Trading Summary (June 18, 2001)

The further misadventures of market heavyweight Nortel Networks dragged the Toronto Stock Exchange down another 108.98 points, or 1.4%, on Monday. The TSE’s 300 composite index finished at 7,707.1 points. The gold stocks got caught in the vortex, spiraling down 20.29 points to 4,920.16. The base metal issue fell 23.75 points to 4,381.96.

Barrick Gold grabbed a spot in the middle of the TSE’s most active list with about 2.3 million shares changing hands. The issue gained 11 to $25.75. Other active gold stocks were Placer Dome, off 55 at $16.55 on 1.4 million shares, Kinross Gold, down 7 to $1.49 with just less than 1.3 million shares traded, and Teck’s B series, up a dime to $14.10 on 1.37 million shares.

Alcan led a quiet bunch of base metal miners with just 683,487 shares on the go. The issue fell 85 to $60.90. Others on the slide were Aur Resources, off 8 to $2.87, and Sherritt International, 18 lower at $5.57. Gainers on the day included Inco, up 20 to $27.10, Falconbridge, up 17 to $17.60, Noranda, up 8 to $16.83, and Cominco, up a quarter to $31.15.

Inco and the government of Newfoundland have returned to the negotiating table with the goal of reviving the long-stalled Voisey’s Bay nickel project in Labrador. Unionized employees at Noranda’s CCR copper refinery in Montreal have ratified a new three-year deal.

In diamond news, Band-Ore resources fell 24, or 23%, to 81 after a 12.5-tonne exploration sample returned just 30 macrodiamonds.

Canada’s junior exchange started the trading week off by drifting lower. The Canadian Venture Exchange dropped 22.88 points, or 0.7%, to close at 3,301.36. The Mining Index faired slightly better, losing 8.34 points, or 0.1%, to close at 7,332.42.

RJK Explorations topped the most actively traded chart among junior explorers, ending the day at 18, down 7 on nearly 1.2 million shares. The company, along with Toronto-listed Greater Lenora Resources, recently acquired two massive-sulphide properties, some 65 km west of Hemlo, Ont.

Kensington Resources gave back some of its recent gains, losing 6 on the day to close at 83 with 215,000 share changing hands. The company is a joint-venture partner in the Fort la Corne Diamond Project with DeBeers Canada Exploration, Cameco and its wholly owned subsidiary, UEM. The partners have approved a budget of $4.79 million for this year’s exploration program.

Shares in Philex Gold lost ground for the second straight session, following the release of the latest batch of assay results from the Boyongan copper-gold target in the Philippines. The company ended the day at $2.05, down 22 on 85,650 shares. Despite indications of a world-class discovery, the junior’s debt load appears to be weighing on investors’ minds.

Starfield Resources traded in a narrow range ahead of drill results from the Ferguson Lake copper-lead-zinc-platinum-palladium property in Nunavut. Shares in the junior ended the day up 2 at 67 on a volume of 145,050.