Roger Biduk writes:
Stock markets drifted to a weak close Wednesday with nervous investors finding little reason to buy amid roadblocks to the Bush administration's US$700-billion rescue of the financial industry and Warren Buffett's investment in Goldman Sachs Group Inc.
Toronto's S&P/TSX composite index was off 19.27 points to 12,513.36, while the Dow Jones industrial average shed 29 points to 10,825.17.
The TSX Venture Exchange was up 12.04 points to 1,550.64, while the Canadian dollar dipped 0.04 of a cent to 96.46 cents US.
The Toronto financial sector was flat. Scotiabank (TSX:BNS) declined 53 cents to $48.85, while Royal Bank (TSX:RY) was ahead 76 cents to $51.25. The Royal promoted Doug McGregor to chairman and co-CEO of RBC Capital Markets and Mark Standish to president and co-CEO of the division. They succeed Chuck Winograd, retiring at age 60 as chairman and CEO of the investment banking arm of Canada's largest bank.
AGF Management Ltd. (TSX:AGF.B) was down four cents to $19.96 after lower taxes helped boost summer-quarter profit by 4.3 per cent to $41.1 million, while stock market volatility hurt revenues.
The TSX energy sector was off 0.4 per cent as the November crude oil contract on the New York Mercantile Exchange fell 88 cents to US$105.73 a barrel after earlier rising on data that showed an increase in American crude inventories last week.
EnCana Corp. (TSX:ECA) and partner ConocoPhillips said they are starting construction on a US$3.6-billion expansion at the Wood River refinery in Roxana, Ill. EnCana shares were 56 cents lower to $72.80.
Shares in Nexen Inc. (TSX:NXY) added 19 cents to $26.69 after it said full-year production will be "slightly" below previous guidance because of hurricane damage in the Gulf of Mexico.
The TSX gold sector rose 1.14 per cent as the December bullion contract in New York closed up $3.80 to US$895 an ounce. Barrick Gold Corp. (TSX:ABX) ran ahead $1.15 to $39.95.
The consumer discretionary sector was also a drag with shares of auto parts giant Magna International Inc. (TSX:MG.A) down $2.39 to $59.25.
The industrials sector was down two per cent. Bombardier Inc. (TSX:BBD.B) shares were down 31 cents to $6.08 while shares of Canadian National Railways gave up $1.34 to $51.90.
On the TSX, declines beat advances 837 to 692 with 219 unchanged as 365.2 million shares traded worth $5.77 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Wednesday, September 24, 2008
Roger Biduk - Bay Street Lower on Commodities
Roger Biduk writes:
Toronto's S&P/TSX composite index came closed down 105.44 points at 12,532.63, after commodity stocks deteriorated. The TSX Venture Exchange was down 37.39 points to 1,538.6.
The Canadian dollar was down 0.27 of a cent to 96.5 cents US as investors took in a higher than expected reading on inflation for August.
Statistics Canada said Tuesday the annual rate of inflation hit 3.5 per cent, primarily because of higher costs for gasoline and oil. Core inflation rose to 1.7 per cent in August, from 1.5 per cent in July.
However, the TSX financial sector were up two per cent with CIBC (TSX:CM) ahead $1.80 to $62.27 while Scotiabank (TSX:BNS) advanced $1.57 to $49.38.
Investors also closely watched oil prices after anxiety over the bailout and a short-covering rally powered crude to its biggest-ever one-day rise Monday.
The TSX energy sector was off two per cent as the November crude contract on the New York Mercantile Exchange receded $2.76 to US$106.61. Sector heavyweight EnCana (TSX:ECA) was down 84 cents to $73.36 while Suncor Energy Inc. (TSX:SWU) fell $1.35 to $48.05.
The TSX gold sector moved down 3.5 per cent as the December bullion contract in New York backed off $17.80 to US$891.20 an ounce. Goldcorp Inc. (TSX:G) gave back 78 cents to $37.11 while Barrick Gold Corp. (TSX:ABX) declined 81 cents to $38.80.
The base metals sector, which along with the energy sector has enjoyed some sharp recent gains on U.S. dollar weakness and a move into so-called hard assets, was also down 3.5 per cent with Teck Cominco Ltd. (TSX:TCK.B) losing $1.23 to $35.52 and HudBay Minerals (TSX:HBM) off 12 cents to $6.69.
Also dragging the TSX lower was Potash Corp. (TSX:POT), down $18.03 or 9.7 per cent to $167.80.
The Brookfield Residential Property Services division of Brookfield Asset Management Inc. (TSX:BAM.A) has agreed to buy GMAC Home Services, a U.S. provider of home financing, real estate brokerage and relocation services. The price was not disclosed and Brookfield Asset shares were off eight cents to $27.84.
On the TSX, declines beat advances 973 to 561 with 219 unchanged as 404.4 million shares traded worth $7.05 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Toronto's S&P/TSX composite index came closed down 105.44 points at 12,532.63, after commodity stocks deteriorated. The TSX Venture Exchange was down 37.39 points to 1,538.6.
The Canadian dollar was down 0.27 of a cent to 96.5 cents US as investors took in a higher than expected reading on inflation for August.
Statistics Canada said Tuesday the annual rate of inflation hit 3.5 per cent, primarily because of higher costs for gasoline and oil. Core inflation rose to 1.7 per cent in August, from 1.5 per cent in July.
However, the TSX financial sector were up two per cent with CIBC (TSX:CM) ahead $1.80 to $62.27 while Scotiabank (TSX:BNS) advanced $1.57 to $49.38.
Investors also closely watched oil prices after anxiety over the bailout and a short-covering rally powered crude to its biggest-ever one-day rise Monday.
The TSX energy sector was off two per cent as the November crude contract on the New York Mercantile Exchange receded $2.76 to US$106.61. Sector heavyweight EnCana (TSX:ECA) was down 84 cents to $73.36 while Suncor Energy Inc. (TSX:SWU) fell $1.35 to $48.05.
The TSX gold sector moved down 3.5 per cent as the December bullion contract in New York backed off $17.80 to US$891.20 an ounce. Goldcorp Inc. (TSX:G) gave back 78 cents to $37.11 while Barrick Gold Corp. (TSX:ABX) declined 81 cents to $38.80.
The base metals sector, which along with the energy sector has enjoyed some sharp recent gains on U.S. dollar weakness and a move into so-called hard assets, was also down 3.5 per cent with Teck Cominco Ltd. (TSX:TCK.B) losing $1.23 to $35.52 and HudBay Minerals (TSX:HBM) off 12 cents to $6.69.
Also dragging the TSX lower was Potash Corp. (TSX:POT), down $18.03 or 9.7 per cent to $167.80.
The Brookfield Residential Property Services division of Brookfield Asset Management Inc. (TSX:BAM.A) has agreed to buy GMAC Home Services, a U.S. provider of home financing, real estate brokerage and relocation services. The price was not disclosed and Brookfield Asset shares were off eight cents to $27.84.
On the TSX, declines beat advances 973 to 561 with 219 unchanged as 404.4 million shares traded worth $7.05 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Monday, September 22, 2008
Roger Biduk - Bay Street Lower on Financials
Roger Biduk writes:
A selloff in bank and insurance stocks helped push the Toronto stock market down sharply Monday while energy stocks failed to respond to a huge jump in crude prices.
The Toronto market was also buffeted by declines in industrial, tech and telecom stocks.
Toronto's S&P/TSX composite index fell 274.92 points to 12,638.07 keeping most of a 848-point surge on Friday. New York's Dow Jones industrial average lost 372.75 points to 11,015.69 after charging ahead 369 points Friday.
The energy sector lost 1.75 per cent even as the October crude contract on the New York Mercantile Exchange surged $16.37 to US$120.92 a barrel, after going as high as US$130 on its final day of trading. The November crude oil contract was up only $6.62to US$109.37.
The jump in oil came amid a weakening U.S. dollar as investors mulled over the final cost of the plan announced Friday by Treasury Secretary Henry Paulson to buy US$700 billion of toxic mortgage debt.
The TSX Venture Exchange moved up 26.77 points to 1,575.99 and the Canadian dollar was up 1.53 cent at 96.77 cents US as the American dollar moved lower against most major currencies amid worries about the inflationary impact of the financial-sector rescue.
In Toronto, the financial sector fell three per cent after big gains Friday. Royal Bank (TSX:RY) gave back $1.43 to $50 and Scotiabank (TSX:BNS) declined $2.19 to $47.81. Manulife Financial (TSX:MFC) moved down 87 cents to $36 following a report it is set to bid for parts of AIG. Fairfax Financial Holdings Ltd. (TSX:FFH) jumped $25 to $320 after it disclosed Monday that it has US$2.1 billion in realized and unrealized gains on credit default swaps.
The gold sector ran ahead 6.7 per cent as the December bullion contract in New York gained $44.30 to US$909 an ounce. Barrick Gold jumped $3.11 to $39.61 and Goldcorp Inc. (TSX:G) advanced $3.39 to $37.89.
Energy sector losers included Canadian Natural Resources (TSX:CNQ), down $2.84 to US$84.47 while EnCana Corp. (TSX:ECA) gave back $1.55 to $74.20. Tanganyika Oil (TSX:TYK) surged $6.30 or 36 per cent to $23.80 after it said it has entered into talks to sell the company.
Research In Motion Ltd. (TSX:RIM) was a drag on the TSX, losing $8.11 to $101.39.
The telecom sector was also down as Telus Corp. (TSX:T) shed $1.58 to $38.47.
The Toronto income trust sector closed lower, down 1.1 per cent, after the Liberals said they would roll back a looming tax on such trusts introduced by the Tories nearly two years ago.
Elsewhere, Angiotech Pharmaceuticals Inc. (TSX:ANP) shares were down 38 cents or 28per cent to 98 cents after it announced it is moving to cut costs and "further focus its business efforts," while disclosing that a previously announced capital injection of up to $300 million is in doubt.
On the TSX, declines beat advances 879 to 742 with 166 unchanged as 457 million shares traded worth $8.02 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
A selloff in bank and insurance stocks helped push the Toronto stock market down sharply Monday while energy stocks failed to respond to a huge jump in crude prices.
The Toronto market was also buffeted by declines in industrial, tech and telecom stocks.
Toronto's S&P/TSX composite index fell 274.92 points to 12,638.07 keeping most of a 848-point surge on Friday. New York's Dow Jones industrial average lost 372.75 points to 11,015.69 after charging ahead 369 points Friday.
The energy sector lost 1.75 per cent even as the October crude contract on the New York Mercantile Exchange surged $16.37 to US$120.92 a barrel, after going as high as US$130 on its final day of trading. The November crude oil contract was up only $6.62to US$109.37.
The jump in oil came amid a weakening U.S. dollar as investors mulled over the final cost of the plan announced Friday by Treasury Secretary Henry Paulson to buy US$700 billion of toxic mortgage debt.
The TSX Venture Exchange moved up 26.77 points to 1,575.99 and the Canadian dollar was up 1.53 cent at 96.77 cents US as the American dollar moved lower against most major currencies amid worries about the inflationary impact of the financial-sector rescue.
In Toronto, the financial sector fell three per cent after big gains Friday. Royal Bank (TSX:RY) gave back $1.43 to $50 and Scotiabank (TSX:BNS) declined $2.19 to $47.81. Manulife Financial (TSX:MFC) moved down 87 cents to $36 following a report it is set to bid for parts of AIG. Fairfax Financial Holdings Ltd. (TSX:FFH) jumped $25 to $320 after it disclosed Monday that it has US$2.1 billion in realized and unrealized gains on credit default swaps.
The gold sector ran ahead 6.7 per cent as the December bullion contract in New York gained $44.30 to US$909 an ounce. Barrick Gold jumped $3.11 to $39.61 and Goldcorp Inc. (TSX:G) advanced $3.39 to $37.89.
Energy sector losers included Canadian Natural Resources (TSX:CNQ), down $2.84 to US$84.47 while EnCana Corp. (TSX:ECA) gave back $1.55 to $74.20. Tanganyika Oil (TSX:TYK) surged $6.30 or 36 per cent to $23.80 after it said it has entered into talks to sell the company.
Research In Motion Ltd. (TSX:RIM) was a drag on the TSX, losing $8.11 to $101.39.
The telecom sector was also down as Telus Corp. (TSX:T) shed $1.58 to $38.47.
The Toronto income trust sector closed lower, down 1.1 per cent, after the Liberals said they would roll back a looming tax on such trusts introduced by the Tories nearly two years ago.
Elsewhere, Angiotech Pharmaceuticals Inc. (TSX:ANP) shares were down 38 cents or 28per cent to 98 cents after it announced it is moving to cut costs and "further focus its business efforts," while disclosing that a previously announced capital injection of up to $300 million is in doubt.
On the TSX, declines beat advances 879 to 742 with 166 unchanged as 457 million shares traded worth $8.02 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Sunday, September 21, 2008
Roger Biduk - There's Many Reasons to Have More Nuclear Plants
Roger Biduk writes:
There are many reasons to lower the dependency on oil and build more nuclear plants.
Just look at France. Nuclear plants produce 79% of their electricity. Plus, unlike the U.S., they reprocess their fuel. Even so, the radioactivity in the used fuel rod drops 99.9% in 40 years.
There was one, and only one nuclear accident in which there was loss of life, Chernobyl. But this type of accident wouldn't occur today. If they had a containment structure like the plants in the U.S. must have, no one would have died and no radiation would have escaped. This type of reactor design would never be licensed in the U.S.
Plus, the mistakes made by the engineers and other workers that led to the accident were unbelievable.
The incident at Three Mile Island has always been exaggerated. No one died and the damaged fuel was contained.
Because of Three Mile Island, safety regulations were changed to make sure that this would never happen again.
There's lots of uranium around, with lots of it in Canada. Estimates have the planet's known resources at around 100 years. And if you include the amount that could be collected from ocean water, the resource is limitless.
If the price of uranium were to rise, there would be more exploration and more found. Plus a substitute called thorium could be used and there's three times more of it around than uranium.
There's actually a new technology that's been developed that uses no net uranium. It's called the breeder reactor, but at the moment the price of uranium is too low for this technology to be competitive.
But there's many roadblocks when it comes to building new plants. Finding the money, insuring the plants, politics, activists and escalating construction costs are only a few.
It seems that the pros and cons are endless.....
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
There are many reasons to lower the dependency on oil and build more nuclear plants.
Just look at France. Nuclear plants produce 79% of their electricity. Plus, unlike the U.S., they reprocess their fuel. Even so, the radioactivity in the used fuel rod drops 99.9% in 40 years.
There was one, and only one nuclear accident in which there was loss of life, Chernobyl. But this type of accident wouldn't occur today. If they had a containment structure like the plants in the U.S. must have, no one would have died and no radiation would have escaped. This type of reactor design would never be licensed in the U.S.
Plus, the mistakes made by the engineers and other workers that led to the accident were unbelievable.
The incident at Three Mile Island has always been exaggerated. No one died and the damaged fuel was contained.
Because of Three Mile Island, safety regulations were changed to make sure that this would never happen again.
There's lots of uranium around, with lots of it in Canada. Estimates have the planet's known resources at around 100 years. And if you include the amount that could be collected from ocean water, the resource is limitless.
If the price of uranium were to rise, there would be more exploration and more found. Plus a substitute called thorium could be used and there's three times more of it around than uranium.
There's actually a new technology that's been developed that uses no net uranium. It's called the breeder reactor, but at the moment the price of uranium is too low for this technology to be competitive.
But there's many roadblocks when it comes to building new plants. Finding the money, insuring the plants, politics, activists and escalating construction costs are only a few.
It seems that the pros and cons are endless.....
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Roger Biduk - U.S. Oil Production Peaked Years Ago - So What?
Roger Biduk writes:
Oil production in the U.S. peaked in 1970, which was accurately predicted by geologist M. King Hubbert in the 1950s. But it's not running out of oil.
I've read that there's one trillion barrels of oil left out of two trillion that the planet started with.
Source: http://en.wikipedia.org/wiki/Peak_oil
Source: http://www.eia.doe.gov/emeu/ipsr/t44.xls (Excel spreadsheet).
The world is not finding enough new crude to replace the known declines, not to mention increasing production levels.
What happens with the shortfall in production? Crude prices rise. Frantic, nearly (previously) insane searches begin… tar sands; shale oil; deep, deep sea drilling; ANWR. Sound familiar?
And as a tidbit to fend off the prattle… the best estimate (shaky as all untested estimates are) for ANWR is 10 billion barrels of crude resources. On the same shaky basis, U.S. offshore… 20 billion barrels. Together… 30 billion barrels.
But that’s not the worst of it. Neither can begin producing for about 10 years. And either will require 20 years for full production. The bottom line is, at full bore production, both included, we’d get output starting in 2018 and have 1.5 billion barrels/year until 2037. The U.S. uses 21 million barrels per day, 7.67 billion barrels per year. That’s ignoring demand growth. Not exactly crude oil freedom at 20% of our 2007 demand.
Peak oil is here. Accept it. Do your own research. Bring me facts, and then let’s debate.
Nuclear power
Having finally accepted the fact that we aren’t going to have fossil fuels for transportation forever (and probably not at an acceptable cost within 10 years), what can we do?
Let’s start with reviewing the world’s energy use. Click here to get educated. And here.
And finally here, to which I’ll refer. This is a terrific resource. Don’t fail to read this. It’s the single best summary I’ve ever seen for the world’s energy use.
And this for the U.S.
World use (2004)
I’ll turn these numbers into percentages (2004 numbers):
Our discussion here is about transportation… cars, trucks, trains, and planes. They run on crude oil derivatives. Now let’s suppose that crude oil derivatives get too expensive to use (peak oil). Worst case… not available or affordable for transportation. Now look at the table above.
A full 40% of our energy supply would be gone. Let’s eliminate the presently unrealistic or non-cost-effective transportation sources… coal, hydro, nuclear (in the vehicle), renewable (in the vehicle). Hydrogen fuel cells will never work. Google it.
We are left with natural gas or electricity (however generated). Unfortunately, natural gas is widely used to heat homes and factories. And natural gas is a feedstock for many critical industrial processes… fabric, glass, steel, paint, and plastics and, of utmost importance, fertilizer. (More info here and here.)
Running vehicles on natural gas is not only possible, but is being pursued. Unfortunately, its value in other areas makes its use for transportation a very dicey proposition. Our grandkids would say in horror… “You burned it up!!??”
It’s not our best choice.
So we are left with electricity, however generated. Look at the table above and mentally add 40% to each source of electricity that is left.
Coal 23%==>63%.
Nuclear 8.1%==>48.1%
Renewables 3.3%==>43.3%
Which is most technically feasible to scale? Coal? Carbon emissions… cap and trade… coal cleanup costs… coal is an unlikely source of electricity to nearly triple. And, coal has important uses in the manufacture of metals and metal products.
Renewables? If only! But scaling up by a factor of 13 is a formidable challenge. Not in the next twenty years. Not even in the next 50 years.
Nuclear? The U.S. has 104 operating nuclear power plants. Scaling up by a factor of six would require 624 plants, or 520 new ones to replace crude oil totally. They cost about $4 billion to $5 billion each. For this, we would pay $2.34 trillion. We import 10 million barrels of crude every day. We send out of the U.S. $438 billion annually for purchased crude oil.
We’d pay off the nukes in five years and four months, and then we are ahead more than $1,430 per year for every citizen in America.
Of course it’s not quite so simple… I know that. It’s way oversimplified. But it does place a yardstick on the economics if we could make electric cars (I want a Tesla) powered by nuclear power plants sending electricity into every garage. Click here for the Michigan University case for nuclear power. It’s a good summary.
Oil production in the U.S. peaked in 1970, which was accurately predicted by geologist M. King Hubbert in the 1950s. But it's not running out of oil.
I've read that there's one trillion barrels of oil left out of two trillion that the planet started with.
Source: http://en.wikipedia.org/wiki/Peak_oil
Source: http://www.eia.doe.gov/emeu/ipsr/t44.xls (Excel spreadsheet).
The world is not finding enough new crude to replace the known declines, not to mention increasing production levels.
What happens with the shortfall in production? Crude prices rise. Frantic, nearly (previously) insane searches begin… tar sands; shale oil; deep, deep sea drilling; ANWR. Sound familiar?
And as a tidbit to fend off the prattle… the best estimate (shaky as all untested estimates are) for ANWR is 10 billion barrels of crude resources. On the same shaky basis, U.S. offshore… 20 billion barrels. Together… 30 billion barrels.
But that’s not the worst of it. Neither can begin producing for about 10 years. And either will require 20 years for full production. The bottom line is, at full bore production, both included, we’d get output starting in 2018 and have 1.5 billion barrels/year until 2037. The U.S. uses 21 million barrels per day, 7.67 billion barrels per year. That’s ignoring demand growth. Not exactly crude oil freedom at 20% of our 2007 demand.
Peak oil is here. Accept it. Do your own research. Bring me facts, and then let’s debate.
Nuclear power
Having finally accepted the fact that we aren’t going to have fossil fuels for transportation forever (and probably not at an acceptable cost within 10 years), what can we do?
Let’s start with reviewing the world’s energy use. Click here to get educated. And here.
And finally here, to which I’ll refer. This is a terrific resource. Don’t fail to read this. It’s the single best summary I’ve ever seen for the world’s energy use.
And this for the U.S.
World use (2004)
I’ll turn these numbers into percentages (2004 numbers):
Our discussion here is about transportation… cars, trucks, trains, and planes. They run on crude oil derivatives. Now let’s suppose that crude oil derivatives get too expensive to use (peak oil). Worst case… not available or affordable for transportation. Now look at the table above.
A full 40% of our energy supply would be gone. Let’s eliminate the presently unrealistic or non-cost-effective transportation sources… coal, hydro, nuclear (in the vehicle), renewable (in the vehicle). Hydrogen fuel cells will never work. Google it.
We are left with natural gas or electricity (however generated). Unfortunately, natural gas is widely used to heat homes and factories. And natural gas is a feedstock for many critical industrial processes… fabric, glass, steel, paint, and plastics and, of utmost importance, fertilizer. (More info here and here.)
Running vehicles on natural gas is not only possible, but is being pursued. Unfortunately, its value in other areas makes its use for transportation a very dicey proposition. Our grandkids would say in horror… “You burned it up!!??”
It’s not our best choice.
So we are left with electricity, however generated. Look at the table above and mentally add 40% to each source of electricity that is left.
Coal 23%==>63%.
Nuclear 8.1%==>48.1%
Renewables 3.3%==>43.3%
Which is most technically feasible to scale? Coal? Carbon emissions… cap and trade… coal cleanup costs… coal is an unlikely source of electricity to nearly triple. And, coal has important uses in the manufacture of metals and metal products.
Renewables? If only! But scaling up by a factor of 13 is a formidable challenge. Not in the next twenty years. Not even in the next 50 years.
Nuclear? The U.S. has 104 operating nuclear power plants. Scaling up by a factor of six would require 624 plants, or 520 new ones to replace crude oil totally. They cost about $4 billion to $5 billion each. For this, we would pay $2.34 trillion. We import 10 million barrels of crude every day. We send out of the U.S. $438 billion annually for purchased crude oil.
We’d pay off the nukes in five years and four months, and then we are ahead more than $1,430 per year for every citizen in America.
Of course it’s not quite so simple… I know that. It’s way oversimplified. But it does place a yardstick on the economics if we could make electric cars (I want a Tesla) powered by nuclear power plants sending electricity into every garage. Click here for the Michigan University case for nuclear power. It’s a good summary.
Roger Biduk - The Week in Cdn. Small & Mid-Cap Stocks
Roger Biduk writes:
On Monday, Kent Exploration (TSX: V.KEX) shares climbed as much as 13% before closing up 6% to 8.5 cents after the micro-cap explorer reported assay results from 12 rock samples taken from its 100% optioned Silver Hill property in south-eastern British Columbia, which included 5.238kilograms per tonne (kg/t) silver, 9.47% copper, 10.69% lead, and 3.25% zinc.
Discovery Air (TSX: T.DA.A), meanwhile, reported the termination of David Taylor as the President and Chief Executive Officer of the corporation and the appointment of David Jennings as interim President and Chief Executive Officer. Mr. Jennings is a Co-Chief Executive Officer of Top Aces, one of Discovery Air's wholly-owned subsidiaries. Discovery Air stock jumped 11% to 49 cents.
In Tuesday trading, Birch Mountain Resources (TSX: T.BMD) said the Muskeg Valley Quarry recently set a new daily record for limestone aggregates shipped. The new daily record of 23,100 tonnes exceeds the previous record of 20,000 tonnes set in Q2 2007 with a quarry workforce of more than 50 people - a peak productivity gain per worker of more than 250%. Birch Mountain stock popped 63% to 13 cents.
This as VMS Ventures (TSX: V.VMS) reported assay results from its Reed Lake Discovery Zone near Snow Lake, Manitoba, which included 53.19 metres of 3.08% copper. Its shares surged 15% to 42 cents.
Wednesday’s market action saw shares of Global Hunter (TSX: V.BOB) shoot up 39% to 12.5 cents after the micro-cap explorer announced results from its Rabbit South project near Kamloops, British Columbia, which averaged 0.07% molybdenum and 0.13 grams per tonne (g/t) rhenium over 91.8 metres.
As well, International Barytex Resources (TSX: V.IBX) shares powered 67%higher to 50 cents after the junior miner reported recommendations of a feasibility study on the Shituru Copper Project in the Democratic Republic of the Congo, which proposes developing an open pit, ore processing and electrowinning facility with an annual production capacity of 38,000 tonnes of LME grade cathode copper.
On Thursday, Wescan Goldfields (TSX: V.WGF) shares gained 24% to 31 cents after the micro cap miner said it has received an additional 146 coal permit certificates from the Saskatchewan Ministry of Energy and Resources. A total of 229 coal permits have now been issued to the company to date, comprising a total area of 161,777 hectares in the Hudson Bay region.
In addition, Osisko Mining (TSX: T.OSK) shares powered 16% higher to $2.95 after the miner reported new results from the definition drill program currently under way at South Barnat, a separate gold mineralized zone located about 1200 metres northeast of the center of the Canadian Malartic deposit in Quebec. Results include 2.13 grams per tonne (g/t) gold over 258.5 metres.
And, in Friday trading, Bolero Resources (TSX: V.BRU) shares soared 50% to six cents after the micro cap explorer and partner Alix Resources (TSX: V.AIX, Stock Forum) late Thursday announced drill results from the Arcadia Bay project in Nunavut, which included 6.70 grams per tonne (g/t) gold over 6.85 metres.
Finally, shares of Intrinsyc Software International (TSX: T.ICS) shot up 30% to 26 cents as the wireless software solutions provider said it has signed a software license agreement with a leading mobile phone and consumer device manufacturer to deliver its Destinator navigation software for use on a new series of personal navigation devices.
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
On Monday, Kent Exploration (TSX: V.KEX) shares climbed as much as 13% before closing up 6% to 8.5 cents after the micro-cap explorer reported assay results from 12 rock samples taken from its 100% optioned Silver Hill property in south-eastern British Columbia, which included 5.238kilograms per tonne (kg/t) silver, 9.47% copper, 10.69% lead, and 3.25% zinc.
Discovery Air (TSX: T.DA.A), meanwhile, reported the termination of David Taylor as the President and Chief Executive Officer of the corporation and the appointment of David Jennings as interim President and Chief Executive Officer. Mr. Jennings is a Co-Chief Executive Officer of Top Aces, one of Discovery Air's wholly-owned subsidiaries. Discovery Air stock jumped 11% to 49 cents.
In Tuesday trading, Birch Mountain Resources (TSX: T.BMD) said the Muskeg Valley Quarry recently set a new daily record for limestone aggregates shipped. The new daily record of 23,100 tonnes exceeds the previous record of 20,000 tonnes set in Q2 2007 with a quarry workforce of more than 50 people - a peak productivity gain per worker of more than 250%. Birch Mountain stock popped 63% to 13 cents.
This as VMS Ventures (TSX: V.VMS) reported assay results from its Reed Lake Discovery Zone near Snow Lake, Manitoba, which included 53.19 metres of 3.08% copper. Its shares surged 15% to 42 cents.
Wednesday’s market action saw shares of Global Hunter (TSX: V.BOB) shoot up 39% to 12.5 cents after the micro-cap explorer announced results from its Rabbit South project near Kamloops, British Columbia, which averaged 0.07% molybdenum and 0.13 grams per tonne (g/t) rhenium over 91.8 metres.
As well, International Barytex Resources (TSX: V.IBX) shares powered 67%higher to 50 cents after the junior miner reported recommendations of a feasibility study on the Shituru Copper Project in the Democratic Republic of the Congo, which proposes developing an open pit, ore processing and electrowinning facility with an annual production capacity of 38,000 tonnes of LME grade cathode copper.
On Thursday, Wescan Goldfields (TSX: V.WGF) shares gained 24% to 31 cents after the micro cap miner said it has received an additional 146 coal permit certificates from the Saskatchewan Ministry of Energy and Resources. A total of 229 coal permits have now been issued to the company to date, comprising a total area of 161,777 hectares in the Hudson Bay region.
In addition, Osisko Mining (TSX: T.OSK) shares powered 16% higher to $2.95 after the miner reported new results from the definition drill program currently under way at South Barnat, a separate gold mineralized zone located about 1200 metres northeast of the center of the Canadian Malartic deposit in Quebec. Results include 2.13 grams per tonne (g/t) gold over 258.5 metres.
And, in Friday trading, Bolero Resources (TSX: V.BRU) shares soared 50% to six cents after the micro cap explorer and partner Alix Resources (TSX: V.AIX, Stock Forum) late Thursday announced drill results from the Arcadia Bay project in Nunavut, which included 6.70 grams per tonne (g/t) gold over 6.85 metres.
Finally, shares of Intrinsyc Software International (TSX: T.ICS) shot up 30% to 26 cents as the wireless software solutions provider said it has signed a software license agreement with a leading mobile phone and consumer device manufacturer to deliver its Destinator navigation software for use on a new series of personal navigation devices.
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Saturday, September 20, 2008
Roger Biduk writes:
Dramatic moves to rescue the U.S. financial sector sent the Toronto stock market soaring more than 800 points Friday in one of the biggest one-day advances in its history.
The S&P/TSX composite index charged ahead 848.42 points or seven per cent to 12,912.99, the largest one-day percentage gain since Oct. 21, 1987, when the markets gained nine per cent two days after an 11 per cent plunge.
The market was helped along by solid advances in bank and insurance stocks as investor confidence in the financial system returned following a plan to rescue U.S. financial companies from billions of dollars in bad debt.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
It was a huge turnaround from just two days ago when pessimism drove the TSX to its lowest level in two years, following the weekend bankruptcy of investment bank Lehman Brothers and the subsequent government rescue of insurance giant AIG.
The TSX actually ended the week with a gain of 142 points or one per cent from the close on Sept. 12 but the Toronto market is still down almost 15 per cent from its most recent high in mid-June.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
The TSX Venture Exchange improved by 71.34 points to 1,549.22 while the Canadian dollar was up 1.06 cents to 95.24 cents US.
In Toronto, the financial sector was up 5.14 per cent with TD Bank (TSX:TD) ahead $5.69 to $64.94 and Royal Bank(TSX:RY) jumping $3.44 to $51.43.
The TSX energy sector improved 8.14 per cent as the October crude contract on the New York Mercantile Exchange rose $6.67 to US$104.55 a barrel, after closing at barely US$91 on Tuesday,despite recent data showing demand for energy will likely remain weak as global economies slow down.
EnCana Corp. (TSX:ECA) gained $4.03 to $75.75 and Canadian Natural Resources advanced $9.31 to $87.31.
The base metals sector ran ahead 10.4 per cent with Teck Cominco Ltd. (TSX:TCK.B) gaining $2.62 to $38 and Inmet Mining Corp. (TSX:IMN) up $5.56 to $59.56.
Gold slumped Friday after big gains earlier in the week as investors sought a safe-haven from the turmoil on stock and bond markets. The near-month bullion contract was down $32.30 to US$864.70. But the TSX gold sector rose five per cent and Goldcorp Inc. (TSX:G) moved ahead $3.89 to $34.50.
Other big Toronto stocks contributing to the Friday rally included Research In Motion (TSX:RIM), ahead $13 or 13.47 per cent to $109.50, Bombardier Inc. (TSX:BBD.B) 52 cents to $6.62 and Potash Corp. (TSX:POT) up $15.98 or 9.5 per cent to $182.98.
On the TSX, advances beat declines 1,214 to 409 with 175 unchanged as 814.1 million shares traded worth $17.7 billion.
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Dramatic moves to rescue the U.S. financial sector sent the Toronto stock market soaring more than 800 points Friday in one of the biggest one-day advances in its history.
The S&P/TSX composite index charged ahead 848.42 points or seven per cent to 12,912.99, the largest one-day percentage gain since Oct. 21, 1987, when the markets gained nine per cent two days after an 11 per cent plunge.
The market was helped along by solid advances in bank and insurance stocks as investor confidence in the financial system returned following a plan to rescue U.S. financial companies from billions of dollars in bad debt.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
It was a huge turnaround from just two days ago when pessimism drove the TSX to its lowest level in two years, following the weekend bankruptcy of investment bank Lehman Brothers and the subsequent government rescue of insurance giant AIG.
The TSX actually ended the week with a gain of 142 points or one per cent from the close on Sept. 12 but the Toronto market is still down almost 15 per cent from its most recent high in mid-June.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
The TSX Venture Exchange improved by 71.34 points to 1,549.22 while the Canadian dollar was up 1.06 cents to 95.24 cents US.
In Toronto, the financial sector was up 5.14 per cent with TD Bank (TSX:TD) ahead $5.69 to $64.94 and Royal Bank(TSX:RY) jumping $3.44 to $51.43.
The TSX energy sector improved 8.14 per cent as the October crude contract on the New York Mercantile Exchange rose $6.67 to US$104.55 a barrel, after closing at barely US$91 on Tuesday,despite recent data showing demand for energy will likely remain weak as global economies slow down.
EnCana Corp. (TSX:ECA) gained $4.03 to $75.75 and Canadian Natural Resources advanced $9.31 to $87.31.
The base metals sector ran ahead 10.4 per cent with Teck Cominco Ltd. (TSX:TCK.B) gaining $2.62 to $38 and Inmet Mining Corp. (TSX:IMN) up $5.56 to $59.56.
Gold slumped Friday after big gains earlier in the week as investors sought a safe-haven from the turmoil on stock and bond markets. The near-month bullion contract was down $32.30 to US$864.70. But the TSX gold sector rose five per cent and Goldcorp Inc. (TSX:G) moved ahead $3.89 to $34.50.
Other big Toronto stocks contributing to the Friday rally included Research In Motion (TSX:RIM), ahead $13 or 13.47 per cent to $109.50, Bombardier Inc. (TSX:BBD.B) 52 cents to $6.62 and Potash Corp. (TSX:POT) up $15.98 or 9.5 per cent to $182.98.
On the TSX, advances beat declines 1,214 to 409 with 175 unchanged as 814.1 million shares traded worth $17.7 billion.
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
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