Resource Stock Roundup:Monday, June 29th, 2009
Jun 29th, 2009 | By Doug Casey | Category: Gold MarketIt was yet another quiet Friday trading session on the Canadian Markets. For the tale of the tape, the TSX Exchange added 0.33%, while the TSX Gold Index gave back 2.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.77% with the advancers edging out the decliners by a 410 to 359 margin on a weak 131 million shares traded.
Potash Corp. of Saskatchewan (NYSE:POT) finally came clean on its second quarter profit estimates in the wake of weak demand for potash. The world’s largest producer of potash now expects to earn $0.70 per share in the second quarter a big drop from its earlier guidance of $1.10 to $1.50. Potash ended the day down C$0.71 at C$107.34.
Western Canadian Coal saw its fourth quarter revenue rise 48 percent to C$111,684,000 from the sale of 346,000 tonnes of coal. Earnings for the period ended March 31 came in at C$47.6 million or C$0.23 per share. Western ended the day up C$0.13 at C$2.12.
The Canada Day holiday falls mid-week so trading action heading into the end of June is expected to be on the light side. We will see what Monday’s session has in store.
Source: Resource Stock Roundup:Monday, June 29th, 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.