Trading Summary (February 25, 2004)

Plus-1% losses in the gold and telecom sectors weren’t enough to drag the Toronto Stock Exchange into the red on Wednesday. The diversified miners chipped in a half-point loss, but that still wasn’t enough to offset a gain of almost 3% by the technology stocks.

An upbeat view of the U.S. economy by Federal Reserve Chairman Alan Greenspan sent gold into a nosedive; the yellow metal ended US$8.30 lower at US$395.60 in New York. Not surprisingly it was hard to find winners among the gold miners.

Canada’s big three gold producers all suffered losses exceeding 1%, Barrick Gold fell 32 to $27.07, Placer Dome lost 38 to hit $21.90, and Kinross Gold slid 15 to $9.13. Wheaton River Minerals was the busiest of the bunch, watching about 6.4 million shares make their way 8 lower to $3.55.

Meridian Gold provided a glimmer with a 21 rise to $17.82. After the market closed, Meridian reported relatively flat fourth-quarter earnings of US$10.4 million (or 11 a share). Revenue slipped to US$30.4 million from US$34.6 million in the year-ago period.

Rio Narcea Gold climbed 7, or 2.2%, to $3.30. The company’s shares began trading under the ticker symbol RNO on the American Stock Exchange on Wednesday.

Agnico-Eagle Mines reported improved fourth-quarter earnings of US$2.4 million (3 a share), compared with year-ago earnings of US$800,000 (a penny a share). The shares still slipped 14 to $17.60.

Inmet Mining and Noranda stood out with gains among the base metal miners. Inmet grabbed 63 to make $20.45, while Noranda rose 41 to $20.84. Noranda subsidiary Falconbridge said on Wednesday that it has offered a settlement to office, clerical and technical workers at its Sudbury operations. Union members were expected to vote on the offer Wednesday night. The groups contract expires on Feb. 28. For its part, Falconbridge fell a dime to $33.55.