Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Noranda (TSE;NOR) -- Ignore unavailable to you. Want to Upgrade?

To: Goldbug Guru who wrote (130)	1/8/1999 2:52:00 PM
From: Link Lady	Read Replies (1) \| Respond to of 197

canoe.com Canada base metal stocks rise in step with nickel TORONTO (Reuters) - Shares of Canadian base metal companies jumped Friday in step with a sharp rise in the price of nickel and an improved outlook for blue-chip mining stocks. The Toronto Stock Exchange's metals and minerals stocks gained an average 6.6 percent in heavy midday trading, which helped to fuel healthy overall gains on the Canadian exchange. The benchmark TSE 300 index was up 75.31 points to 6877.50 in midday trade, compared with New York's Dow Jones Industrial Average, which gained 58.45 points to 9596.21. Base metals stocks were pummeled last year by the financial crisis in key Asian markets and the subsequent collapse of nickel and copper prices. But nickel made healthy gains on the London Metal Exchange Friday, stoking industry hopes of a sustained rally throughout base metals markets. Nickel rose $0.15 a pound to trade at $1.96 on the LME as markets continued to react gleefully to news of a major production cutback in Australia. Western Australian producer WMC Ltd. announced earlier this week that it would close its Kalgoorlie nickel smelter for re-lining for 70 days and cut 15,000 tonnes of production. Copper made smaller gains Friday, rising to $0.65 a pound from Thursday's close of $0.64 a pound. The outlook for base metals was also boosted by higher fourth-quarter earnings for U.S.-based Alcoa , the world's largest aluminum producer. The aluminum giant also moved to raise its quarterly dividend by 50 percent, split its stock and buy back 10 million shares. The higher nickel price, combined with the good earnings from Alcoa, has Canadian base metals stocks "popping," said Manford Mallory, analyst with Research Capital Corp. in Toronto. Mallory also said mining stocks were finally brushing aside the negative sentiment that prevailed in December when tax-loss selling and portfolio realignments depressed the sector. Canadian nickel producers Inco Ltd. and Falconbridge Ltd. were among the big beneficiaries of the improved outlook for base metals. Toronto-based Inco, the Western world's largest nickel producer, gained C$1.85 to C$19.15 a share, or 10.7 percent, in heavy trading, while cross-town rival Falconbridge jumped C$1.45 to C$19.15 a share, or 7.6 percent. Canada's mining and minerals index has gained about 38 percent since August 31, but it remains 42 percent lower than its 1997 high. ($1-$1.51 Canadian)