Trading Summary (September 27, 2002)

A 1.6% gain by the Real Estate sector wasn’t enough to keep the Toronto Stock Exchange out of the red on Friday. Led by Barrick Gold, the Gold Index shed 0.74 of a point to 182.82 as the yellow metal fell US50 to US$319.90 per oz. in New York. The base metal miners finished 0.99 of point lower at 108.99. Overall, the S&P/TSX Composite Index dropped 68.31 points to 6,111.11.

Felled by lowered earning expectations, Barrick’s slide continued, falling $1.06 to $23.80 on about 5 million shares. The company recently announced revised third-quarter earnings on grade and recovery problems at some of its mines.

Kinross Gold managed to put in a 9 gain to $3.41. Placer Dome was the busiest gold major, eclipsed only by faltering Nortel Networks, dropping 22 to $14.28 with nearly 12 million shares on the move.

Other gainers among the golds were: TVX Gold, up 67 at $21.82; GoldCorp, plus 52 to $17.52; Glamis Gold, 35 higher at $15.05; and Meridian Gold, which tacked on 44 to make $28.81.

Alcan led a quiet bunch of base metal miners falling 32 to $39.25 on about 660,000 shares. Gainers were: Sherritt International, up 4 to $4.40; Aur Resources, plus 23 or nearly 8% to $3.15; and Uranium producer Cameco, up 80 to $26.80.

Canada’s junior exchange ended the week at a new 52-week low. The S&P TSX Venture Exchange composite index lost 4.18 points or 0.4%, and closed at 953.55.

Ontzinc was the most actively traded junior explorer, gaining 1 to close at 6 on 699,000 shares. The company is in the midst of acquiring the remaining 50% interest it does not own in the Scotia zinc mine near Halifax, Nova Scotia.

Pan Asia Mining ended the session flat at 2 on 366,000 shares. The cash strapped junior has been attempting to advance a series of diamond projects in China.

Starfield Resources dropped 2 to close at 33 on 348,200 shares. The junior’s stock has been hit in recent months after reporting lower than expected grades from its on going drill program at the Ferguson Lake nickel-copper-platinum-palladium project in Nunavut.

American Bonanza Gold Mining ended the week unchanged at 14 on 490,000 shares. The company is aiming to advance the Copperstone gold property in Arizona.