Vancouver Stock Exchange Dollar’s rise fuels market volume

Recognizing that a stronger Canadian dollar will lead to lower interest rates, investors are scurrying into equities — both blue chip and speculative. Market volume on Vancouver has been climbing steadily and indeed is reminiscent of activity in the early 1980s. Tuesday’s closing volume was almost 20 million shares which is very heavy trading.

By presstime the market index was down three points to 1430.5 and volume was heavy at 11 million shares. Much of it was related to primary share issues, including Southlands Mining which traded for the first time today at $1.70.

Galveston Resources, controlled by Murray Pezim, climbed 13 cents to $18.38. Over our report period the stock was ahead $1.50 to $18.25. Mr Pezim is rumored to be preparing a takeover bid for International Corona. Just today he announced the appointment of businessman Jim Pattison to the board. (He was largely responsible for the success of Expo ’86). So Mr Pezim appears to have some powerful financial backing.

Thor Explorations was also active today with a turnover of 272,500 shares for a 10 cents gain to 56 cents and Dolly Varden jumped 45 cents to $2.50 in moderate volume. A drill program is under way at Thor’s Taylor Bay project, in northern Saskatchewan, which probably explains the gain. At last report Dolly Varden was planning to participate in the drilling of three wells near the Prudho oil field, in Alaska.

During our report period Emerald Isle proved to be a star performer, rising $4.37 to $6.37. At last report the company was negotiating a gold prospect in Mexico and an option agreement for its Chester Twp. property, in Ontario. Ormost Explorations, which is getting into the cancer drug business, was $3.03 stronger at $6.13.

Nechnigen Platinum, which is involved with Equinox Resources in a search for the illusive metal, shot up $2.25 to $8.13. Hycroft Resources gained $1 to $7.63. Hycroft recently acquired the Lewis mine property, in Nevada. But there is still a problem with the lessor that must be resolved. Skyrocket was the volume leader over the period with a turnover of 2.2 million shares and a gain of 26 cents to 61 cents . In reference to the trading activity, the company says there “are no material changes” since its last news release.

New listings for the week included: Locator Explorations, Equinox Entertainment (formerly Renox Creek), Camfrey Resources, Madrona Resources, Cyll Industries, Camfrey Resources, Triple M Mining, Manticore Petroleum (formerly Larch Resources), Aurun Moines and International Texcan Technology.