Resource Stock Roundup: Thursday, April 09th, 2009
Apr 9th, 2009 | By Doug Casey | Category: Financial NewsThe bulls made a valiant effort to fight off the surging bears during Wednesday trading on the Canadian markets. For the tale of the tape, the TSX Exchange added 1.64%, while the TSX Gold was essentially unchanged and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 0.19% with the decliners beating out the advancers by a 350 to 327 margin on volume of 119 million shares traded.
Aurizon Mines (AMEX:AZK) inked a C$50 million bought deal financing comprising just over 9.7 million shares priced at C$5.15 each. The gold miner ended the day down C$0.51 at C$5.13.
Shares of Goldsource Mines continued to slump on the back of the last batch of drill results from the Border coal project in Saskatchewan. Goldsource fell C$0.15 to C$1.38.
Teck Cominco (NYSE:TCK) cashed in 5.6 million shares of Kinross Gold (NYSE:KGC) that it acquired in January on the sale of Teck’s sixty per cent interest in the Lobo Marte property in Chile. Teck got $18 per share for a cool $141 million. Teck ended the day up C$0.77 at C$8.74.
We may have bounced off the bottom but on a year over year comparison, the value of trades on the junior bourse is down 77.2 per cent, while the trading volumes are down 29.7 per cent. More importantly, equity financings are down 64.8 per cent over the first three months of 2009. We shall see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, April 09th, 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.