Trading Summary (December 05, 2001)

The Toronto Stock Exchange rose to levels not seen in about three months on Wednesday soaring 170.11 points or 2.3% to 7,620.2. The tech-heavy Industrial Products subindex led the way adding nearly 5% to hit 3,969.34. The Pipelines subindex, which was off 1.2%, was the only one of the TSE’s fourteen subindices to end in the red.

Noranda jumped into the top spot among actively traded mining issues. The stock rose 15 to $14.65 on about 4.1 million shares. On Monday, about 540 unionized workers at Noranda’s CEZinc refinery in Quebec, ratified a new three-year deal, including a wage increase of 45 per hour for the first year and 90 an hour for each of the subsequent two years. The new pact also improves benefits and retirement programs. Teck Cominco was a distant second in trading activity with less than 2.5 million shares crossing the floor to gain 37 to $11.47.

Among the country’s remaining major base metal producers: Inco jumped $1.11 to $26; Falconbridge rose 64 to $16.50; and Alcan climbed $3.24 to $58.64. Overall, the TSE’s Metals & Minerals subindex gained 4.2% to 4,138.58.

The Gold & Precious Minerals subindex tacked on 25.6 points to end at 4,864.93. Barrick saw the most action gaining 53 to $24.28 on just less than 1.4 million shares. The other majors didn’t fare as well. Placer Dome fell 20 to $16.75; Kinross Gold slipped 4 to $1.07; Cambior dropped a penny to 71; Franco-Nevada Mining slipped 20 to $22.80; and TVX gold fell 2 to 63.

On Wednesday, TVX announced that it has declared force majeure at its wholly owned Stratoni polymetallic mine in Greece after a local mining inspector delivered a suspension order. The suspension will affect about 500 employees.

Canada’s junior exchange followed the major bourses higher led by a 2.7% surge in technology related issues. The Canadian Venture Exchange ended the day up 22.96 points, or 0.7% to close at 3103.38. The Mining Index surged 156.51 points, or 2% to close at 8,075.00.

Quaterra Resource lost 1 to end the day at 15 on 257,000 shares. The Thomas Patton-led junior announced a $239,300 financing comprising 1.4 million units priced at 17 each. The company is currently drilling the Duke Island nickel-copper-platinum-palladium project in Alaska.

Mill City International closed out the session at 5, down 1 on 333,200 shares. The company holds a stake in the Yamba Lake diamond property in the Northwest Territories. Toronto-listed SouthernEra is earning a 51% stake in the property and plans to continue drilling next year.

With a drill turning on its Nickel Lake prospect on the Foy property near Sudbury, Aurora Platinum continued to gain ground. The junior added 5 to close at $2.70 on 78,950 shares. The company has several active nickel-copper-platinum-palladium properties in Ontario and Quebec.

Shares of Andean American Mining tacked on a nickel to end the session at 46 on a volume of 285,205. By early next year the company envisions a 3,250-tonnes-per-day gold operation at its Santa Rosa property in Peru.

Sultan Minerals bounced off its recent low, edging up 2 to 28 on 90,000 shares. The company is currently drilling the Gold Mountain zone on its Kena property near Nelson, BC.