Resource Stock Roundup Friday, November 14, 2008
Nov 14th, 2008 | By Doug Casey | Category: Financial NewsThe selling pressure intensified during early Thursday trading on the Canadian markets but some late day buying pushed the big board into the black, while the junior board remained mired in the red.
For the tale of the tape, the TSX Exchange added 4.82%, while the TSX Gold Index rallied 12.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 1.08% with the declining issuers outpacing the advancers by a 494 to 288 margin on volume of 152 million shares traded.
Shares of copper miner Anvil Mining got slammed after the company reported a third quarter loss of $17.3 million or $0.24 per share, compared with a profit of $39.1 million or $0.55 per share in the same period of 2007. Falling copper prices, political uncertainty and operational issues in the Democratic Republic of Congo all impacted the bottom line. The company also does not have enough funds to complete the development of the stage II solvent extraction-electrowinning plant at its Kinsevere project. Anvil ended the day down C$0.46 at C$0.62.
Sherwood Copper tagged 3.6% copper over 10.5 metres at its advanced Kutcho project in northwestern British Columbia. The miner closed out the session at C$1.49, for a C$0.01 gain.
Roxmark Mines cut 1.68% molybdenum over 0.7 metres at its vein No. 3 target on the Nortoba-Tyson property in Ontario. Roxmark ended the day up C$0.01 at C$0.06.
The intraday swings on the order of 10% make this a very nasty market to trade indeed. Longer term it looks like a firm bottom has yet to be established with the junior bourse hitting new intraday lows before recovering. We will see what Friday trading has in store.
Source: Resource Stock Roundup Friday, November 14, 2008
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