Trading Summary (September 20, 2001)

More of the same on U.S. markets on Thursday. The technology-laden Nasdaq Index shed 3.7% to 1,470.93, and has lost about 13% since markets reopened on Monday. The Dow Jones industrial average shed 4.4% to 8,376.21, and has shed more than 12% so far this week. The S&P 500 index lost 3.2% to 983.79, and has surrendered about 10% since the terrorist attacks.

In Canada, the Toronto Stock Exchange was no different falling 174.5 points or 2.6% to 6,521.8 points, territory not seen in about two and a half years. The TSE has lost about 11% since the attacks. The lone bright spots on the TSE were the golds, which gained 68.76 points to 5,359.98 points, and the utilities, which recovered 245.5 points or 2.2% after dropping more than 4% on Wednesday.

The shinnies suffered across-the-board losses in New York. Gold retreated US$3.10 to US$286.30 per oz., palladium fell US$14 to US$441 per oz., platinum shed US$3 to US$485 per oz. and silver slid US20 to US$4.50 per oz. The base metals suffered a similar fate in Europe.

Placer Dome was the busiest gold stock with more than 2.8 million shares on the go. The issue rose 70 to $20. Kinross was just behind unchanged at $1.53 on 2.7 million shares. Barrick Gold added 45 to hit $27.15. Goldcorp dropped 94 or 5% to $18 despite some promising drill results from its Red Lake mine in northwestern Ontario.

Like the metals they mine, the country’s base metal miners finished mostly lower. Inco fell $2.02 or more than 9% to $20.30, Teck Cominco shed 90 or 7.9% to $10.51, Falconbridge lost 65 to $14.80, Noranda dropped 40 to $15.05 and Alcan was off $2.40 at $46.15. Zinc miner Breakwater Resources stood out gaining a penny to 39.

A 5% drop in oil & gas related issues pushed Canada’s junior exchange lower. The Canadian Venture Exchange lost 3.88 points, or 0.1%, to finish the day at 2,781.19. The Mining Index bucked the trend gaining 45.17 points, or 0.6%, to close at 7,100.14.

National Gold lost a penny to 15 cents on 540,000 shares. The Albert Matter-led company announced plans for a $405,000 financing. The funds will be used to advance the Salamandra gold property in Mexico.

Klondike Gold ended the day flat at 7 cents on 380,000 shares. The company is acquiring ground in the vicinity of its Silvana silver project in southeastern British Columbia. Low metals prices forced the company to put the project on care and maintenance mode.

Poplar Resources continues to attract traders, losing a penny to close at 30 cents on over 223,000 shares. The company’s 65%-owned subsidiary is working the Sundsvall diamond and Bottenbacken polymetallic project. Both projects are in Sweden.

Investors continued to jockey for position ahead of drill results from the Union Bay platinum project in Alaska as Shares in Quaterra Resources ended the day unchanged at 24 cents on a volume of 379,000.

Radius Explorations lost 5 cents to end the day at a 52-week low of 28 cents on 103,000 shares. Investors sold off shares in the Simon Ridgway-led junior following the release of assay results from the Sastre and Bridge zones on the Tambor gold property in Guatemala.

Chales Fipke’s Cantex Mine Development touched a new 52-week low, ending the day at 5 cents, down 1 cent on 339,000 shares. The junior has been working gold and massive sulphide properties in Yemen.