Trading Summary (October 04, 2001)

The Toronto Stock Exchange started strongly today, but when a 60-point gain at midday evaporated, the TSE 300 composite index was left at 6,899.41 points, 4.37 points below the previous day’s close. Volume of 144 million shares was relatively heavy, but the market moved sideways, with the exception of the oil and gas sector, which saw a 2.4% rise, and the industrial products group, which added 1.5%.

Other than the banks, the golds were the biggest losers in today’s trading, sliding 63.34 points to close at 5,192.95. The metals and minerals index lagged the broad market but dropped only 14.33 points, closing at 3,466.37.

Barrick Gold, with 1.5 million shares moving, was the most active of the gold stocks today, falling 44 to $26.60. Kinross Gold clawed up 1 to $1.44 on 779,000 volume as most of the golds fell.

Base metal markets were broadly positive today, with nickel posting a US$65-per-tonne gain, to US$4,930, on the London Metal Exchange. Copper, aluminum and zinc were all down fractionally, but lead added US$7 per tonne.

Both Inco and Falconbridge reacted positively to the nickel price, with Inco adding 17 to close at $19.83 and Falconbridge up 12 at $14.32.

Newly listed coal producer Fording has started strongly, adding 95 to finish at $22 with 1 million shares changing hands. Fording, spun off on Wednesday by parent Canadian Pacific, has been mentioned as a possible takeover bidder or target in presumptive coal-industry consolidation.

Canada’s junior exchange managed to post modest gains led by a renewed interest in technology issues. The Canadian Venture Exchange ended the day up 15.28 points, or 0.5% to finish the day at 2,846.79. The Mining Index manged to tack on 8.71 points, or 0.1%, to close at 7,170.69.

Shares in Poplar Resources continued to plunge ahead of drill results from the Bottenbacken polymetallic project in Central Sweden. Stock in the company fell 5 to end the day at 17 on nearly 1.1 million shares. The company’s 65%-owned subsidiary is currently drilling the third of a planned 20-hole program over the property.

Masuparia Gold ended the day flat at 11 on 665,750 shares. The junior announced a $250,000 financing comprising 2.5 million units priced at 10 each The company is in the middle of a 1,000 metres drill program over the Greywacke property north of La Ronge, Saskatchewan.

Despite announcing the discovery of a high-grade palladium-platinum interval above the massive sulphide zone on its Ferguson Lake property, investors sold-off shares in Starfield Resources. The new zone, which ran 103 gram palladium and 26.71 grams platinum per tonne over 0.35 of a metre is interpreted as a separate horizon within the overall gabbroic host sill. Cooling investor interest may be the depth of the intercept, coming in at 962 metres down-hole. Shares in the junior lost 6 to end the day at 45 on a volume of 598,000.

Quaterra Resources ended the day unchanged at 23 on 326,000 shares. The Thomas Patton-led junior recently identified a zone of copper-nickel-platinum-palladium on its wholly owned Duke Island claims. Forty outcrop and boulder samples collected from the zone contain values of up to 1.59% copper, 0.25% nickel and65 grams combined platinum and palladium. The company is also awaiting drill results from 4 holes collared on the Union Bay platinum property near Ketchikan.