Resource Stock Roundup: Wednesday, January 14th, 2009
Jan 14th, 2009 | By Doug Casey | Category: Financial NewsIt was a mixed session during Tuesday trading on the Canadian Markets, with the big board issues seeing gains, while the junior bourse closed in the red. For the tale of the tape, the TSX Exchange added 1.91%, while the TSX Gold Index rallied 4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 1.08% with the declining issuers edging out the advancers by a 335 to 310 margin on volume of 119 million shares traded.
Yamana Gold (NYSE:AUY) added C$0.19 to close at C$7.95 after the miner said it expects to produce 1.3 million to 1.4 million gold equivalent ounces in 2009 and 1.4 million to 1.5 million gold equivalent ounces in 2010. The company cut its dividend to one cent a share per quarter from one cent a month to conserve cash and help finance its expansion projects.
Meanwhile, First Majestic Silver generated 1.07 million equivalent ounces of silver in the fourth quarter of 2008. This marks a 27 per cent quarterly jump and a 6 per cent increase on a year-over-year basis. First Majestic ended the day up C$0.20 at C$2.25.
Shares of El Nino Ventures were unchanged at C$0.095 after the company posted results from its Kasala copper discovery in the Democratic Republic of Congo. Highlights included 30 metres grading 1.88% copper and 0.11% cobalt.
Investors continue to be hesitant to jump into the equity markets, and with the 2009 losses already starting to mount on several bourses this fear appears to be well founded. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, January 14th, 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.