Montreal Exchange Market moves higher

What started out a quiet week has ended up on a high note, with the general index of the Montreal Exchange, the market portfolio, rolling to a new high of 2,051.22 pts. The mining and minerals index, also on the rise, did not set a record, although resource stocks were active.

Bow Valley Industries, which closed down 38 cents to $20.38 on a volume of 429,900, has made up its mind to become a larger part of British Gas plc, the British utility which was recently privatized. The Calgary-based oil and gas producer, which is also involved in exploration for gold and other minerals, has reached a deal with British Gas that could give the latter up to a 51% interest at a total cost of $1.37 billion.

Ste. Genevieve Resources was thwarted in its attempt to gain control of Sullivan Mines, but will the junior Quebec mining firm now turn its attention elsewhere? The company says “no,” and issued a press release to that effect. Shares of Ste. Genevieve traded for 444,000, and closed up 63 cents to $7.38. Sullivan, on a volume of 65,300, moved up 13 cents to $7.25. The “spoiler” in the takeover bid, Cambior Inc., which is now boosting its interest in Sullivan, dropped 50 cents to $30.88 with 161,400 shares changing hands during the week. Announcing its intention to bring a barite deposit in Quebec’s Eastern Twps. into production by the end of 1988 was Robex Resources, w hich closed down 34 cents to $1.30 on 177,800 shares. Robex is setting up a wholly-owned subsidiary for this purpose.

The Delta platinum exploration project in the Cape Smith area of northern Quebec has a new partner, Messeguay Mines, which moved up 5 cents to 64 cents on 124,700 shares. Messeguay is joining Falconbridge Ltd. and Oasis Resources in the project. Falconbridge closed down 38 cents to $29.88 with 100,100 shares changing hands, while Oasis was up 30 cents to $1.22 on a volume of 844,100 shares.

Signing an agreement giving Syngold Exploration an option to earn a 50% interest in two Chibougamau-area properties, the Scott Lake and Obalski blocks, was Greenstone Resources. Syngold, which closed up 40 cents to $4.95 on 17,100 shares, is to spend $2 million in exploration over a 3-year period. Greenstone was down 38 cents on the week to $9.63 on a volume of 11,400 shares.