While not setting any records, trading activity on the Montreal Exchange seems to be recovering to pre-year-end levels, with similar mixed results. Daily volumes during the holiday period sunk to as low as 1-2 million shares; the end of the week saw the daily volumes climb to a more encouraging (but still relatively moderate) 5-7 million shares. Optimistic investors must have been smiling on the first trading day of the New Year when the market portfolio (general index) and mining and minerals index rose 47.19 pts and 28.79 pts, respectively, although neither fared nearly as well (the former jumped only 5.75 pts while the latter lost 18.34 pts) the next day.
Acquiring a further 1.52% interest in Nova-Cogesco Resources was MSV Resources, which now holds 19.95% of Nova-Cogesco’s capital stock. Msv A traded 21,800 shares during the week while slipping 7 cents to $2.67; Nova-Cogesco closed unchanged at $2 on 20,700 shares. Msv has been earning a 49% interest in the promising Eastmain property in northern Quebec from Placer Dome, which gained 13 cents to $19.88 on a volume of 96,000.
Companies specializing in the mining of today’s higher-priced base metals continue to attract investors. Copper giant Noranda Inc., for example, moved up 25 cents to $26 on 159,900 shares. Major nickel producers Inco Ltd. and Falconbridge Ltd. were prominent, too, with Inco slipping 13 cents to $28.13 on a volume of 88,800 and Falconbridge dropping 63 cents to $23.50 with 91,400 shares changing hands.
Still hanging tough was Abitibi Metals Mines, which continues to trade in a narrow price range on relatively heavy volumes. This week the junior company climbed 1 cents to 21 cents on 177,100 shares. Abitibi recently reported encouraging drilling results from the Jolin property located about 30 miles north of Val d’Or, Que.
Newly-listed on the me is Armistice Resources of Toronto.
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