Resource Stock Roundup: Wednesday, February 18th, 2009
Feb 18th, 2009 | By Doug Casey | Category: Financial NewsIt was all about gold during Tuesday trading on the Canadian markets, with investors scurrying to bullion as a safe haven against the global economic melt down. For the tale of the tape, the TSX Exchange plunged 3.45%, while the TSX Gold Index surged 4.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.70%, with the decliners swamping the advancers by a 472 to 336 margin on 161 million shares traded.
It was a rough day for Teck Cominco (NYSE:TCK) after the world’s second-largest zinc producer posted a fourth quarter loss of C$607 million or C$1.28 per share compared to a profit of C$280 million or C$0.63 per share in the same period a year earlier. The debt-heavy miner took a C$844 million writedown in the quarter. Teck ended the session down C$0.48 at C$4.44.
Cameco (NYSE:CCJ), the world’s largest uranium miner posted a fourth quarter profit of C$31 million or C$0.08 per share, compared to a profit of C$61 million or C$0.17 per share in the fourth quarter of 2007. For the full year, Cameco’s profits jumped 8 per cent to C$450-million or C$1.28 a share. Shares in the company closed at C$18.17, for a C$1.03 loss.
Minera Andes solved its cash and regulatory problems with Robert McEwen electing to take down nearly 18.3 million shares at C$1 per share rather than the earlier 121 million shares at C$0.33. McEwen will also assume the Minera’s $17.5 million loan owing to Macquarie Bank. Minera ended the day up C$0.27 at C$0.75.
The only green seen these days is in the form of bullion. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, February 18th, 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.