The pace of equity market financings in Canada fell back in the first quarter of 2004 from the previous quarter, but was the strongest first quarter since 2000.

According to the Investment Dealers Association of Canada’s quarterly Review of Equity New Issues and Trading, total underwriting activity was $9.9 billion, up 32% from Q1 2003, but down 31% from Q4 2003.

Common equity issuance totalled $5.2 billion with 763 new issues.

The resources sector continued to dominate, accounting for 52% of the total.

Common equity IPOs totalled $770 million with 41 new deals, up substantially from Q1 2003. World Financial Split Corp., raising $283 million, and Dividend 15 Split Corp., raising $120 million, had the largest common equity IPOs, accounting for 52%.

Private placement activity totalled $2.9 billion with 661 common equity issues, jumping 131% in value over the same quarter last year. OPTI Canada Inc. raised $730 million from 10 private placements.

Income trust unit issuance was $4 billion in total, up 47% over the same quarter last year. Income trust IPOs, at $1.8 billion, accounted for 70% of the equity IPO market.

The IDA report notes that TSX trading volume totalled a record 24.6 billion shares.