Resource Stock Roundup: Tuesday, November 18th, 2008
Nov 18th, 2008 | By Doug Casey | Category: Financial NewsAcross the board selling continued during Monday trading on the Canadian markets, with investors betting that the economic outlook will get worse before it gets better. For the tale of the tape, the TSX Exchange fell 2.88%, while the TSX Gold Index plunged 3.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 1.97% with the declining issuers outpacing the advancers by a 489 to 264 margin on volume of 121 million shares traded.
Management of Forsys Metals approved the C$7 per share takeover offer tabled by George Forrest International Afrique SPRL. The advanced uranium player added C$1.36 to close at C$6 even.
Shares of Northern Abitibi Mining lost C$0.015 to close at C$0.075 after the company reported a 3.7 metre intercept running 50.05 grams gold per tonne at the Viking property in Newfoundland. Northern is earning a majority interest in the project from Altius Resources, which closed unchanged at C$4.70.
Sprott Resource tabled earnings of C$67.15-million or C$0.76 per share in the third quarter and C$73.84 million or $1.13 per share in the first nine months of the year. At the end of the quarter, the company had C$155 million in cash and subsequently sold its remaining stake in PBS Coals for another C$140.82 million. Sprott ended the day down C$0.06 at C$1.98.
The junior board hit fresh multi-year lows and appears poised to move ever lower. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup: Tuesday, November 18th, 2008
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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.