Resource Stock Roundup: Friday, February 27th, 2009
Feb 27th, 2009 | By Doug Casey | Category: Financial NewsDespite the continued sell-off in the price of bullion, better than expected earnings results in the financial sector propelled the broader markets higher during Thursday trading on the Canadian Markets. For the tale of the tape; the TSX Exchange added 3.21%, while the TSX Gold Index managed to gain 1.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 0.92% with the advancers edging out the decliners by a 409 to 368 margin on 126 million shares traded.
A takeover offer in the oil patch helped move the junior oil stocks higher. Verenex Energy surged C$1.75 to C$9.55 thanks to a C$10 per share takeover offer from CNPC International.
The base metal miners had a rare good session with Teck Cominco (NYSE:TCK) leading the way by adding C$0.47 to close at C$4.52.
Uracan Resources tabled an inferred resource of 80.7 million tonnes grading 0.012% U308 at the TJ and Middle zones on its North Shore property in Quebec. Uracan ended the day up C$0.02 at C$0.20.
The Canadian markets jumped to life on the back of the financials but most of the pundits feel that the worst is yet to come on the economic front. We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, February 27th, 2009
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.