Trading Summary (July 16, 2001)

The Toronto Stock Exchange opened lower on Monday and stayed the course through the day, ending 121.93 points lower at 7,643.7. Gnashing of teeth in the metals and minerals subindex drowned out market-wide losses. The subgroup fell 371.75 points in a ball of flame, ending at 4241.23 points, more than 8% lower than Friday’s close.

Disappointing earnings from aluminum giant Alcan started the ball rolling for the base metal issues. Alcan shares plummeted $7.75, or nearly 11.5%, to $59.75 with more than 4.5 million shares traded. The company’s posted second-quarter earnings amounted to less than half those of a year earlier. The rest of the field was dragged along for the ride.

Struggling miner Boliden dropped 7, or 18.4%, to 31. Inco, Falconbridge, Sherritt International Cominco and Aur Resources all lost more than 2%. Breakwater Resources dropped a nickel, or 4.8%, to $1.

The country’s major gold producers were also swept up in the vortex. Barrick Gold fell $1 to $23, Placer Dome lost 47 to $15.34, Franco-Nevada Mining shed 15 to $20, Teck’s B series fell 60 to $11.75 and Meridian Gold slid 36 to $10.44.

Crystallex Resources lost 44, or 14%, to $2.70. The company says Placer Dome’s decision to sell its 70% stake in the Las Cristinas low-grade gold project in Venezuela would not impact on Crystallex’s core strategy for the recognition of its concession rights to Cristinas 4 and 6.

Continuing the dominant theme, all of the base metals, except for slightly higher copper, suffered losses on the London Metal Exchange. Platinum was the lone precious metal to advance in New York, rising US$1 to US$546 per oz.

Canada’s junior exchange failed to hold on to Friday’s gains as all indexes ended the day in the red. The Canadian Venture Exchange composite index dropped 25.72 points, or 0.8%, and closed the day at 3,134.62. The Mining Index lost 41.93 points, or 0.6%, and closed at 7,454.57.

Poplar Resources jumped 3 to 22 on nearly 1.3 million shares. The junior’s 65%-owned subsidiary, North Star Diamonds, released encouraging assay results from four boulder samples from the Bottenbacken polymetallic project in central Sweden.

International Wayside Gold Mines lost 2 to end the day at 18 on 184,500 shares. The Frank Callaghan-led junior is drilling the Bonanza ledge gold prospect on its Cariboo property in north-central British Columbia.

Cantex Mine Development continues to trade near a 52-week low, ending the day at 8, down 1 on 128,500 shares. The Charles Fipke-led company is actively exploring for gold and massive sulphides in Yemen.

Moving higher on light volume, Idaho Consolidated Metal edged up 8 to $1.30 on 72,000 shares. The junior holds prospective platinum ground in the Stillwater Complex of Montana.