It was a record year for the Alberta Stock Exchange, which had almost $1 billion in trades in 1992.
The volume of trades rose by about 31%, to 865 million shares, from the previous year, the Canadian Press reports. In terms of value, $978 million worth of stock changed hands, up 73% from 1991.
The strong performance in 1992 is attributed to junior oil and gas companies. Alberta’s small oil companies have flourished by picking up bargain oil and gas properties from the major companies which are slimming down by cutting costs and unloading assets.
But it’s not only the oil and gas sector, which used to make up about 50% of the Alberta exchange listings, that has found success. Junior industrial companies in Alberta now make up 30% of the listings.
ASE-listed juniors such as Tanqueray Resources, Rhonda Mining, Aaron Oil and Takla Star, which are involved in diamond exploration, played a part in the year’s success.
In 1993, the exchange hopes to build a trading relationship with the Pacific Stock Exchange in San Francisco and Los Angeles. The plan would see some companies from each exchange traded on the other’s floor.
The ASE projects a profit of about $500,000 on about $4 million in revenue this year.
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