Trading Summary (April 26, 2004)

The remainder of the Toronto Stock Exchange’s subindices could have used a bit of help from the Health Care sector on Monday, as it finished alone in the black. The diversified miners led the rest lower with a 1.5% fall to 210.85 points. The golds chipped in a 0.1-of-a-point loss to settle at 200.86. Overall, the S&P-TSX Composite Index ended 51.72 points lower at 8,616.15.

Copper miner Aur Resources led the base metal miners lower returning much of its gains from late last week. On Friday, Reuters reported that the company is considering updating the feasibility study for its Carmen de Andacollo copper project in Chile to better reflect an improved copper price outlook. The operation is expected to churn out 47.5 million lbs. of copper in 2004. Aur’s shares ended 30, or nearly 5%, lower at $5.85.Fellow diversified miner Noranda joined in the descent ending 76, or 3.4%, lower at $21.80. Investors seemed ill impressed with the company’s higher first-quarter earnings of US$153 million or US49 per diluted share.

Teck Cominco‘s B series slipped a dime to $21.90. On Friday, Noranda inked a deal to earn a half-interest in Teck’s mothballed Lennard Shelf zinc mine in Western Australia. Noranda can earn its stake by spending A$26 million on exploration, operating, capital expenditures or other activities. Lennard Shelf produced 176,000 tonnes of zinc and 70,000 tonnes of lead during the year ended June 2003. Operations will resume pending a positive redevelopment plan.

Canada’s gold stocks were mixed; the majors were no exception with Barrick Gold ending 30 lower at $28.10, Placer Dome gaining a nickel to make $20.52, and Kinross Gold grabbing a nickel to reach $8.27.