Resource Stock Roundup:Monday, June 08th, 2009
Source: http://feedproxy.google.com/~r/ContrarianProfits/~3/wBCwibb6nyo/17644Posted on Monday, June 8th, 2009 | In Market Commentary
Job losses in the United States slowed during the month of May but the overall unemployment rate came in higher at 9.4 per cent. The bulls took the news to mean that the glass is half full, while the bears think the glass is half empty and in the end it was the bulls that prevailed during Friday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange rallied 0.88%, while the TSX Gold Index was the big loser by falling 3.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.43% with the advancers beating out the decliners by a 451 to 390 margin on a respectable 197 million shares traded.
Much like its move against the HudBay Mining – Lundin Mining proposed merger, it looks like Jaguar Financial through legal threats has stopped the proposed Glen Eagle Resources investment in Kinbauri Gold. You see, Glen Eagle has been advised by Kinbauri that it has terminated the subscription agreement dated May 8, 2009. For its part, Glen Eagle believes that Kinbauri’s termination is a breach of the agreement and is considering its options. Meanwhile, Orvana Minerals all-cash offer of C$0.55 per share for Kinbauri is on the table. As it stands now, it will all come down to a court decision slated for June 17. Kinbauri ended the day unchanged at C$0.58, Glen Eagle fell C$0.01 to C$0.09 and Orvana closed up C$0.01 at C$0.74.
Harry Winston Diamond (NYSE:HWD) tabled a net loss of US$45.1 million, or US$0.68 per share, in the first quarter ended April 30, compared to earnings of US$21.3 million in the corresponding period a year earlier. The 30 per cent holder of the Diavik diamond mine in the Northwest Territories is being impacted by falling diamond prices and the ongoing global financial woes. Harry Winston ended the day down C$0.03 at C$7.30.
Despite a major plunge in the price of bullion, the junior market showed surprising strength with solid strength on the buy side. We shall see what Monday trading has in store.
Source: Resource Stock Roundup:Monday, June 08th, 2009
Last 5 posts by Doug Casey
- Resource Stock Roundup:Monday, July 27, 2009 - July 27th, 2009
- Base Metals Higher - July 27th, 2009
- Crude Continues to Climb - July 27th, 2009
- Dollar Moves Lower - July 27th, 2009
- Gold Pushes Through $950 - July 27th, 2009
CAD, Canada, contrarian profits, Diavik diamond mine;, Glen Eagle;, Harry Winston Diamond;, Market Commentary, Northwest Territories, Tsx, TSX Venture Exchange, United States, USD
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