Resource Stock Roundup:Monday, January 26th, 2009
Jan 26th, 2009 | By Doug Casey | Category: Financial NewsThe bulls managed to beat down the bears during Friday trading on the Canadian Markets with the gold miners leading the charge higher. For the tale of the tape, the TSX Exchange tacked on 1.67%, while the TSX Gold Index surged 7.3% higher and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.12% with the advancing issuers edging out the decliners by a 370 to 344 margin on 128 million shares traded.
The big news of the day was the Ontario Securities Commission’s ruling that HudBay Minerals has to give its shareholders a vote if it wants to complete a controversial merger with Lundin Mining (NYSE:LMC). The decision reverses the TSX position that HudBay did not require a shareholder vote. HudBay ended the session up C$0.85 at C$4.37, while Lundin closed at C$0.92 for a C$0.27 loss.
Noront Resources cut 4.21% nickel, 2.14% copper, 0.35 grams platinum and 6.3 grams palladium per tonne over 28.8 metres at its Eagle One deposit in the McFaulds Lake area of northern Ontario. Noront ended the day down C$0.09 at C$1.15.
Shore Gold recovered 398.38 carats from 4,405.69 dry tonnes of kimberlite processed form its 60% owned Orion South kimberlite in the Fort a la Corne joint venture in Saskatchewan. Thirty-eight diamonds came in at more than one carat with the largest weighing in at 3.61 carats. Shore ended the day down C$0.015 at C$0.335.
On the gold front, Barrick Gold (NYSE:ABX) led the gold miners higher by adding C$4.09 to close at C$48.79.
The schizophrenic nature of the equity markets is continuing with big gains posted one day only to be followed by big losses the next. We will see what Monday trading has in store.
Source: Resource Stock Roundup:Monday, January 26th, 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.