Resource Stock Roundup:Monday, June 22nd, 2009
Jun 22nd, 2009 | By Doug Casey | Category: Gold MarketIt was yet another quiet summer time Friday trading session on the Canadian Markets. For the tale of the tape, the TSX Exchange tacked on 1.64%, while the TSX Gold Index rebounded 3.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.4% with the advancers beating out the decliners by a 420 to 344 margin on a lower than normal 155 million shares traded.
Canadian Superior Energy (AMEX:SNG) went shopping and elected to buy Challenger Energy (OTC: CHQGF) in a deal valued at C$77.8 million. Canadian Superior will issue 0.51 of its shares for every Challenger share and assume C$54.4 million in debt. Challenger ended the day up C$0.08 at C$0.40, while Canadian Superior closed unchanged at C$0.82.
Shares of Atac Resources continued to climb after word got out that the first hole of its 2009 program on the Rau property in the Yukon cut 65.07 metres of oxide mineralization with results pending. Atac ended the day up C$0.07 at C$0.46.
Sticking to the Yukon theme, new market darling Underworld Resources (CVE:UW) closed its C$16.55 million financing and rumours are that drill results are coming out on Monday. Underworld ended the day down C$0.07 at C$2.40.
The recovery story in the resource sector remains intact and that is helping both the Canadian dollar and the Canadian markets. We shall see what Monday trading has in store.
Source: Resource Stock Roundup:Monday, June 22nd, 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.