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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Crocodile who wrote (8353)	1/8/1998 10:07:00 AM
From: Kerm Yerman	Read Replies (3) \| Respond to of 15196

MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING WED., JANUARY 7, 1998 (1) ALBERTA STOCK EXCHANGE 1997 INFORMATION JANUARY 6, 1998 RE: ASE 1997 Annual Press Release CALGARY, ALBERTA--During 1997 the Alberta Stock Exchange ("ASE") continued to grow. There were 219 new companies listed on the ASE in 1997 bringing the total number of listed companies to 999. - Total trading volume for the 1997 year decreased by 4 percent to 3.9 billion shares as compared to 4.1 billion shares in 1996. Total trading value for the 1997 year decreased by 35 percent to $3.87 billion from $5.97 billion in 1996. - Average daily trading volumes increased to 15.7 million shares per day down from 16.2 million per day in 1996. The average daily trading value decreased to $15.4 million per day as compared to $23.6 million per day in 1996. - The average daily number of issues traded in 1997 was 484 as compared to 424 in 1996, a 14 percent increase. On October 28, 1997, 583 issues traded, a new record. - The average daily number of transactions in 1997 decreased by 14 percent to 4,010 as compared to 4,667 for 1996. - In 1997 new companies choosing to list on the ASE increased by 36 percent to 219 as compared to 161 in 1996. - There were 999 companies listed on the ASE at December 31, 1997 as compared to 874 at the end of 1996. - In 1997, ASE listed companies raised $1,378.1 million in financing as compared to $851.8 million in 1996. Of this total $146.7 million was raised through initial public offerings and $1,231.4 million from secondary financings. In 1996, $103.9 million was raised through initial public offerings and $747.9 million from secondary financings. - During 1997, 25 ASE companies listed on The Toronto Stock Exchange as compared to 23 companies during 1996. - There were 56 member firms at December 31, 1997 as compared to 53 as at the end of 1996. - The ASE index at December 31, 1997 was 2,239.86 as compared to 2,580.10 at the end of 1996. Here are the statistical highlights for 1997. Highlights ---------- Percent 1997 1996 Change ---- ---- ------- Share Value ($) 3,872,186,592 5,971,905,202 -35 Share Volume (shares) 3,929,037,681 4,102,536,878 -4 Average Daily Number of Transactions 4,010 4,667 -14 Average Daily Number of Issues Traded 484 424 +14 New Listings 219 161 +36 Number of Companies Listed at December 31 999 874 +14 Number of Issues Listed at December 31 1,106 984 +13 Index, at December 31 2,239.86 2,580.10 -13 Financings: ASE Listed Companies ($ million) 1,378.1 851.8 +62 ASE/TSE Interlisted Companies ($ million) 1,352.3 2,149.0 -37 Ten Year Summary ---------------- Share Volume Dollar Value $ Number of Trades ------------ -------------- ---------------- 1997 3,929,037,681 3,872,186,592 1,002,439 1996 4,102,536,878 5,971,905,202 1,180,676 1995 2,550,820,395 3,370,664,562 633,155 1994 2,236,066,664 2,226,739,461 561,652 1993 2,227,655,376 2,139,312,174 565,583 1992 867,926,479 980,020,100 214,467 1991 678,091,235 566,876,938 150,849 1990 663,243,450 620,855,188 178,649 1989 755,075,235 742,265,963 242,522 1988 693,919,324 461,385,053 271,799 Listed Companies ---------------- At year end 999 companies were listed on the ASE. Percent 325 Industrial Companies 33 260 Oil & Gas Companies 26 174 Mining Companies 17 149 JCP Companies 15 65 TSE Interlisted Companies 7 26 Suspended or Halted 2 --- --- 999 100 --- --- --- --- TRADING & LISTING STATISTICS ---------------------------- Percent 1997 1996 Change ---- ---- ------- Equity Trading -------------- Share Volume (shares) 3,929,037,681 4,102,536,878 -4 Share Value ($) 3,872,186,592 5,971,905,202 -35 Trading Averages (250 days) --------------------------- Daily Volume (shares) 15,716,150 16,215,560 -4 Daily Value ($) 15,488,746 23,604,368 -35 Daily Transactions 4,010 4,667 -14 Daily Number of Issues Traded 484 424 14 Volume per Transaction 3,920 3,475 13 Value per Transaction $3,863 $5,059 -24 Price per Share $0.99 $1.45 -32 New Listings ------------ JCP 145 100 +45 Industrial 31 27 +15 Oil & Gas 30 17 +76 Mining 13 17 -24 --- --- TOTAL 219 161 +36 --- --- Delistings ---------- Failure to Maintain Listing Requirements 39 34 +15 Request of Company 32 32 0 Mergers, Reorganizations, etc. 23 18 +28 --- --- TOTAL 94 84 +12 --- --- Number of Companies Listed at Year End -------------------------------------- As at January 1, 1997 874 New Listings 219 Delistings (94) --- TOTAL 999 --- --- At year end 1,115 issues were listed on the ASE. 1,012 Common, Class A, Class B, etc. 64 Preferreds 21 Warrants 4 Debentures 2 Rights 2 Installment Receipts 1 Unit ----- 1,106 TOTAL ----- ----- Financings ---------- 1997 1996 ($ millions) ($millions) ------------ ----------- Initial Prospectus Offerings: Junior Capital Pool 36.5 26.8 Regular 91.4 62.8 Exchange Offering 18.8 14.3 ---- ---- 146.7 103.9 Secondary Financings: Exchange Offering Prospectus 2.6 5.4 Prospectus Offerings 130.7 29.2 Rights Offerings 10.9 7.0 Private Placements Common 805.6 567.8 Flow-Through Shares 103.5 52.2 Convertible Debt 178.1 86.3 ----- ----- 1,231.4 747.9 ASE Financings 1,378.1 851.8 TSE Interlisted Financings 1,352.3 2,149.0 ------- ------- TOTAL FINANCINGS 2,730.4 3,000.8 ------- ------- ------- ------- Member Firm Changes ------------------- As at December 31, 1997 there were 56 member firms, compared with 53 member firms as at last year end. Membership changes during 1997 included: - NEW ADMISSIONS: - Taurus Capital Markets Ltd. - Salman Partners Inc. - Dominick & Dominick Securities Inc. NEW LISTINGS NAME SYMBOL DATE ---- ------ ---- A.O.G. Air Support Inc. ASP & ASP.WT August 27 AC Energy Inc. ACE May 30 Accel Financial Group Ltd. AFG June 27 AEC Pipelines L.P. ALB.IR April 9 Aegus Development Corporation AJS December 4 Alberta Hotels & Resorts Inc. AHH November 6 Alberta Star Mining Corp. ASC December 5 AltaQuest Energy Corporation AQF May 8 Altius Minerals Corporation ALS October 31 Amblin Resources Inc. AX April 2 American Wireless Corp. AWE May 30 Andina Development Corporation ADZ January 8 Anorak Capital Corp. AAK March 10 Applied Gaming Solutions of Canada Inc. AGC & AGC.WT June 20 Applied Terravision Systems Inc. TER July 10 Aquilium Software Corporation AQQ December 22 Arctic Group Inc., The AGP & AGP.WT April 9 Arrival Energy Ltd. ARR.A & ARR.B July 18 ARV Corp. AV December 11 Ashdod Systems Ltd. ASN August 11 Augen Capital Corp. AUG April 25 Augusta Technologies Ltd. AUH September 23 Avid Oil & Gas Ltd. AVO.A August 15 Barra Resources Inc. BAO July 21 Bellevue Capital Corp. BVC May 14 Birka Capital Corp. BKA October 1 Bison Resources Ltd. BIS.A November 6 Blond Bear Holdings Inc. BB March 18 Bluebird Minerals Ltd. BBM April 11 Bolt Energy Ltd. BLT & BLT.WT July 8 Boom Capital Corporation BOO September 8 Boston Development Corp. BTN June 19 Bow Valley Forest Products Limited BOV May 9 Braegan Energy Ltd. BNE October 2 Bramar Industries Corp. BRP November 6 Brialto Energy Corporation BTO.A April 24 Buchans River Ltd. BUV March 14 BW Technologies Ltd. BWT January 30 C.G.S. Technology Inc. CGV June 24 C.P.M. Technologies Inc. CPH February 6 Cabrillo Capital Corporation CBP January 10 CallDirect Capital Corp. CDQ September 25 Canadian Blackhawk Energy Inc. CBZ & CBZ.WT September 18 Canadian Hearing Care Incorporated HEA November 28 Canadian Talon Resources Ltd. TAR June 18 CanBaikal Resources Inc. CBQ & CBQ.WT August 6 Canex Energy Inc. CXO.A July 23 Canop Worldwide Corp. CWC August 13 Cascade Metals Inc. CEM November 7 CDM Capital Corp. CDK November 4 Cell-Loc Inc. CLQ April 16 Cenco Technologies Corp. CTZ July 31 Cenpro Technologies Inc. CHZ April 10 Chelsea Mercantile Bancorp Ltd. CHS October 24 Chembond Limited CB September 22 Cherryhill Resources Inc. CHH December 16 Ciclo Capital Ltd. CIO October 15 Clifton Mining Company CFB February 6 Coachlight Resources Ltd. COO August 26 Command Capital Inc. CDT December 5 Commonwealth Assisted Living Inc. CMH March 18 Commonwealth Energy Corp. CWY December 12 Control of Remote Embedded Technologies Inc. COR September 15 Corker Resources Inc. CRK February 11 Cornerstone Innovations Inc. CIV January 30 Corniche Capital Inc. CNC November 28 Corridor Resources Inc. CDH November 7 Corsayre Capital Corporation COA May 12 Cyclonic Investments Corporation CYD.A August 5 Desco Resources Ltd. DR December 8 Descon Ventures Inc. DVE July 31 Destiny Resources Services Corp. DSC April 4 Edenbridge Corp. EBD April 15 Ellesmere Minerals Ltd. ELM April 16 Endless Energy Corp. EEC October 21 Enviropave International Ltd. EVP September 25 EXP Resources Ltd. EXP August 26 FAS International Limited FAS February 28 Faymar Capital Corporation FAY April 25 Finline Technologies Ltd. FIN January 30 First Labrador Acquisitions Inc. FLI January 23 Floron Food Services Limited FFS January 16 Flower Affairs Systems Corp. FAC September 8 FSFC Developments Inc. FSC June 10 Fytokem Products Inc. FYT September 5 Gateway Ventures Inc. GAT September 15 General Properties Ltd. GPL December 9 Gladiator Minerals Inc. GLM December 11 Global Commerce Development Inc. GQP August 8 Gold Butte Energy Inc. GBI July 3 Gold-Ore Resources Ltd. GOZ April 18 Greyhawk Oil & Gas Inc. GHK April 17 Guardian Bancorp Ltd. GUN May 28 Guess Capital Corporation GES January 3 Harrier Capital Corporation HRI June 11 Harvest Acquisition Corp. HAC May 30 Hawk Oil Inc. HWK.A & HWK.WT.A September 10 Herbtech Inc. HTK.A September 3 Horizon Capital Inc. HZN July 23 Icon Capital Corporation ICN April 2 Indio Ventures Inc. IOV September 24 International Hydrocarbons Corp. IHY June 10 International Properties Group Ltd. IPX April 11 Interprovincial Satellite Services Ltd. ISS January 29 Invader Exploration Inc. INX & INX.WT July 22 Inzeco Holdings Inc. IZE October 20 Ishtar Investments Inc. III April 8 ISI Ventures Inc. IV March 26 ITN Technologies Inc. ITO March 3 Jade Capital Corp. JCC October 23 Jett Investment Corporation JTT October 9 Kempton Capital Partners Inc. KCP September 8 Kintail Energy Inc. KTE November 12 L.I.F.T. Systems Inc. LFT April 15 Landis Mining Corporation LIS May 27 Lavco Inc. LVI September 25 Liberty Mineral Exploration Inc. LBE October 16 Locksley Capital Partners Inc. LOX June 25 Longboat Capital Corp. LGB July 7 Los Gauchos Capital Corp. LG June 6 Loyalist Insurance Group Limited, The LOY June 13 Luxell Technologies Inc. LUX April 10 Mad Jack Holdings Ltd. MDJ October 7 Madenta Communications Inc. MA October 17 Malaspina Capital Ltd. MLA May 5 Mark's Market Corp. MLI January 30 Marksmen Resources Ltd. MRX.A October 31 Maxwell Oil & Gas Ltd. MWL May 12 McVicar Minerals Ltd. MVR May 30 Monterey Energy Corp. MOE August 11 Mount Hope Resources Corp. MH April 10 Mountain World Entertainment Ltd. MWE September 25 Moxie Petroleum Ltd. MOX December 31 Nation Wide Resources Inc. NWR October 23 Navigator Exploration Corp. NVR December 10 Netalco Corporation NEO April 22 Nevarro Energy Inc. NEE December 12 Newbridge Resources Ltd. NBR March 13 Nextron Corporation NXT March 17 Northern Glacier Resources Inc. NGR January 6 NRI On-Line Inc. NDA & NDA.WT December 8 Orovista Resources Ltd. ORC November 7 Out West Entertainment Ltd. OUT October 16 Oyama Industries Ltd. OYA June 6 Pacific North West Capital Corp. PFN December 19 Pacific Ranger Petroleum Inc. PAI June 9 Pacific Star Resources Corp. PAF November 13 Palmetto Resources Ltd. PMO January 16 Pancontinental Marketing Corp. PM September 23 Partyco Holdings Ltd. PHL May 14 PatCall Inc. PCL September 11 Pheasantback Resources Inc. PHI August 18 Position Inc. PZN April 30 Process Capital Corp. POR April 11 Progress Energy Ltd. PGY.A & PGY.B December 30 Protector Industries Ltd. PTO March 26 Provenor Inc. PVN April 23 Pyramid Energy Inc. PYI April 25 Pyroil Resources Inc. PYR February 6 Q Energy Limited QE September 29 Quick Fire Venture Capital Corporation QFV July 2 Rajong Resources Ltd. RAJ June 5 Rapidfire Resources Ltd. RPF & RPF.WT March 19 Red Raven Resources Inc. RVN November 25 Redeco Energy Inc. RE December 31 Reliance Energy Inc. RLA June 3 Request Seismic Surveys Ltd. RSH & RSH.WT October 9 RJZ Mining Corporation RJZ June 3 Royop Properties Corporation RYP July 24 Safe Harbour Capital Ltd. SHB February 28 Samson Technologies Inc. SAZ October 10 Sator Capital Inc. LWT January 23 Serval Growth Fund SI.UN & SI.RT May 23 Shaw's Industrial Corporation SHE April 14 Simbud Capital Corp. SBC November 20 Sinetec Holdings Corporation SIO September 16 Skookum Mining Limited SKO December 23 Skygold Ventures Ltd. SKV June 19 SNG Telecom Inc. SOM March 14 Sparling Capital Corporation SAC December 31 Standard Mining Inc. SMJ August 6 Stealth Mining Corporation SAL May 29 Stonepoint Group Limited SP September 16 Storage One Inc. SOJ & SOJ.WT October 9 Summerwood Industries Inc. SWI March 18 Sur American Gold Corporation SUR February 18 Syner-Seis Technologies Inc. SYN May 21 Talmora Resources Inc. TAI September 15 Talon Petroleums Ltd. TAP June 24 Taparko Capital Corp. TPK July 2 TB Advisors Inc. TBH November 28 TBC Investments Inc. TBI January 10 Temba Resources Ltd. TMB February 4 Tier One Energy Corp. TO.A & TO.WT.A March 6 Torrent Capital Corp. TTP April 17 TransGlobe Energy Corporation TGL & TGL.S July 7 Transpacific Minerals Inc. TRF August 19 Trego International Inc. TNI April 22 Tribute Resources Inc. TRB November 28 TRL Realty Inc. TR November 17 U.F.X. Enterprises Inc. UFX August 21 Uganda Gold Mining Ltd. UGM September 24 Ultra Capital Inc. ULT June 26 United States Exploration Corporation UNX July 16 Universal Star Ventures Corporation USV December 16 University Avenue Financial Corporation UAF September 22 Ventech Industrials Ltd. ATT November 19 VF Capital Ltd. VFC October 23 Vision 2000 Exploration Ltd. VNN.A & VNN.WT.A October 3 Visualabs Inc. VLI & VLI.WT January 17 Waldorf Ventures Inc. WAL September 10 Walking Bear Resources, Inc. WBD September 30 Webb Bay Resources Ltd. WBR July 23 Westrange Corp. WRC April 24 Whitlaur Capital Corp. WL May 26 Willow Creek Exploration Ltd. WCE November 14 Winalta Shelters Inc. WTA.A & WTA.WT.A September 30 WSG Group Systems Inc. WSG October 7 Zorin Exploration Ltd. ZEL December 2 FIVE MOST ACTIVE ISSUES (By Value) ---------------------------------- $ - Probe Explorations Inc. 187,354,271 NTI Resources Limited 182,666,575 Gitennes Exploration Inc. 178,989,975 Leader Mining International Inc. 73,198,427 Tri-Vision International Ltd. 64,671,693 FIVE MOST ACTIVE ISSUES (By Volume) ------------------------------------ Shares ------ Spider Resources Inc. 124,634,295 USA Video Interactive Corp. 59,438,818 Probe Exploration Inc. 56,679,487 NTI Resources Limited 49,037,422 Tuscany Resources Ltd. 46,605,540 ASE COMPANIES THAT BECAME LISTED ON TSE DURING 1997 --------------------------------------------------- Armada Gold Corporation AAU March 10 Azcar Technologies Incorporated AZZ February 14 Badger Daylighting Inc. BAD June 05 Bellator Exploration Inc. BEX May 26 BFC Construction Corporation BFC June 11 Bowridge Resource Group Inc. BOW August 11 Bitech Petroleum Corporation BPU July 31 Big Rock Brewery Ltd. BR February 25 Canmine Resources Corporation CMR June 13 Dundee Realty Corporation D July 09 Deep Basin Energy Inc. DBN June 16 Devine Entertainment Corporation DVN September 03 Founders Energy Ltd. FDE May 14 Holmer Gold Mines Limited HGM May 06 International Properties Group Ltd. IPX September 09 Peak Energy Services Ltd. PES June 12 Probe Exploration Inc. PRX October 08 Pacific & Western Credit Corp. PWC September 16 Raider Resources Ltd. RAI July 21 Renata Resources Inc. RTA June 30 Search Energy Inc. SAH January 09 Tonko Development Corp. TAK July 31 Transglobe Energy Corporation TGL December 09 Tusk Energy Inc. TKE June 19 Vintage Resources Corp. VRU March 14

To: Crocodile who wrote (8353)	1/16/1998 3:49:00 AM
From: Crocodile	Read Replies (6) \| Respond to of 15196

MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING THURSDAY, JANUARY 15, 1998 (1) Friday, January 16, 1998 Earnings jitters resurface - By THE FINANCIAL POST Earnings worries and continuing nervousness about the effects of the Asian economic crisis sparked declines on Wall and Bay streets, but the gold group managed its best three-day rally in a decade The Dow Jones industrial average fell 92.92 points, or 1.2%, to 7691.77. The Standard & Poor's 500 composite fell 7.21 points, or 0.8%, to 950.73. The Nasdaq composite index was off 1.7 points at 1547.06. In the broader market, declining issues led advances 15 to 13 on the New York Stock Exchange. ÿ Volume was a moderate 573 million shares, down from 596.9 million shares traded on Wednesday. ÿ Analysts said the market was dragged down by jitters generated by the latest earnings reports and continued nervousness about Asia. "There are so many problems in the Pacific Basin and we don't yet know the ripple effect," said Kenneth Ducey, director of trading at Bankers Trust's BT Brokerage. ÿ But some technology stocks were steady, particularly large techs. Among the big movers, ADC Telecommunications Inc. (ADCT/Nasdaq) fell more than 15% after analysts downgraded the stock on concerns that the company's earnings could be hurt by a possible slowdown in spending by the Baby Bells. ADC, which makes transmission, networking and cable management products, dropped US$59 1/816 to US$307 1/816 on the Nasdaq Stock Market, where it was the most active issue. ÿ Canadian stocks also fell after a decline in Hong Kong equities raised concern that waning Asian demand for Canadian exports would trim corporate profits. ÿ Gold producers tempered the decline as the gold industry group staged its biggest three-day rally in a decade. ÿ The Toronto Stock Exchange 300 composite index fell 24.12 points, or 0.4%, to 6327.01 after slipping as low as 6309 earlier in the session. "People are seeing the potential for more problems in Asia and that is not going to change," said Jack Cook, a vice-president of Scotia Investment Management Ltd. ÿ Computer-related and telecommunications issues like Northern Telecom Ltd. and Newbridge Networks Corp., hammered in recent weeks by tumbling Asian markets and slowing economies, fell again. Newbridge shares (NNC/TSE) fell $2.10 to $42.10 and Nortel (NTL/TSE) dipped $2.70 to $61.15. ÿ Major banks were also weaker. Toronto-Dominion Bank (TD/TSE) fell $1.65 to $50.55 and Royal Bank of Canada (RY/TSE) dropped $1.35 to $74.75. ÿ Gold producers tempered market declines amid higher bullion prices. The gold subgroup has gained 12.6% in the past three days.ÿBarrick Gold Corp. (ABX/TSE) rose $1.15 to $25.90, Placer Dome Inc. (PDG/TSE) gained $1.10 to $17.70 and Franco-Nevada Mining Corp. (FN/TSE) rose $1.05 to $28. ÿ The price of bullion for next- month delivery rose US$4 to US$286.40 an ounce on the Comex division of the New York Mercantile Exchange on the back of greater demand for jewelry ahead of the Chinese New Year on Jan. 28, analysts said. ÿ Talisman Energy Inc. (TLM/TSE) rose 60› to $36.85 and Berkley Petroleum Corp. (BKP/TSE) rose 90› to $14.10 on speculation the Organization of Petroleum-Exporting Countries could meet to review its November decision to increase production by 10%. That decision has helped send oil prices 29% lower since last October. ÿ Other major Canadian indexes closed mixed. The Montreal Exchange market portfolio closed down 24.48 points, or 0.8%, at 3255.28. The Vancouver Stock Exchange rose 1.85 points, or 0.3%, to 584.16. ÿ Major international markets ended mixed. ÿ London: British shares rose despite sharp losses in Hong Kong overnight and an uneasy performance from New York. The FT-SE 100 index climbed 58.9 points, or 1.2%, to 5165.8 - its third consecutive rise. ÿ Frankfurt: German stocks finished barely changed from their previous close after spending the day trapped in a tight range with investors still wary after stock losses in Hong Kong and Indonesia. The Dax index closed at 4148.34, down 41.74 points or 1%. ÿ Hong Kong: Stocks tumbled sharply, triggered by worries about an increase in bad debts following a steep fall in housing prices, analysts said. The Hang Seng index closed at 8578.98, down 647.57 points or 7%. ÿ Tokyo: The Japanese market was closed for a holiday. On Wednesday, the 225-share Nikkei average fell 366.04 points, or 2.5%, to 15,121.98. ÿ Sydney: Profit-taking after two days of strong gains pushed the Australian stock market to a lower close, with the natural resources sector hardest hit. The all ordinaries index closed at 2584.5, down 20.8 points or 0.8%. ÿ *********************************************************************** HOT STOCKS MAAX INC. (MXA/ME), up 30› to $12.50, on volume of 6,200 shares. The shares of the Quebec-based bathroom fixture manufacturer have risen from Monday's 52-week low of $11.75, when the company announced third-quarter numbers slightly below analysts' expectations. Yesterday, Maax announced plans to buy Pennsylvania-based KSD Industries Inc., which makes showers. Ron Schwarz, of CIBC Wood Gundy Securities Inc., termed KSD "a good acquisition that will grow earnings." "The industry in general is buoyant with strong housing starts and low mortgage rates," said Schwarz . PHILIP SERVICES CORP. (PHV/TSE), up $1.35 to $16.50, on volume of 501,151 shares. Michael Hoffman, analyst at Credit Suisse First Boston, started coverage of the Hamilton, Ont.-based scrap services and waste management firm with a "buy" recommendation. "The concerns about acquisitions and metal exposure anxiety are overblown," said Hoffman. The company makes most of its revenue from towing metals as opposed to the spread in metal prices, and at this price it is very attractive, he said. MOSAID TECHNOLOGIES INC. (MSD/TSE), up 80› to $9.90, on volume of 11,975 shares. The stock of the semiconductor manufacturer regained some ground after touching a low of $8.25 when the company said Tuesday its third- and fourth-quarter earnings will be below expectations. "There is no indication that the company is losing market share but that customers just aren't buying," said Brian Piccioni of Marleau Lemire Securities Inc. If the Asian situation and semiconductor market regain strength within two years Mosaid could go back to the $20 to $30 level, said Piccioni. "This is not a stock issue but an issue of whether Mosaid will return to its original rates of growth." PRIME RESOURCE GROUP INC. (PRU/TSE), up 90› to $10.15, on volume of 56,300 shares. "The short-term catalyst is a rally in silver [prices] because one-third of the company's revenue is from their Eskay Creek silver deposit," said Douglas Cohen at Morgan Stanley Dean Witter Discover & Co. Eskay Creek, in British Columbia, is also an attractive gold exploration story which came into operation in early 1995, said Cohen. "Prime is one of the hidden jewels in the sector and is an attractive long-term play." BIOVAIL CORP. INTERNATIONAL (BVF/TSE), down $2.25 to $47.75, on volume of 23,730 shares. The company's chairman, Eugene Melnyk, bought 937,000 shares in the company last year to bring his total holdings to 6.7 million, or 25.2% of the shares outstanding. "For investment purposes, I believe Biovail is undervalued," said Melnyk, who expects Biovail to win U.S Food and Drug Administration approval for a number of its products in 1998. GUYANOR RESOURCES S.A. (GRLb/TSE), up 50› to $2.10, on volume of 25,890 shares. The mineral exploration company, which is 68% owned by Golden Star Resources Ltd. (GSC/TSE), announced positive results from drilling in French Guiana. "We are talking about a massive sulfide deposit where you get attractive grades of gold, silver, copper and zinc," said Richard Winters, vice-president of corporate development for Golden Star. "An interesting discovery like this has interest even in a bad environment." INCO LTD. (N/TSE), down 10› to $21.85, on volume of 653,557 shares. The shares of Canada's nickel giant dipped as the price of the metal fell to a four-year low. Three-month forward contracts for nickel on the London Metal Exchange fell as much as US$175, or 3%, to US$5,550 a tonne. It later recovered to close off US$120 at $5,605 a tonne. The drop in the commodity's price is blamed on a surge of exports from Russia, coupled with slower economic growth from Asia where nickel demand is the highest int he world. ********************************************************************** Street's shining star Intel burns a little dimmer -- By WILLIAM HANLEY It used to be said with some accuracy that the stock market would have an up year if the National Football Conference team won the Super Bowl. Since the NFC has won the game with depressing regularity and stocks have produced blowouts the past three years, the saying has been tailored to fit the times: the stock market will have an up year if either the NFC or American Football Conference wins. ÿ With the Stupor Bore and another NFC blowout looming on Jan. 25, it is interesting to note that semiconductor leader Intel Corp., which has been technology's equivalent of a consistent championship team, is getting into the act with a concept that is oh so '90s. It has created a first-of-a-kind commercial where erstwhile couch potatoes select the ending by casting votes on the Internet, perhaps providing the only suspense for tens of millions of viewers. ÿ Viewers will be asked to log on to Intel's Web site to solve a mystery. The characters are the "familiar Intel BunnyPeople characters," the company says. "A Pentium(R) II processor is missing from the clean room, and the detective (with the voice of comedian Steve Martin) needs the help of the TV/Web audience to solve the mystery." ÿ As intriguing as this news might have been in some quarters yesterday, Wall Street was otherwise engaged trying to figure out an Intel mystery of its own in the most interactive way it knows: is the stock a "buy" or a "sell" on the evidence presented this week? ÿ Intel is a wonderful company. With Microsoft Corp., it has burned the brightest in the technology firmament of the '90s and its legendary chairman and chief executive officer, Andrew Grove, has just been rewarded with Time magazine's Man of the Year award. ÿ Unfortunately, the fourth-quarter results announced after the market closed on Tuesday were a block off the old chip. They confirm that Intel is no longer a growth company in the classic market sense. And that has some observers wondering what that might mean for the sector - indeed, the market - if one of the best and brightest tech starts has begun to dim. ÿ Much was made of the fact that Intel beat analysts' expectations with the fourth-quarter profit. Yet profit was down 9% on the year and, perhaps more ominously, revenue was stagnant and gross margins were down and expected to go lower still. ÿ Predictably, the investment community initially reacted favorably, even though Intel had groomed the market expertly to expect less than was delivered. But the less is more ploy did not hold up for long and Intel stock (intc/nasdaq) dropped US$1 1/2 to US$757 1/816 Wednesday on massive volume while other tech stocks enjoyed a positive session. It lost ground again yesterday, closing down 1/8 at US$755 1/816. Intel hit a high of US$102 last year, but now is just slightly above where it was a year ago, mirroring the stagnation in revenue. And Intel's action yesterday more or less mirrored that of the general U.S. market, which acted confused and tired after three straight advances. The questions hanging over Intel are about the same as those looming over most of the market: whither earnings in light of the Asian crisis and increased competition? Highlighting the relative importance that Intel has in the U.S. market, Moody's Investor Services notes that the 8.7% of prospective fourth-quarter earnings announced up to Wednesday were up only 4.7% over year-earlier levels when including Intel, but are up 10.7% when excluding Intel. ÿ "The year-to-year decline in net profit reported by Intel and Intel's expectation that first-quarter revenues will be flat compared to fourth-quarter revenues portend slower core earnings growth for U.S. corporations in early 1998," Moody's concludes. ÿ Oh well, pass the chips and bring on the BunnyPeople. *********************************************************************** Just what Asian flu means is not yet clear -- By PATRICK BLOOMFIELD What is Asian flu? That may sound like a naive question, but I ask it in all seriousness, because it has been coined as a nice phrase that says everything about the symptoms of Asian woes (mammoth currency and stock price declines) but nothing about the disease. ÿ The overused phrase also fits conveniently into headlines, introductory paragraphs and news bytes. ÿ The fact that few of the writers and broadcasters who use it have the slightest inkling of what it is really is a minor consideration. ÿ And who can blame them? ÿ For some years I bluffed myself that my meetings with Hong Kong-based money managers, together with my various readings, told me something about what was going on in those tiger economies across the Pacific. ÿ I now find that I knew nothing, other than the justifiable suspicion that, by the time Canadian mutual fund companies were trumpeting the virtues of investing in those parts some years ago, it was probably time to get out. ÿ What has now become apparent is that too many of those hot stock markets were being warmed by the imprudent use of a flood of foreign investment monies and were, at the same time, being muddied by overambitious mega projects, nepotism and corruption. ÿ It needed only one such high spender to be identified by the foreign exchange markets (it turned out to be Malaysia) for Pandora's box to be opened. ÿ So what is this flu? The answer is gradually enfolding and looks to be a complex one. ÿ The first fears that swept North American stock markets were the obvious ones that the precipitous declines of the currencies of various Asian nations would depress Asian demand for North American exports and precipitate a flood of cheap goods into our markets. ÿ Some of those twin effects are already happening, as Canadian west coast forest companies and base metal producers will attest. Schaumberg, Ill.-based Motorola Inc. reported Monday that its cellular phone sales had fallen in Asia and that major orders for cellphone systems had dropped significantly. According to the Wall Street Journal yesterday, Asian chemical companies have been dumping their inventories (and some product prices with them) just to raise cash. ÿ That, in turn, is disturbing. What is now happening in countries like South Korea is not so much that dreaded watchword deflation as a cash crisis and a drastic loss of wealth. In an interview with the Globe and Mail yesterday, Harvard economist Jeffrey Sachs talked of profitable South Korean auto manufacturers running short of parts because suppliers could no longer raise the working capital to make them. ÿ As anybody who has had the pleasure of funding a payroll will attest, this kind of thing happens when banks get into, or are ordered into, a credit crunch. Good customers get their lines of credit pulled along with the bad. ÿ Move on from that and consider the latest disclosure from Japan's ministry of finance that suggests of all problem bank loans about $236 billion could turn bad. Of that estimate, $25 billion is already considered bad and $108 billion has a high risk of becoming so. ÿ This is a horrible destruction of wealth, which the ministry quantified only in the hope of getting through legislation to bring public monies to the rescue. It also raises questions about global liquidity, which is a significant bond market consideration. ÿ The disclosure has a cynical silver lining - at least when viewed from the North American business perspective. If competitors across the Pacific face a cash crunch, which some of them undoubtedly do, the threat to North America profit margins could be ameliorated. In addition, the acquisitive boardrooms of North America's global players are already eyeing opportunities to pick up cheap assets. ÿ That has to be a harsh Darwinian view. The human truth is that rising unemployment and growing political tensions in some of the worst affected developing nations almost certainly lie ahead. And we have yet to get an inkling of the eventual fallout in China, which is going through a crucial period of transition and where growth is already expected to slow drastically. ÿ Putting it all together, I get the feeling that we could be moving into a period of financial market hiatus, with money moving back and forward between the bond and stock markets according to the news and sentiment of the day - until the economic road ahead can be viewed with more certainty. ÿ We could even see some short-run stock price rallies, as bargain hunters sift through some of the disaster areas. ********************************************************************** END