Resource Stock Roundup: Wednesday, April 1st, 2009
Apr 1st, 2009 | By Doug Casey | Category: Financial NewsAfter a couple of sessions of selling, the Canadian Markets rebounded across the board during Tuesday trading. For the tale of the tape, the TSX Exchange added 1.44%, while the TSX Gold Index tacked on 1.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 1.23% with the advancers beating out the decliners by a 426 to 343 margin on volume of 146 million shares traded.
Paramount Energy Trust went shopping and agreed to buy Profound Energy in a friendly cash-and-stock deal valued at $112.9 million. Paramount ended the day down C$0.10 at C$3.09, while Profound added C$0.54 to close at C$1.19.
Meanwhile, Capital Gold has left Gammon Gold (NYSE:GRS) standing at the altar. The board of directors of Capital Gold have decided not to sign a definitive merger agreement and are walking away. Capital ended the day down C$0.05 at C$0.70, while Gammon added C$0.20 at C$8.16.
Forsys Metals is continuing to try to get its C$7 per share takeover offer from George Forrest International Afrique SPRL completed, but so far no definitive deal on the agreement has been reached. Forsys ended the day down C$0.84 at C$4 even.
Capstone Mining tabled 2008 earnings of $131.8 million or $1.46 per share on sales of 42 million pounds of copper, 2 million pounds of zinc, 24,344 ounces of gold and 132,465 ounces of silver. Capstone ended the day up C$0.03 at C$1.67.
Shareholders of NEMI Northern Energy & Mining voted 2 to 1 to elect concerned shareholder Michael Cooney and his slate of nominees as NEMI’s new board of directors at the company’s annual and special general meeting. NEMI ended the day up C$0.04 at C$0.36.
The schizophrenic nature of the market is continuing and for those quick and nimble some profits are probably being made. Those with a buy and hold strategy are treading water at best. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, April 1st, 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.