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

To: Crocodile who wrote (9552)	3/13/1998 1:47:00 PM
From: Kerm Yerman	Read Replies (16) \| Respond to of 15196

NOTICE / Morning Activity Report Kerm will not be able to publish the oil and gas section of the Morning Activity Report today and over the weekend. He will resume the service Monday. Sorry for the inconvenance.

To: Crocodile who wrote (9552)	3/17/1998 9:14:00 AM
From: Crocodile	Read Replies (6) \| Respond to of 15196

MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING MONDAY, MARCH 16, 1998 (1) Tuesday, March 17, 1998 Merger speculation and comments by billionaire investor Warren Buffett powered Wall Street to a record close. Bay Street also set a record on expectation that interest rates will not rise in the near future Stock indexes soared to record highs, with the Dow Jones industrial average closing above 8700 points for the first time on a flurry of mergers and billionaire investor Warren Buffett's remarks that the market is not overvalued. J.P. Morgan & Co. led the Dow higher, after an analyst said the bank will be sold within the next year. ÿ The Dow rose 116.33 points, or 1.4%, to 8718.85. ÿ The Standard & Poor's 500 index rose 10.66 points, or 1%, to 1079.27. ÿ The Nasdaq composite index rose 16.52 points, or 0.9%, to 1788.18, breaking ma Feb. 27 record. ÿ About 553.1 million shares changed hands on the New York Stock Exchange, down from 602 million shares traded on Friday. ÿ UBS Securities analyst Thomas Hanley predicted that J.P. Morgan would be taken over. He said the stock could reach US$175 within 12 months. The company has a market value of US$22.9 billion, so the purchase would be the biggest in U.S. banking history. ÿ J.P. Morgan shares (jpm/nyse) rose US$51 1/88 to US$1301 1/88. Chase Manhattan Corp. (cmb/nyse) rose US$3 7/16 to US$128 11/16 and Bank Boston Corp. (bkb/nyse) gained US$41 1/88 to US$1063 1/88. ÿ In Berkshire Hathaway Inc.'s 1997 annual letter to shareholders, Buffett wrote that the market rally is justified because of low interest rates and the "remarkable" equity returns achieved by companies. ÿBuffett sold some of his holdings in Walt Disney Co., Wells Fargo & Co. and the Federal Home Loan Mortgage Corp. ÿDisney (dis/nyse) rose US$35 1/88 to US$1095 1/88 and Wells Fargo (wfc/nyse) rose US$61 1/88 to US$3255 1/88. ÿMcDonald's Corp. (mcd/nyse) fell US$15 1/88 to US$53 after the fast-food chain, one of Buffett's biggest holdings at the end of 1996, was not included on the list of largest investments in the letter to shareholders. ÿ Canadian stocks also rose to records. Lower bond yields fuelled gains by major banks. ÿ The Toronto Stock Exchange 300 composite index rose 42.82 points, or 0.6%, to 7427.88 - its fifth record close this year. ÿThe index was pulled from an earlier intraday high of 7437.2 as natural resource stocks like Placer Dome Inc. and Petro-Canada fell amid declining oil and bullion prices. About 89.2 million shares changed hands on the TSE, down from 106 million shares traded on Friday. ÿ Canadian Imperial Bank of Commerce (cm/tse) rose $1.45 to $48.90, Bank of Montreal (bmo/tse) climbed $1.30 to $79.25 and Royal Bank of Canada (ry/tse) rose $1.15 to $85.50. Northern Telecom Ltd. rose as investors snapped up shares in Canada's biggest telecommunications equipment maker after it tumbled 3% Friday. Nortel shares (ntl/tse) rose $4.55 to $85.15 while BCE Inc., which owns 51.7% of Nortel, rose (bce/tse) $1.05 to $55.25. Earlier BCE touched a 52-week high of $55.60. ÿ Oil-related shares were among the worst performers as crude oil fell 5% to a nine-year low on skepticism that the Organization of Petroleum-Exporting Countries, which supplies one third of the world's oil, would cut production to ease a world glut. ÿ Petro-Canada shares (pca/tse) fell 75› to $24.25 and Renaissance Energy Ltd. (res/tse) slid $1 to $29.10. Placer Dome (pdg/tse) dropped 30› to $18.05, Barrick Gold Corp. (abx/tse) slid 15› to $28.40 and TVX Gold Inc. (tvx/tse) slipped 41› to $4.53. Combined, petroleum stocks and gold and precious minerals stocks account for 11.6% of the total market capitalization of the TSE 300. ÿ Other Canadian markets finished mixed. The Montreal Exchange portfolio rose 24.77 points, or 0.7%, to 3781.78. The Vancouver Stock Exchange fell 4.93 points, or 0.8%, to 621.05. For a scorecard of trading activity on all Canadian Stock Exchanges, go to: quote.yahoo.com . REFERENCE: Canadian Market Summary canoe2.canoe.ca ÿ Major international markets closed mostly lower. ÿ London: British stocks ended little changed as investors remained sidelined ahead of today's British budget. The FT-SE 100 index rose 2.8 points to 5785.1. ÿ Frankfurt: German stocks ended mixed, with the Dax index closing at 4883.85, down 5.8 points. ÿ Tokyo: Japanese stocks ended weaker as worries over Japan's economic prospects prompted selling. The 225-share Nikkei average closed at 16,861.14, down 199 points or 1.2%. ÿ Hong Kong: Stocks drifted higher in a featureless session. The Hang Seng index rose 124.51 points, or 1.1%, to 11,181.54. ÿ Sydney: Australian stocks ended slightly lower. The all ordinaries index closed at 2729.9, down 1.7 points. ************************************************************************************* *************************************************************************************