Trading Summary (November 06, 2001)

After yo-yoing between positive and negative territory for much of the day, the Toronto Stock Exchange jumped in the late afternoon to end the day up 66.17 points at 7,145.5 points. Spurring the late-day climb was another half-point rate cut by the U.S. Federal Reserve, the tenth this year. The rate now sits at 2%, its lowest level since September 1961. The technology stocks got the biggest boost from the news rising 3.7% to 3,330.52 points. Overall, nine of the TSE’s fourteen subindices ended in the black.

Barrick Gold took the top spot among Canadian mining stocks gaining a nickel to $25.07 on nearly 1.4 million shares. Placer Dome was a distant second climbing 6 to $18.50 on just more than 956,000 shares. Others on the rise saw similar modest gains. Overall, the TSE’s Gold & Precious Minerals subindex edged up 14.36 points to 5,103.27 points.

Heading south were: Glamis Gold off 34 to $5.18; Iamgold 14 lower at $3.45; Novagold, down a nickel to $$1.83; and Wheaton River Minerals, which lost 3 to 62. On Monday, Glamis posted third-quarter earnings of US$600,000 (or 1 per share) on revenue of US$15.9 million, compared with a year-ago loss of US$7 million or (10 per share) on US$14.1 million.

Silver miner Pan American Silver gained 22 to hit $5.47. On Monday, the company announced the signing of a two-year deal to allow a Bolivian company to extract, at its cost, up to 250 tonnes per day from the San Vicente silver mine in southern Bolivia. Pan Am has an option to earn a 100% working interest in San Vicente. Mine permitting is underway for a small-scale operation to produce about 1 million oz. of silver annually.

The base metal miners were a quiet bunch; Noranda led the pack with just 667,526 shares on the go. The issue fell a dime to $14. Alcan was next in line gaining $1.49 to $51.85 on just 608,672 shares. Inco found 11 to reach $22.35; Falconbridge gained 15 to $14.70 and Aur Resources regained 7 to $2.60.

Canada’s junior exchange failed to find firm footing with three of the four sub-indices ending the day lower. The Canadian Venture Exchange ended the day down 15.45 points, or 0.5% to finish the day at 2,956.90. The Mining Index dropped 50.81 points, or 0.7% to close at 7,579.18.

Rockwell Ventures once again made an appearance on investors’ radar screens ending the day down 1 to 16 on 178,500 shares. The Hunter-Dickinson-led junior has been exploring the Fox River Sill nickel-sulphide property in Manitoba.

Leader Mining International moved higher, adding 14 to close at $1.98 on 228,910 shares. The junior has been busy tying up ground near Hope, BC. The Harrison Lake property covers an ultramafic belt that extends over 60 km northwest from the B.C. Nickel mine, which mined and milled a reported 4.2 million tonnes grading 1.19% nickel and 0.46% copper.

Starfield Resources continued to rebound from its recent sell-off gaining 6 to close at 55 on 177,200 shares. The company is drilling the West zone on the Ferguson Lake polymetallic property in Nunavut.

Cash strapped American Bonanza Gold Mining lost 1 to close at 3 on 770,000 shares. The junior has been trying to advance the Copperstone gold project in Arizona.

Oliver Gold lost 1 to end the day at 20 on 134,000 shares. Stock in the Lawrence Nagy-led junior has been actively traded since announcing a proposed 9.3-for-1, roll-back and a merger with privately held Hastings Resources. The annual general meeting is set for Dec. 21.