Trading Summary (December 21, 2001)

The Toronto Stock Exchange ended 73.33 points higher at 7,528.3 on Friday heading into the Christmas holiday. Powering the gains was Nortel Networks, which reported that its fourth-quarter loss would be lower than originally expected. The technology-laden Industrial products subindex surged more than 4% on the news. Just three of the TSE’s 14 subindices ended in the red. The Metals & Minerals subindex was among that number dropping 6.86 points to 4,055.62. The golds added 49.02 points or just less than 1%.

All of the precious metal made modest gains in New York. Platinum led the pack adding US$18 to hit US$470 per oz. The base metals were mixed, nickel gained US$240 to US$5,690 per tonne.

Barrick Gold saw more than 3.6 million shares traded, and edged up 7 to $26.07 to lead the country’s miners. Placer Dome gained 35 to $18.05 on about 2.8 million shares. Franco-Nevada Mining was next in line rising 20 to $23.50 with about 1.75 million shares traded. Kinross Gold climbed 3 to $1.19; TVX tacked on a penny to hit 62; Cambior did the same to settle at 68.

Among the smaller producers, decent percentage gains were put in by: Echo Bay Mines, up 4.7% to 90; Iamgold, 4.2% higher at $4; Miramar Mining, which gained 6.7% to 80; and Wheaton River Minerals up 3.45% to 60.

Minires du Nord has secured a US$4-million loan facility arranged by RMB Resources, a South African-based financial institution. The company’s stock rocketed 11 or 17.2% to 75. The facility will fund its 2002 requirements at the Tulawaka gold project in Tanzania.

Alcan was the most traded base metal issues falling 44 to $55.80 with 1.5 million shares traded. The rest saw similar sideways movement.

Namibian Minerals stood out on the diamond watch. The marine diamond miner’s issue soared 7 or more than 46% to 22. On Thursday, Namco announced that it has received a US$3 million bridge loan from its major shareholder, and said its chief executive has resigned.

Canada’s junior exchange managed to post a 1.5%. The S&P-CDNX Composite Index gained 14.54 points to close at 993.03.

Arizona Star Resource lost two pennies or 3.2% to 61> with 26.788 shares on the go. Recent reverse circulation drilling by the company and partner Aur Resources failed to extend the limits of a previously discovered gold zone on the Agua de la Piedra property in northern Chile.

IMA Explorations ended flat at 42 with 2,500 shares on the go. On Friday, the company announced that London-based giant Rio Tinto has decided to drop its option to earn up to a 70% interest in IMA’s Mogote copper-gold property in Argentina’s San Juan province.

And then there’s Maude Lake, the company’s shares gained 2 pennies or more than 33% to 8. The last batch of three holes by Maude Lake Exploration on the Colline de l’ouest zone on the Comtois gold property, west of Lebel-sur-Quevillon, Que., confirmed previous results. Highlighting the latest holes was hole 82, which cut 11.2 metres grading 3 grams gold per tonne.