Trading Summary (September 12, 2002)

Toronto’s gold stocks jumped 8.03 points or nearly 4.1% to 205.18 points on Thursday as the yellow metal tacked on US$2.30 to make US$318.70 per oz. in New York. The base metal miners returned much of Wednesday’s gains, falling 2.01 points or 1.7%. Overall, the S&P/TSX Composite dropped 101.33 points or 1.53% to 6,516.97, dragged down by the technology stocks, which shed 5.1%.

Kinross Gold was the TSX’s most traded issues adding 30 to hit $3.72 with about 12.3 million shares changing hands. Echo Bay Mines and TVX Gold, the other two members of a proposed three-way merger deal put in similar gains. Echo Bay made 12 to end at $1.87, and TVX grabbed $1.77 to finish at $24.

Placer Dome managed to find 41 to end at $16.76 with more than 6 million shares traded; Barrick Gold finished $1.25 higher at $27.70 on more than 4 million shares.

In the lower ranks, Wheaton River Minerals grabbed another dime to hit $1.32 with more than 2.5 million shares changing hands.

Ivanhoe Mines saw the most action among the base metal miners. The company advanced a dime to $3.30 on the backs of 2.3 million shares. Most of the others put in losses. Alcan dropped $1.85 to $41.05; Teck Cominco‘s B series slid 19 to $11; Noranda fell 20 to $16.45; Falconbridge lost 9 to $16.11; and Inco finished 65 poorer at $27.70.

On Thursday, Inco announced a tentative deal at its Thompson operations in Manitoba. The party was short-lived after the nickel giant had to halt work at its US$1,4-billion Goro nickel project in New Caledonia after minor demonstrations by several local contractors and suppliers.