Trading Summary (April 16, 2004)

The technology stocks were alone in the red at the end of Friday’s trading session on the Toronto Stock Exchange. The diversified metals & mining index was the star of the show with a plus-4% gain to 222.64; the gold group tacked on 1.2% to reach 214.05. Overall, the S&P-TSX Composite Index finished 56.6 points higher at 8,693.77.

Sudbury Contact Mines put in the biggest percentage gain among the miners, rising 21, or 13.6%, to $1.75. The company is following up on a positive till sampling program completed in 2003 in the Timiskaming area with a program of ground geophysics and 2,000 metres worth of core drilling. Work is focussed on three areas of highly elevated kimberlitic indicator minerals; the areas are all well-removed from the known kimberlites at Timiskaming. Staking has boosted the company’s land position by 30 sq. km to around 338 sq. km.

Zinc miner Breakwater Resources was close behind gaining 6, or nearly 12%, to make 57. Breakwater’s chief financial officer, Rene Galipeau, recently quit to pursue other interests; vice-president Richard Godfrey will assume the vacant seat.

Elsewhere among the base metal miners, shares in Falconbridge climbed $1.29, or 4%, to 46.13 after it reported a nearly five-fold increase in earnings during the first quarter. The company also announced a life-of-mine supply and processing agreement under which it will process 60% to 75% of precious-metals-bearing concentrate production Agnico-Eagle Mines‘ LaRonde mine in Quebec. For their part, Agnico shares ended a quarter, or 1.4%, higher at $18.29.

Despite a US$3.20-per-oz. rise in the price of gold to US$400.20 per oz., Canada’s major bullion producers put in mixed results: only Barrick Gold managed a gain of 40 to make $29.55; Placer Dome fell a penny to $21.96; and Kinross Gold fell twice that to $9.06.