto market rose on Tuesday, scraping back some of the previous day’s losses. The TSX Composite index was up 68.86 points to 8,503.27 for a gain of 0.8%, as all the market sectors advanced modestly.

The golds were the strongest sector on the board on Tuesday, with the TSX Gold index up 2.89 to 212.49 points, equating to a 1.4% rise in value. In detail, the golds were actually mixed, with ten declining stocks against nine advancing ones on the index. That total, however, included strong recoveries by index heavyweights Barrick Gold, which rose 77 to $28.75, and Placer Dome, which rose 46 to $21.85.

In contrast, it was the smaller producers and development-stage companies that fell back Tuesday. Hardest hit was Miramar Mining, which was off 14 at $2.39; Cambior slid a dime to $3.40. Development-stage Nevsun Resources backed up 11 to $4.79, and Gabriel Resources was down a nickel at $3.09.

The base metal stocks were mixed, too, but the sector as a whole rebounded from Monday’s whipping. The TSX Metals and Mining index was up 1.51 points at 214.94, just behind the broad market’s pace.

Champion gainer on the day was Inmet Mining, which was up 95 to $18.95, a gain of just over 5%. Another mid-tier producer with a solid gain was Aur Resources, which rose 15 to $6.90. Among the big boys, Inco was up 41 to $45.05, Noranda 14 to $22.20, and Teck Cominco 15 to $23.15.