The Toronto Stock Exchange rose consistently through Friday to finish the week at 7,112.46, a gain of 82.68 points or 1.2% on the day. It was a broad advance but was helped by a gain of nearly 3% in the battered telecommunications sector.
The golds — as has become usual lately — moved against the rest of the market, falling 3.69 points to close at 178.49 points. London gold was fixed at US$311.30 in the afternoon, and subsequent trading on New York didn’t move it much; it looks instead like the market rally pulled some money out of the gold sector.
The principal piece of news in the gold business was no surprise — AurionGold’s rejection of Placer Dome’s takeover bid. Placer was off 42 at $16.29, but the rejection has almost certainly been priced into the market for weeks.
Among the other major producers, Barrick Gold slid $1.05 to $27.20, Meridian Gold was down 65 to $24.50 and Kinross Gold was of 10 at $3.07. Goldcorp bucked the trend, adding 30 to close at $14.50, as did Iamgold, which was 5 better at $5.80.
The metals and mining subgroup were up fractionally, adding 1.09 points to end the week at 144.27. Fording Coal pulled the index down, losing 32 on news that its electrical-utility partner Enmax (the former municipal electric utility in Calgary) would be pulling out of Fording’s proposed Brooks thermal-coal generating plant. Fording closed at $28.50.
The big winner was Aur Resources, which climbed 37 to $4.73 on moderate volume. Another big mover was Cameco, which added $1.06 to close at $39.48.
The TSX Venture Exchange was up 0.36 points at 1,137.33 in fairly light trading.
Seahawk Minerals was the most actively traded issue on the Venture Exchange, with 739,000 shares moving as the stock fell 1 to close at 2. Seahawk is in discussions with its debenture holders in the hope of rescheduling or refinancing C$2.3 million in principal and interest.
Two other listings were heavily traded but unchanged: American Bonanza Gold Mining, which saw 600,000 shares move, closing at 17, and Celtic Minerals, closing at 27 on a volume of just over 300,000 shares.
Moss Lake Gold Mines was up 2 to 12 on news that it had placed 3 million shares with parent River Gold Mines, giving it some cash to begin drilling a line of induced-polarization anomalies on its gold prospect near Shebandowan, Ont., west of Thunder Bay.
Recent weakness in the price of gold took its toll, as marginal gold play Seabridge Resources was also lower, falling 29 to close at $2.36.
Be the first to comment on "Trading Summary (July 05, 2002)"