Trading Summary (May 02, 2001)

Investors scooped up recently beaten technology issues and helped the Toronto Stock Exchange gain 72.07 points to close at 8,018.4 on Wednesday. The Industrial Products subindex, home to many of the TSE’s technology stocks, climbed 221.35 points, or 4.2%. The Oil & Gas sector more than countered those gains by falling 478.28 points, or 5.2%.

Teck and Cominco’s merger plans kept the companies in investors’ sights. Both saw more than 4.5 million shares on the go. Teck’s B series lost 14 to $16.10 while Cominco shares gained 5 to $34.50. The $1.4-billion deal would create the world’s largest zinc concentrate producer.

In the shadows, gold miner Placer Dome saw about 1.6 million shares change hands. The issue gained 7 to $16.04. Barrick Gold was the next busiest gold issue with about 929,000 shares on the move. The stock rose a dime to $26. Among the smaller producers, TVX Gold rose 9, or 10.5%, to 95 and Echo Bay Mines climbed 7, or 6%, to $1.25.

Richmont Mines gained 15 to $2. The company announced that it has closed its acquisition of Aurizon Mine’s half-interest in the Beaufor underground gold mine in Quebec. For its part, Aurizon lost a penny to 39.

Among the base metal miners, Sherritt International gained a nickel to $4.37 on just more than 1 million shares and Alcan shed a quarter to $68.05 on nearly 1.2 million shares. Most of the others saw moderate losses in quiet trading.

Canada’s junior exchange failed to extend yesterday’s rally and ended the day mixed on light volume. The Canadian Ventures Exchange gained 14.67 points, or 0.5%, to finish the day at 3,093.33. The Mining Index ended the day virtually unchanged, dropping 0.32 of a point to close at 6,380.73.

New Blue Ribbon Resources climbed 5 on the back of announcing a $400,000 financing. The company is drilling a number of diamond targets on its property in Manitoba. The junior ended the day at 25 with 386,000 shares changing hands.

Montello Resources continued to trade heavily on news that it can earn a 66.6% interest in certain gas leases in eastern Tennessee. Shares in the company ended the day unchanged at 11 on a volume of 445,500. The junior also holds a stake in the Legend diamond property in Alberta. Recent tests on the Kendu pipe failed to show any diamonds.

Oliver Gold popped on to some investors’ radar screens, losing 1 to 17 on 266,000 shares. The Lawrence Nagy-led junior has been sitting on $5.3 million in cash and is evaluating a number of mining properties.

Hathor Explorations extended yesterday’s gains, tacking on another 6 to end the day at 33 on 90,000 shares. The company continues to search for opportunities in the mining sector.

Investors continued to sell off shares of Rockwell Ventures following the first batch of drill results from the Pedra Branca platinum-palladium prospect in Brazil. The Hunter Dickinson-led junior lost 5 to end the day near a 52-week low at 40 on 68,000 shares.