To: Jan Crawley who wrote (49507 ) 4/8/1999 7:07:00 PM From: Glenn D. Rudolph Read Replies (1) | Respond to of 164684
Shares of small Canada miners keep up torrid pace TORONTO, April 8 (Reuters) - Shares of American Gem Corp. <GEM.TO> and Dejour Mines Ltd. <DEJ.TO>, two obscure Canadian miners that have taken stakes in the Internet, continued their meteoric rise on Canada's major stock exchange on Thursday . For the second straight day, Toronto-based American Gem, which plans to sell sapphires and jewelry on the Internet, vaulted to the top of the most actively traded stocks on the Toronto Stock Exchange. A staggering 24 million of the company's 105 million shares outstanding had changed hands by midday as American Gem stock more than doubled in value to C$0.94 a share. Vancouver-based Dejour Mines, which recently invested $250,000 in a Dallas-based provider of same-day worldwide document deliveries, also saw its stock rise C$0.10 to C$0.77 a share. Dejour traded at about C$0.14 a share a month ago. The rebirth of small Canadian firms as Internet, or e-commerce, players mimics a trend in the United States, where the market value of companies such as Seattle-based online pioneer Amazon.com Inc. <AMZN.O> or California-based Yahoo!Inc. <YHOO.O> has skyrocketed. E-commerce refers to transactions taking place through the Internet. While North American investors have flocked to buy a piece of this hot growth sector, some traders worry the market has put on blinders. "What do they (investors) know about American Gem? It's all about euphoria," said James Niosi, trader with Charles Schwab Canada in Toronto. "People are looking for the next Bid.com, the next Yahoo." Toronto-based Bid.com, Canada's leader in Internet-based stocks, continued to shine on Thursday, gaining C$4.60 to C$31.40 a share in heavy midday trading on the TSE. ($1=$1.50 Canadian)