Trading Summary (April 12, 2004)

Toronto stocks ended 65.29 points higher at 8,898.77 points on thinner-than-usual traffic as some investors remained on holiday on Monday. The golds chipped in a 0.44 of a point rise to the cause, ending at 227.63. The diversified miners slipped 0.2 of a point to 224.79 as the price of base metals slumped.

Shares in Gulf International Minerals managed to finish unchanged at 35. On Monday, the company said that it has been in talks with the Royal Canadian Mounted Police and B.C. Securities Commission since February concerning "activities of certain current and former directors, officers, shareholders and employees." The company also said that it has recovered US$30,000 reportedly misappropriated by recently ousted president and CEO Alastair Ralston-Saul. A special committee of independent directors is investigating transactions between the company and current and former directors, officers, shareholders and employees. In other news, Gulf said that director Ian McKinnon had resigned for personal reasons.

Better news for North American Palladium, which gained 65, or nearly 4%, to $17 even. The company’s shares are enjoying robust palladium prices, which have reached long-time highs after Belgian-based Umicore said it has made a breakthrough allowing the substitution of palladium for platinum in catalytic converters for diesel cars.

Queenstake Resources didn’t fare as well, falling 7, or 9%, to 71. On Monday, Queenstake reported a fourth-quarter net loss of US$1.2 million (nil per share) on revenue of US$28.1 million, compared with a net loss of US$5.1 million (2 per share) on US$26.8 million during the previous quarter.

Shares in Swedish miner Boliden jumped $1.30, or 24%, to $6.80 in thin action. The company’s expects to wrap up its recent, oversubscribed, SEK1.4 billion rights issue on Apr. 15.