Resource Stock Roundup: Tuesday, March 10th, 2009
Mar 10th, 2009 | By Doug Casey | Category: Financial NewsA new trading week is underway, but it was the same old selling that occurred during Monday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange fell 0.32%, while the TSX Gold Index lost 2.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 1.80% with the decliners swamping the advancers by a 432 to 294 margin on 105 million shares traded.
WesternZagros Resources posted a fourth quarter loss of $6.7 million or $0.03 per share and that resulted in a C$0.275 fall to C$0.425.
Geoinformatics Exploration has elected to walk away from its marriage proposal to Southwestern Resources. No reason was given. Southwestern ended the day down C$0.025 at C$0.205, while Geoinformatics ended flat at C$0.165.
Pacific Ridge Exploration and partner Aurora Energy Resources cut 0.22% U308 at the Lucky 7 zone on the Baker Lake project in Canada’s north. Pacific Ridge ended the day unchanged at C$0.04 and Aurora closed at C$2.30 for a C$0.16 loss.
As we mentioned on Friday, the low trading volumes on the junior board typically means falling broader markets. All-in-all, the trading signals are not positive moving into the short term. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup: Tuesday, March 10th, 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.