March 26, 1999 12:41 PM
CHANGE CHANGE TSE300 6609.99 +16.47 HI 6609.99 LO 6566.48 DJIA 9829.18 -7.21 GOLD (LONDON) US$279.80 -3.60 FTSE 6139.20 +54.20 GOLD (COMEX) US$279.80 -3.30 NIKKEI 16016.99 +30.95 LME CASH NICKEL US$5095 -8 CANDLR 1.5128 LME CASH ALUM US$1240 -5.25 CAN 30-YR 137.14 +0.31 BRENT CRUDE US$14.12 +0.18 --------------------MARKET COMMENT------------------------- * Toronto stocks traded mixed at midday on Friday as portfolio managers shuffled their asset allotments. * Volume was light at 45.7 million shares worth C$712 million. * The gold and precious minerals index was down 2.15 percent after bullion dropped more than $3 an ounce.
TORONTO, March 26 (Reuters) - Toronto stocks traded mixed at midday on Friday as portfolio managers shuffled asset allotments ahead of month end.
The Toronto Stock Exchange's key 300 Composite Index was up 16.47 points, or 0.25 percent, to 6609.99. Volume was 45.7 million shares worth C$712 million. Advancers lagged decliners 345 to 371 with another 272 issues unchanged.
The TSE's blue chip S&P/TSE 60 index was up 0.63 points, or 0.16 percent, to 387.21.
In New York, the Dow Jones Industrial Average was down 7.21 points, or 0.07 percent, at 9829.18. The Nasdaq composite index was up 6.58 points, or 0.27 percent, to 2441.38.
"We had a negative bias in the morning on lower European stocks from the Kosovo bombing but we had underlying momentum from yesterday push through and there's some portfolio shuffling ahead of month end," said TD Evergreen's vice-president of research services, Craig Strachan.
Canada's currency was broadsided by safe-haven investment flows into U.S. dollars following a second day of bombing in Kosovo by NATO forces. It traded at C$1.5126 ($0.6611) by noon.
Overall in Toronto, 10 of the TSE 300's 14 subgroups traded in positive territory, led by 1.14-percent gain in the high-technology-laden industrial products subindex.
Online auctioneer Bid Com International CA:BII continued its rise to new heights with a C$3.55 gain to C$16.50 as more than six million shares changed hands.
The gold and precious minerals sector, however, felt the weight of a $3.30 per ounce fall in New York bullion to $279.80.
Barrick Gold Corp. CA:ABX fell C$0.70 to C$26.55 in active trade while Placer Dome Inc. CA:PDG PDG was only down C$0.35 to C$17.20.
Placer announced it plans to resume work on its Las Cristinas gold mine in Venezuela with a view to ramping up production in 2001.
The transportation subindex was a strong gainer, up 0.72 percent after the U.S. Surface Transportation Board voted Thursday to allow the merger of Canadian National Railway Co. CA:CNR and Illinois Central Corp.
CN shares were up C$1.25 to C$84.10. ($1=$1.51 Canadian)
((Gilbert Le Gras, Toronto Reuters Newsroom, 416 941 8100, fax 416 869 3436, email: toronto.newsroom@reuters.com))
REUTERS
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