Resource Stock Roundup:Monday, May 04th, 2009
May 4th, 2009 | By Doug Casey | Category: Gold MarketThe Canadian Markets made a valiant effort to keep the seven-week winning streak intact but by the end of trading on Friday the late week rally fell just short. For the tale of the tape, the TSX Exchange surged 1.85%, while the TSX Gold Index fell 0.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.12% with the advancers beating out the decliners by a 448 to 334 margin on volume good volumes of 168 million shares traded.
Cameco (NYSE:CCJ), the world’s largest uranium miner tabled a 38 per cent drop in first quarter earnings to $82 million, or $0.22 per share down from the $133 million or $0.37 per share tallied in the same period of 2008. The average uranium selling price came in at C$46.72 per pound. Cameco expects to sell between 32 to 34 million pounds of uranium in 2009. Cameco ended the day up C$1.75 at C$29.15.
Sticking to the uranium theme, Northern Continental Resources and Denison Mines (AMEX:DNN) are looking to wed. Denison is offering one of its shares for every 10.87 shares of Northern. Northern ended the day up C$0.07 at C$0.195, while Denison closed at C$2.38 for a C$0.14 gain.
The Canadian currency and the Canada Market are making a strong move to the upside with commodity prices leading the way. We shall see what Monday trading has in store.
Source: Resource Stock Roundup:Monday, May 04th, 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.