Vancouver Stock Exchange Indecision keynote for year-end

The end of a calendar year and the beginning of a new one are generally indecisive times for stock markets, Vancouver being no exception. Trading activity has been slow with Tangent Oil and Gas and Skyhigh Resources making the most news lately, the majority of it negative.

Once primarily natural resource stocks, they have switched over to the industrial or high technology sector, the latter being somewhat loosely defined on Vancouver. Tangent’s stock traded as high as $22 after the company announced it had acquired the right to purchase a communication satellite which had been unsuccessfully launched in the past. The Chinese are said to have plans to re-launch it into space over China if there is any.

Skyhigh is headed up by Saudi Arabian businessman Adnan Khashoggi who now is immersed in the Iranian arms controversy with some heavyweight people including U.S. President Ronald Reagan. Mr Khashoggi’s association with that fiasco has affected his plans to take over Edgington Oil of Long Beach, Calif., from Triad America (a Khashoggi holding company). The stock reached $18.25 at one point late this year but was halted in mid-December at $16.25 after a temporary restraining order was issued in the U.S. to block the sale.

Lady Robyn was a big winner over our short report period, rising $1.15 to $6 on news the company had signed a letter of intent to take over China Business Machines. (Anything related to China these days seems to put things into orbit, stocks included.) Let’s hope 1987 is not the year of the dog.

International Corona, which is gaining investment industry support for its gold projects and, particularly, its chances of winning the appeal on the Williams property at Hemlo from Lac Minerals, climbed 63 cents to $28.88. Skyline closed 25 cents higher at $6.75 and Bradsue Resources managed a 6 cents gain to $1.35.

New listings for the week included: Golden Rock Resources, Formosa Resources (formerly Rand Ventures), All-North Resources, Mandella Resources, Vertex Resources, Profco Resources and P.S.M. Technologies (formerly New Strategic Metals). VSE short positions

The Vancouver Stock Exchange reports a short position of 4.3 million shares and warrants as of Dec 19. Some of the larger positions included: Windarra Minerals, 148,000, Westlake Resources, 126,600, Regal Petroleum, 113,500, Happy Resources, 106,500 and Skyline Explorations, 100,700.