Resource Stock Roundup:Friday, July 24th, 2009
Jul 24th, 2009 | By Doug Casey | Category: Gold MarketThe resource-rich Canadian markets continued to gain momentum to the upside during Thursday trading with only the gold sector showing signs of weakness. For the tale of the tape; the TSX Exchange surged 2.33%, while the TSX Gold Index fell 0.79% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.28% with the advancers beating out the decliners by a 432 to 371 margin on 184 million shares traded.
Teck Resources (NYSE:TCK) posted a second quarter profit of $570 million or $1.17 per share thanks to a non-cash foreign exchange gain of $413 million and a $33 million gain for the sale of its Hemlo gold operations in Ontario. Revenues from coal operations increased by $410 million but copper and zinc revenues fell by $508 million due to lower metal prices and lower copper sales. Teck ended the day up C$1.25 at C$26 even.
Potash Corp. of Saskatchewan (NYSE:POT), the world’s largest fertilizer producer by market value, saw second quarter profits fall by 79% to $187.1 million or $0.62 per share. Stripping out a one-time gain of $115.3 million from previously impaired securities and the profit tallied $0.32 per share. The company also announced that 2009 earnings will be less than previously forecast as demand from farmers declined. This did not dismay investors as Potash ended the session up C$7.09 at C$104.59.
Brett Resources tabled an updated inferred resource of 155 million metric tons grading 1.04 gram gold per metric ton for its Hammond Reef deposit in Ontario. Brett ended the day up C$0.03 at C$0.89.
The appetite for resource related equities appears to be insatiable right now with the bigger producers receiving most of the interest. We shall see what Friday trading has in store.
Source: Resource Stock Roundup:Friday, July 24th, 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.