In case you missed it, here is this week’s resource investing big news roundup.
The economic fallout of the coronavirus continued to dominate headlines this week, with stocks fading amid fears over the spread of the virus including conferences and public events taking measures to reduce the risks. While the full economic fallout of the virus remains to be fully understood, a growing number of analysts are warning that a correction could be next. “A recession is imminent, and it’s OK,” said Hercules Investment CEO James McDonald on Yahoo Finance’s The First Trade. “A 30% correction sounds scary right, but the Dow, S&P 500 and the Nasdaq rallied to nearly 30% in just one year last year. If you look at a 35% to 45% trim from here, it sounds bad but it just takes us back first quarter 2016. Understand that the numbers are relative, it is a good time to anticipate a major pullback and then get back in the market.”
The TSX Composite Index dropped by 2.3 percent to open Friday’s session, opening the day at 16,171.50. All 12 TSX subgroups struggled to open Friday’s session, with information technology down 3.3 percent, healthcare down 3 percent and communications down 2.7 percent. In Toronto, the TSX Venture Exchange dropped 1 percent to hit 515.85 on Friday.
In case you missed it, here is this week’s big news roundup:
- Canadian Palladium Resources Releases Results from First Diamond Drill Hole at East Bull
- GoldSpot Initiates Strategic Partnership to Bring its Technology to Australian Markets
- Amex Intersects 9.73 G/T AU Over 9.90 M in Deepest Hole to Date at Eastern Gold Zone
- Triumph Gold Announces Results From Rock Sampling And Trenching Along The Irene-Goldstar Epithermal Gold-Silver Corridor, With Samples Grading Up To 93.8 g/t Au And 1108 g/t Ag
- ALX Resources Corp. Announces Start of Drilling at the Falcon Nickel Project
- Imperial Mining Reports Encouraging Results for Scandium Recoveries from the Crater Lake Project, Northern Quebec
- Yukon Government and Ross River Dena Council First Nation Reach Agreement in Principle on $71 Million in Upgrades to Macmillan Pass Project Area Roads
- Noble Agrees to Additional Property Transactions with Canada Nickel Company Inc.
- Castle East Gold Zone Southwest of High-Grade Silver Discovery Broadens After Big Step-Out
- Lithium Chile Announces the Acquisition of Prospective Gold Properties