Resource Stock Roundup:Friday, May 15th, 2009
May 15th, 2009 | By Doug Casey | Category: Gold MarketIn a reversal of fortunes, the bulls bounced back with a vengeance to gain back most of Wednesday’s losses during Thursday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange added 1.44%, while the TSX Gold Index climbed 0.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.66% with the decliners edging out the advancers by a 393 to 382 margin on 212 million shares traded.
The big percentage gainer for the day was Jura Energy. The company reported that gas shows were observed over a 480 metre section on its Rafay-1 well and gas shows over 1,300 metres in its Jamali Deep-1 well both in Pakistan. Jura added C$0.245 to close at C$0.345.
Iamgold (NYSE:IAG) posted a first quarter profit of $52.5 million, or $0.17 per share, compared with $34.4 million, or $0.12 per share, in the same period a year earlier. The gold miner benefited from a sizeable tax gain of $29.4 million on the sale of gold bullion. Iamgold ended the day down C$0.11 at C$11.45.
Denison Mines (AMEX:DNN) tabled a loss of $1.3 million or $0.01 per share in the first quarter. The miner sold 225,000 pounds U3O8 during the quarter from U.S. production at an average price of $66.03 per pound and 98,000 pounds U3O8 from its Canadian production under an existing long-term contract at an average price of $49.91 per pound. Denison ended the day up C$0.02 at C$2.24.
The 10,000 point mark on the big board appears to be a resistant mark, while the junior board is keeping its head above the crucial 1,000 point threshold. We shall see what Friday trading has in store.
Source: Resource Stock Roundup:Friday, May 15th, 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.