Trading Summary (September 21, 2001)

The U.S. markets managed to recover a bit from some early losses on Friday, but still ended a horrific week well in the red. The Dow Jones Industrial Average lost another 1.68% to 8,235.81, making the week the worst since the Depression in the 1930s. The Nasdaq index shed 3.25% and the S&P 500 lost 1.98%. In all, the week saw; the Dow fall 14.3%, the Nasdaq loss 16.1%, and S&P 500 drop 11.6%

Back in Canada, the Toronto Stock Exchange fell to about 6,300 points in early trading, but managed to regain its composure, temporarily poke into positive territory and the end the day down just 8.69 points at 6,513.1. The TSE is down more than 11% since the terrorist attacks on Sept. 11. Leading the TSE’s six advancing subindices was the Conglomerates subgroup, which climbed 432.32 points or 3.8%. The Pipelines rose 193.49 points or about 3%.

Gold shot up US$4.35 to US$290.65 per oz. in New York. Silver tacked on US* to hit US$4.58. Platinum and palladium fell US$7 and US$9 to hit US$478 and US$432 per oz., respectively. The base metals saw modest and mixed results on the London Metal Exchange.

The TSE’s Gold & Precious Minerals subindex gained 41.8 points to 5,401.78. The busiest gold issue was Place Dome, which climbed 83 to $20.83 on nearly 5.5 million shares. On Friday, the company says that it will remain focused on acquisitions despite coming up short in a bidding war for WMC Resources’ St. Ives and Agnew gold mines in Western Australia. Gold Fields, South Africa’s second-largest gold miner, won the auction with a US$232-million bid, plus a royalty.

Kinross Gold saw about 4.7 million shares change hands as the stock rose 3 to $1.56. Kinross, recently entered into a lock-up agreements with Echo Bay, under which Echo Bay would issue 57.1 million shares to Kinross.

Barrick Gold fell 15 to $27 with about 4.2 million shares traded. One of the biggest percentage moves on the TSE was Viceroy Resources, which shed 5.5 or 28% to 14.

It was mostly losses for the base metal miners. The Metals & Minerals subindex fell 53.68 points or 1.6%. Rivals Inco and Falconbridge joined hands in hitting new 52-week lows to close out the week. Inco shed 50 to $19.80 while Falconbridge managed to gain a dime to $14.90 after sinking as low as $14 earlier in the day.

Zinc miner Teck Cominco dropped 61 or 5.8% to $9.90, near its 52-week low. Breakwater Resources another zinc miner plummeted 10 or more than 25% to 29. Aluminum giant Alcan lost 40 to $45.75. Alcan’s has traded in a 52-week range of $41.95 to $73.88.

Canada’s junior exchange continued to face an onslaught of selling with all subindices ending the week deep in the red. The Canadian Venture Exchange plunged 19.48 points, or 0.7%, to finish the day at 2,761.71. The Mining Index followed suit, dropping 49.99 points, or 0.7%, to close at 7,050.15.

Chapleau Resources lost 10 to end the week at 45 on 283,400 shares. The company announced the completion of geochemical sampling on the Kougarok tantalum-tin project in the north-central Seward Peninsula, approximately 112 km north of Nome, Alaska. The survey covered a 1.75-by-1 km area. Assay results are pending.

A big percentage mover, Gold Canyon Resources lost 34 to end the day at $1.25 on 79,000 shares. The junior is in the midst of a 2,300-metre drill program on its Cordero gallium project in Humboldt County, Nevada.

Shares in Poplar Resources ended the week by losing 3 to 27 on a volume of 347,500. The company’s 65%-owned subsidiary is working the Sundsvall diamond and Bottenbacken polymetallic project, both in Sweden.

Idaho Consolidated Metals dropped 3 to close at 35 on 134,000 shares. The company is working the Stillwater platinum-palladium project in Montana.

Quaterra Resources managed to hold on to recent gains ahead of initial drill results from its Union Bay platinum-palladium property in Alaska. Shares in the company tacked on 1 to 23 on a volume of 83,000.