Trading Summary (August 06, 2004)

Despite a 2.7% increase by the gold sector, Toronto stocks lost another 91.2 points to end Friday’s trading session at 8,176.68. The golds, alone in the black, ended 4.95 points higher at 185.68, thanks to a stronger gold price. Gold got a boost after poor U.S. job data hurt the greenback sending gold US$7.40 higher to close at US$399.30 per oz., in New York.

Wheaton River Minerals saw the most action among the miners, with nearly 10.2 million shares finding their way 20 higher at $3.38. Wheaton’s second-quarter financial results were due out after the market’s close on Friday.

Next in line was Kinross Gold, which also added 20 to make $6.93 on just shy of 3.8 million shares. Kinross has recently been on a shopping spree snapping up shares of Cumberland Resources and Anatolia Minerals Development plus a number of other undisclosed juniors. For their part, Cumberland finished up 8 at $2.13, while Anatolia slipped 2 pennies to $1.24.

Bema Gold grabbed the bronze among the miners on a volume basis, gaining 15, or 5.1%, to $3.09. On Friday, Reuters reported that Bema intends next week to announce its plans regarding arbitration of its dispute with Placer Dome at the Cerro Casale gold-copper project in Chile. Bema, and Vancouver-listed partner Arizona Star Resource contend that the major has breeched an agreement by failing to arrange project financing; Placer denies the accusation. Placer’s issue rose 93 to $21.35. The juniors are looking to revoke Placer’s 51% stake in Cerro Casale.

To round out the major gold producers, Barrick Gold gained 14 to reach $24.74.

The diversified miners finished Friday’s action 3.07 points lower at 207.81. Aur Resources was the lone index inhabitant to end in the black, up 3 at $5.48. The company recently posted sharply higher second-quarter earnings of US$16 million despite lower copper production form three mines.