In equities, worries regarding the continued spread of the coronavirus continue to wreak havoc on the market, with travel and hospitality services being hit the hardest including Norwegian Cruise Line and American Airlines, the worst performers on the S&P 500 this week.
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Feb 21 Big News: Bill Gates-Led Fund Backs Lake’s Technology Partner Lilac, American Manganese Announces up to 99.72 Percent Purity from Recycling Test Results on Electric Vehicle Battery Materials from U.S. Department of Energy Critical Materials Institute Project, IsoEnergy Intersects 7.1 Percent U3O8 Over 5.5m, Including 24.0 Percent U3O8 Over 1.5m in First Drill Hole at Hurricane
The TSX Composite Index fell 67.52 points from its all-time high on Thursday to open Friday’s trading session at 17,876.53. Continued worries regarding the coronavirus have dragged down energy stocks, bringing crude oil prices down as energy companies feel the pressure. Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) reported a 75 percent fall in its fourth-quarter adjusted profit on Thursday, warning investors the coronavirus outbreak could continue to dampen returns with shares falling 10.2 percent to $15.34 on Friday.
The TSX Venture Exchange inched forward early Friday morning, gaining 2.32 points to hit 583.50. Eight of the 12 Toronto sub-groups were down to start the day, with energy leading the retreat down 2 percent. Information technology and consumer discretionary stocks were also down on Friday, while gold, materials and real estate all experienced modest single-digit gains to open the week’s final day of trading.
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Feb 14 Big News Roundup: Metallurgical Test Work Confirms Premium High Grade 65.8 Percent Iron Ore Concentrate with 0.67 Percent V205 at the Mont Sorcier Iron Ore and Vanadium Project, IsoEnergy Intersects Strongest Uranium Mineralization to Date at the Hurricane Zone
US stock index futures were up on Friday morning after a solid week of gains that saw a number of positive earnings reports. Tech giant Ndivia saw shares rise more than 6 percent in the pre-market on Friday as the company’s quarterly results soared past expectations. Tech companies including Expedia and Roku also saw sharp gains on Friday, jumping 11.8 percent and 7.8 percent respectively. While concerns regarding the coronavirus have tempered gains, the S&P 500 and the Dow Jones are each up more than 1 percent for the week after Thursday’s trading session.
In Canada, poor sales in the cannabis sector have caused continual cutbacks. Cannabis giants Canopy Growth Corporation (TSX:WEED,NYSE:CGC) announced this week it would be working to reduce costs as it adjusts to projected losses in the quarter. Licensed producers Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) similarly announced a 15 percent cutback this week on the heels of underwhelming sales numbers. The TSX Venture exchange jumped up 2.01 points to 573.01 early Friday morning.
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Feb 7 Big News Roundup: White Gold Corp. Intercepts Significant Gold Values on Multiple New Drill Targets Across the White Gold Property, Plateau Energy Metals Announces Positive PEA for Falchani Lithium Project, IsoEnergy Intersects Strong Radioactivity at the Hurricane Uranium Zone
The TSX Composite dropped 42.37 points to open Friday’s session, pulling back from previous record highs. The descent on Friday followed a pair of unfortunate developments for Canadian cannabis provider Aurora Cannabis (NYSE:ACB,TSX:ACB), which announced it would be cutting 500 employees on Thursday. Chief Executive Officer Terry Booth has also announced he will step down. Four different analysts downgraded Aurora’s stock this week on the heels of the announcement. The company is expected to record as much as C$1 billion in goodwill writedowns and impairment charges in its fiscal second quarter.
The TSX Venture Exchange fell 0.9 points to open Friday at 577.10, with eight of the 12 TSX subgroups in the red. Utilities (up 0.5 percent), real-estate (up 0.4 percent) and gold (up 0.3 percent) lead the way with minimal gains. In the United States, stocks fell as worries regarding the coronavirus continued to dampen the market. The S&P 500 dropped 10.4 points to open Friday’s session at 3,335.38.
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Jan 31 Resource Big News Roundup: Thunderstruck Drills 13.8 Percent Zinc, 2.94 Percent Copper over 11 Metres at its Korokayiu Copper-Zinc VMS Prospect, QMX Intersects Strong Initial Results from the River Target; 39.8 g/t Gold Over 2.0 Metres and 17.71 g/t Gold Over 4.0 Metres
Concerns regarding the potential for global economic damage due to the coronavirus caused energy shares and equities to tumble early Friday morning. The TSX Composite Index fell 99.15 points to open the final session of the month at 17,391.41. According to market analysts, the economic damage of the coronavirus has the potential to be massive on a global scale, resulting in tentative speculation across the board. “The virus outbreak represents this unknown that, frankly, markets aren’t very good at handicapping,” David Lafferty, chief market strategist at Natixis Investment Managers in Boston, told Bloomberg. “It’s almost like an open-ended risk.” The World Health Organization (WHO) upgraded the coronavirus to a global health emergency on Thursday, underscoring the serious nature of the outbreak. The designation is designed to enable the United Nations health agency to activate financial and political support for countries fighting the outbreak.
The TSX Venture jumped up 2.14 points to open at 577.30 on Friday morning, with eight of the 12 TSX subgroups falling slightly. Gold majors including Detour Gold and Kirkland Lake Gold bucked the trend this week, gaining 4.7 percent and 4.3 percent respectively.
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Jan 24 Resource Big News Roundup: Blackstone Intersects 60m @ 1.3% Nickel from 32m in King Cobra Discovery Drill Hole, Steppe Gold Announces Landmark Investment by Mongolian National Investment Fund, Azarga Uranium Files Robust PEA for Dewey Burdock Project
Canadian stocks hovered just short of all-time highs to close the week on Friday as concerns regarding the emerging coronavirus outbreak in China softened. After initial reports of quarantines and travel restrictions in China, the first US case of the disease was discovered in Washington state. According to ING senior rates strategist Antoine Bouvet, these critical public safety improvements can lead to strong reactions in the market. “Drastic steps, such as city-wide quarantine measures, can be a double-edged sword when it comes to market impact,” he wrote in a morning note via Bloomberg. “On the one hand they signal the authorities are taking the problem seriously and help containment, on the other hand, they help paint a dramatic picture to investors unfamiliar with dealing with this sort of risk.”
The TSX Composite Index opened Friday up 5.14 points at 17,626.92. On the TSX Venture Exchange, seven of the 12 Toronto subgroups made gains, with information technology leading the way, jumping 0.6 percent. The TSX Venture Exchange gained 0.77 points to hit 583.15 as of Friday morning.
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Jan 17 Resource Big News Roundup: Pistol Bay Acquires Land Package in the Greenstone Belt in Quebec, First Cobalt Reports 49 Percent Upgrade in Cobalt Resource from Inferred to Indicated at Idaho Project, Silver Viper Drills Multiple High-Grade Gold and Silver Intercepts in the New El Rubi Discovery Zone of the La Virginia Project
North America’s markets continued strong performances this week based on positive economic figures and increased optimism regarding trade talks between China and the United States. The two economic powers signed Phase 1 of a trade deal on Wednesday, signaling the potential end to a lengthy dispute between the two nations. “It takes a little uncertainty off the table even though there’s still a lot of work left to be done there,” Scott Guitard, vice-president and portfolio manager at Fiduciary Trust Canada told BNN Bloomberg. “But it shows that it wasn’t fully priced in. Maybe the market still had a bit of a risk priced in that something wouldn’t happen in the near-term, but also I think it shows that investors are looking for positives in the market.”
These positive developments on the international stage helped drive the TSX Composite Index up 38.45 points to open Friday at 17,484.77. In Canadian market news, eight of the 12 TSX subgroups opened in positive territory on Friday with real-estate leading the way up 0.4 percent. The TSX Venture Exchange rose 2.05 points to hit 585.16 Friday morning.
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Jan 10 Resource Big News Roundup: Granada Gold Mine Intersects 11.45 g/t Gold Over 33 Meters, Supports Continuity of High-Grade Structures, Battery Grade Lithium Carbonate with 99.9 Percent Purity Produced from Kachi, Puma Samples 1.87 Percent Cu and 1.06 g/t Au in the East Zone of Chester Property
Canada’s main stock exchange saw record highs this week as political tensions drove stocks upwards. The S&P/TSX Composite Index opened Friday just short of the week’s highs, pulling back 28.14 points to 17,207.43 after a week driven by conflict on the international stage. The TSX Venture Composite Index bounced back by 1.05 points on Friday to open at 578.72 with each of the 12 Toronto subgroups divided evenly.
In the cannabis industry, this week a number of experts cautioned investors against Aurora Cannabis (NYSE:ACB, TSX:ACB), a Canadian licensed producer with a $360 million loan due in August 2021. According to Bank Of America analyst Christopher Carey, the company’s financial commitments remain a significant concern for shareholders. “With balance sheet risks to remain a core investment thesis in 2020 in our view, and lingering uncertainty especially on financial covenants, we struggle to envision a scenario where shares have sustainable support.”
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December 20th Big News Roundup: Nevada Copper Commences Production at Pumpkin Hollow, Aurex Energy Corp. Signs Natural Gas Agreement, Great Bear Drills New “Gap” Zone: 16.80 g/t Gold Over 4.15 m and 1.25 g/t Gold Over 45.50 m
The markets remained positive to close the week following the impeachment of US President Donald Trump on Thursday. While the third impeachment of a sitting US President itself is massive news, the investor focus appears to be on the looming end to the trade war between the United States and China. “It appears to be having zero effect,” Michael Currie, vice president and investment adviser at TD Wealth told BNN Bloomberg. “You would have expected maybe a little uncertainty, a little confusion, a little up and down, but just business as usual. It’s like it didn’t even happen.” Both investors and political analysts appear convinced that Donald Trump’s impeachment will not ultimately result in his removal from office.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) continued to rise this week on the heels of trade talk optimism, closing Thursday’s session at 17,064.00, 64 points short of a record high.
On Bay Street, the TSX Venture Exchange dropped 0.06 points to 544.58 on Friday. The relatively quiet week was driven by 12 subsectors that saw small rises over the week including technology (up 0.7 percent), financial (up 0.5 percent), and consumer staples (up 0.4 percent).
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Dec 13th Big News Roundup: Nevada Copper Commences Production at Pumpkin Hollow, Aurex Energy Corp. Signs Natural Gas Agreement, Great Bear Drills New “Gap” Zone: 16.80 g/t Gold Over 4.15 m and 1.25 g/t Gold Over 45.50 m
The markets remained positive to close the week following the impeachment of US President Donald Trump on Thursday. While the third impeachment of a sitting US President itself is massive news, the investor focus appears to be on the looming end to the trade war between the United States and China. “It appears to be having zero effect,” Michael Currie, vice president and investment adviser at TD Wealth told BNN Bloomberg. “You would have expected maybe a little uncertainty, a little confusion, a little up and down, but just business as usual. It’s like it didn’t even happen.” Both investors and political analysts appear convinced that Donald Trump’s impeachment will not ultimately result in his removal from office.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) continued to rise this week on the heels of trade talk optimism, closing Thursday’s session at 17,064.00, 64 points short of a record high.
On Bay Street, the TSX Venture Exchange dropped 0.06 points to 544.58 on Friday. The relatively quiet week was driven by 12 subsectors that saw small rises over the week including technology (up 0.7 percent), financial (up 0.5 percent), and consumer staples (up 0.4 percent).
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Dec 6 Big News Roundup: Azarga Reports Robust PEA Results for Dewey Burdock; Steppe Gold’s ATO Mine Fully Permitted and Commencing Production; Canada Cobalt PolyMet Acquisition Moves Forward
US stocks dropped this week on Tuesday after US President Donald Trump said that he was in no hurry to make a trade deal with China, according to Reuters. Insiders have stated that the “two countries have made progress in their talks but are still wrangling over whether the existing US tariffs will be removed or not.” On Friday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) rocketed upward on gains in the energy sector with Trump improving investing sentiments by assuring investors that talks with Beijing were “moving right along.”
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it was on the rise this week. On Friday, the index fell 2.6 points to 537.10 but received a significant boost later in the day after the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend output cuts by 500,000 barrels per day in early 2020. The resulting cuts led to a three percent boost in the energy sector. Real estate, gold and communications were also up for the day.
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This article is updated each week. Please scroll up for the most recent information.
November 29 Big News Roundup: Flower One Partners with Kiva Confections, Leading California Edible Producer, High Tide Selected to Manage Cannabis Retail Store in West Edmonton Mall, Heritage Announces Health Canada Approval for Additional Extraction Rooms at Fort Erie
U.S. Stock index futures closed strongly this week during a shortened trading session, finalizing an impressive month for the stock market. On Wall Street, the S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 5.62 points to 3,148.01. Despite the slight dip on Friday, the S&P500 remains up more than six percent since June. November is on pace to be the best month for the S&P500 since June’s major gains. Analysts remain focused on Black Friday sales across the United States as retail giants compete for sales on the busiest shopping day of the year in the country. Major retailers like Best Buy, Walmart and Macy’s are expected to lead the way this year.
In Canada, the recent release of the country’s gross domestic product data sent the market trading down slightly with the S&P/TSX Venture Composite Index (INDEXTSI:JX) opening Friday at 532.80. Seven of the Toronto subgroups gained ground this week, including consumer staples which rose 0.4 percent while communications and consumer discretionaries each rose 0.3 percent.
The price of gold rose slightly this week, gaining two dollars to hit US$1,462.80 per ounce.
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Nov 22 Big News Roundup: A.I.S. Resources Arranges Supply of 30,000 Tonnes a Month of Manganese Ore, ALX Uranium Corp. Receives Additional Results up to 3.17 Percent Nickel at Falcon Nickel Project, Golden Ridge Drills 291 Meters of 0.66 g/t AuEq in the Ball Creek Main Zone
Tensions surrounding trade talks between the United States and China kept stocks trading within a tight 1 percent range of a record high this week on the S&P/TSX Composite Index (INDEXTSI:OSPTX). There is a gentle optimism over reports Chinese Vice Premier Liu He has invited Robert Lighthizer to Beijing for talks later this month according to sources close to the matter. The United States is also expected to postpone new tariffs that were previously scheduled for December if no deal can be reached by then.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) remained steady on Friday morning as continued losses in the cannabis sector worked against the generally positive sentiment generated by trade talks between China and the United States. HEXO (NYSE:HEXO,TSX:HEXO) was one of the most noteworthy stocks in the red this week after the company came forward with the revelation that it had been illegally growing cannabis in an unlicensed section of its production facilities in Niagara, Ontario. HEXO came to own the facility through its C$263 acquisition of Newstrike Brands.
Gold prices remained steady to close the wee, opening on Friday at US$1,464.90 per ounce.
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Nov 15 Big News Roundup: Puma Adds Claims at Chester VMS Deposit, American Manganese Reports 99.98 Percent Purity from Recycled Battery Material, Silver Spruce Verifies High-Grade Polymetallic Results
The S&P/TSX Composite Index (INDEXTSI:OSPTX) hit a new all-time high on Friday, reflecting positive movement on Wall Street as trade optimism regarding the ongoing talks between China and the United States carried the market. According to Reuters, White House economic advisor Larry Kudlow said on Thursday that the two major world powers were close to an agreement based on positive trade talks during the week. “We are definitely headed in the right direction with regard to trade,” said Keith Buchanan, portfolio manager at GlobAlt in Atlanta. “Although there was some skittishness … the equity market hasn’t shown much of a pull back and we are still making those highs.”
The S&P/TSX Venture Composite Index (INDEXTSI:JX) dropped 0.53 points to open Friday at 526.62, with all but three Toronto subgroups in positive territory. Most notably, energy jumped 1.1 percent while consumer staples moved forward 0.4 percent and information technology gained 0.1 percent. The Canadian cannabis sector took a significant hit on Thursday after major licensed producer Canopy Growth (NYSE:CGC,TSX:WEED) announced C$374.6 million in losses, causing the company’s stock to hit an intra-day low of $20.15 on the TSX. According to interim CEO Mark Zekulin, it is “increasingly unlikely,’ that the company hits its fourth-quarter revenue projections ending in March.
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Nov 8 Big News Roundup: Newrange Gold Sells Yarumalito Project in Colombia; Surge Acquires Additional Claims Near the Caledonia Project; Deep-South Resources Achieves 90 Percent Cu Recovery in Column Bioleach Amenability Tests
Stocks were on the rise Thursday only to come to a halt as US-China trade woes sparked caution in the hearts of investors. According to a Reuters article, a meeting between US President Donald Trump and Chinese President Xi Jinping to sign the long-awaited trade deal could be delayed until December as deal terms and venues are discussed. Those concerns were laid to rest the next day when China announced that it had agreed with the US to remove existing tariffs in stages as part of a working deal.
Building on the momentum from earlier in the week, the S&P/TSX Composite Index (INDEXTSI:OSPTX) extended its gains to its sixth straight session on Friday. A rally in the technology and healthcare sectors led the upswing, but a lower oil price, weak Canadian jobs and an update to housing permits data eventually slowed gains. According to Statistics Canada, the economy lost 1,800 jobs in October, surprising economists who were calling for an increase of 38,000 jobs last month.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it steadily fell for most of the week. On Friday, half of the 12 Toronto subgroups were up on the day. Leading the way for gains was information technology, which was up by 1.2 percent, followed by healthcare and industrials, gaining one percent and 0.5 percent, respectively. Gold and materials were dragging the index down, each losing 0.6 percent, followed by energy stocks which were lagging by 0.5 percent.
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Nov 1 Big News Roundup: Silver Spruce Signs MOU with China University of Mining and Technology; Definitive Agreement Signed For VanadiumCorp’s Iron-T Vanadium Project; Mineralized Breccia Grading 1.03% Co and 0.36 g/t Au Discovered at Puma’s Portage Lake
The S&P/TSX Composite Index (INDEXTSI:OSPTX) remained mostly flat this week. The index did gain traction late in the day on Thursday following the announcement that the US Federal Reserve will cut interest rates for the third time this year. Stocks slid in the US yesterday as Chinese officials doubted whether a trade deal would be signed. According to Bloomberg, Chinese officials have reportedly suggested that they are unwilling to make concessions on some of the significant economic reforms the Trump administration has called for. Gains from yesterday spilled over to Friday as energy stocks pushed the TSX to a one-month high. Sentiment around global growth is also up on the back of upbeat US job numbers and robust manufacturing data out of China.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it slid on Monday and remained flat for the rest of the week. On Friday, 10 out of the 12 Toronto subgroups were up within the first hour. Energy led the charge with a 1.9 percent gain, followed by information technology up 1.4 percent and industrials up 0.9 percent. Gold and materials dragged the index down, losing 0.6 percent and 0.2 percent, respectively.
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Oct 25 Big News Roundup: Major US Multinational EV Maker Tests Graphite One Material; ALX Uranium Acquires Draco VMS Project in Norway; GoldSpot and Vale to Use Artificial Intelligence at Coleman Mine
Following Canada’s Federal election on Monday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) rose slightly before falling for the next two days. The index received a small lift on Thursday as investors moved from utilities and real estate to more cyclical sectors of the market like technology, consumer discretionary and industrials. On Friday, the index was treading water as losses in technology and energy outweighed gold price gains in the precious metals sector.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it stayed relatively flat for most of the week. On Friday, seven of the 12 Toronto subgroups were down in the first hour. The index was dragged down by the information technology sector, which was down 0.9 percent and industrials and energy both lost 0.5 percent. Gold and materials led the way for the gainers, each up 1.8 percent, followed by healthcare, which is up 1.2 percent.
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Oct 18 Big News Roundup: MustGrow Finalizes ‘Liquid Formulation’ Mustard-Derived Bio-Pesticide; IsoEnergy Acquires Collins Bay Extension Uranium Property; EnviroLeach and Golden Predator Announce Cyanide-Free Bulk Testing Agreement
Stocks rose on Tuesday as corporations started to announce their third-quarter results. Investors also continued to look for signs that Trump’s phase one trade deal with China would materialize. The market had another boost on Thursday as Canada celebrated its first anniversary of cannabis legalization as well as welcomed new cannabis products to the market. On Friday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) rose slightly. The index was bumped higher by energy stocks, but China’s slowest growth in nearly three decades renewed concerns about global growth, capping any gains.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it spiked on Tuesday and Thursday for the same reasons that the TSX index did. On Friday, Seven of the 12 Toronto subgroups experienced losses midday. Leading the way in losses were consumer discretionary and healthcare stocks, which each tumbled 2.3 percent, and information technology stocks were down by 1.1 percent. The five gainers were led by industrials and financials, each up 0.4 percent, followed by communications which gained 0.2 percent.
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Oct 11 Big News Roundup: First Cobalt Restores Power at the Refinery; Canada Cobalt Signs Binding LOI to Acquire Strategic Assets; Aurex Energy Signs LOI For Natural Gas Joint Venture
All of the indices fell by more than one percent on Tuesday this week as investors continued to monitor the trade tensions between the US and China. Stocks immediately fell on Tuesday after the Trump administration placed bans on numerous Chinese government officials and companies that are tied to alleged human rights abuses. Despite a rocky start to the week, the S&P/TSX Composite Index (INDEXTSI:OSPTX) steadily rose for the remainder of the week. The Dow Jones industrial average and the S&P500 both rose 1.6 percent on Thursday thanks to rumors regarding a possible end to the US-China trade war, and reports of an Iranian tanker attack lifted oil prices.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it steadily declined all week. Seven of the 12 Toronto subgroups were lower with gold leading the way in losses at 2.3 percent, followed by materials slipping one percent and utilities dipping 0.9 percent. Leading the way in gains is energy up 1.4 percent, healthcare rising 0.7 percent and financials edging up at 0.6 percent.
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Oct 4 Big News Roundup: IsoEnergy Intersects 1.6 Percent U3O8 over 10.5m, Including 12.6 Percent U3O8 over 1.0m; Noble Mineral Creates Canada Nickel Company; Nexus Gold Enters LOI for Potential Sale of Interest in Gold Project in Burkina Faso
The S&P/TSX Composite Index (INDEXTSI:OSPTX) steadily fell this week after US economic reports showed that the country had the weakest manufacturing data in more than a decade. The contraction in the manufacturing sector suggests there will be weak non-farm employment numbers and weaker GDP numbers, according to CIBC Asset Manager Patrick Bernes. The news reawakened global recession fears for investors throughout the week. The index rallied on Friday after US data showed that there was moderate growth in September.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it fell in the first half of the week and rose for the second half. Nine of the 12 Toronto subgroups were up on Friday. Information technology stocks took the lead with a 0.8 percent gain followed by healthcare up 0.7 percent and consumer discretionary rose 0.4 percent. Dragging the index down was consumer staples by 0.3 percent, energy down 0.2 percent and financial slipping 0.1 percent.
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Sept 27 Big News Roundup: Medallion Completes Proprietary Rare-Earth Flow Sheet; Fidelity Minerals Strengthens Project Portfolio; Lake Targets 2020 Pre-production at Kachi
On Tuesday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was on the rise in response to overnight tariff news out of China. However, news surfaced that the Democrats may take steps towards the impeachment of US President Donald Trump. The potential impeachment did not have a significant effect on the price of gold, which remained steady throughout the day. Gold prices were not able to hold their favorable position throughout the week, contributing to a sharp fall for the index on Friday. A drop in oil prices also contributed to the downturn of the index.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it fell throughout the week. All but two of the 12 Toronto subgroups plunged into the red this morning. Gold experienced a 2.4 percent loss while healthcare took a 2.3 percent drop and materials shed 1.6 percent. The two gainers this morning were consumer discretionary stocks, which edged up 0.2 percent, and financial stocks, which just cleared breaking even at 0.01 percent.
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Sept 20 Big News Roundup: Pistol Bay Acquires Additional Gold Exploration Claims in Red Lake; OG DNA Genetics and Generic Gold Announce Definitive Agreement; Livent to Contribute up to US$5.5M to Advance E3 Metals’ Direct Lithium Extraction Process
Drones launched by Yemen’s Houthi rebels attacked the world’s largest oil processing facility in Saudi Arabia and an additional oilfield on Saturday, putting the global energy supply at risk. Energy stocks have subsequently been bumping the S&P/TSX Composite Index (INDEXTSI:OSPTX) up to record highs this week in the aftermath of the attacks. Tensions in the Middle East also helped push gold prices higher, and palladium hit a record peak due to short supply. The index got another boost when the US Federal Reserve announced their second interest rate cut for the year.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it was on a downward trend for most of the week. The index received a quick bump on Wednesday when the interest rates cuts in the US were announced. The index is set to finish the week on the rise. All of the 12 Toronto subgroups were up this morning except one, healthcare shares dropped 0.9 percent lower today. Leading the way for the gainers is gold at a one percent gain, followed by information and consumer discretionary stocks, which are both up by 0.9 percent.
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Sept 13 Big News Roundup: Puma Closes Targets Minerals Transaction; Surge Acquires Additional Gold-Copper Mineral Claims in the Golden Triangle; Bullfrog Gold Lists on the Canadian Securities Exchange
The S&P/TSX Composite Index (INDEXTSI:OSPTX) hit a record high this morning due to a rise in gold prices and energy shares. The world is also viewing the US-China trade with a positive light this morning. China’s State Council has stated that it will exclude some agricultural products from additional tariffs on US goods. This is one of many conciliatory measures taken this week between the two countries as they prepare for mid-level talks, which could take place as early as next week.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it started strong this morning. Nine of the 12 Toronto subgroups were up this morning with healthcare gaining 1.4 percent and energy and materials shares rising 1.1 percent each. Of the three laggards, technology lost 0.9 percent, communications were down 0.4 percent and utilities dropped 0.2 percent.
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Sept 6 Big News Roundup: Pistol Bay Options Out Fredart-Gerry Lake Properties; Surge Acquires Additional Gold-Copper Mineral Claim in the Golden Triangle; Orsu Metals Expands the Footprint of Its Sergeevskoe Gold Project
On Wednesday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) rebounded after Hong Kong leader Carrie Lam announced the withdrawal of the extradition bill. This news was bolstered by the US Federal Reserve’s Beige Book, which suggested that the US economy should grow at a modest pace despite the US-China trade war uncertainties. The index received another bump up the following day as trade talks continue between the US and China. On Friday, oil stocks dragged the index down 1.2 percent as uncertainty over renewed US-China trade talks, which are expected to resume in October.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it dropped sharply this morning but is expected to finish on the rise. Eight of the 12 Toronto subgroups went south in the first hour with energy stocks experiencing a 1.5 percent loss. Industrials were down 0.6 percent and information technology dipped by 0.4 percent. The three gainers today were health-care at two percent, consumer staples at 0.3 percent and financials 0.04 percent. Communication shares remained unchanged.
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Aug 30 Big News Roundup: Glencore and First Cobalt Sign Definitive Agreement; Golden Predator Submits Mining Restart Notice For Brewery Creek; Puma Creates a New Active Player for Precious Metals in New Brunswick
After last week’s trade drama, US President Donald Trump stated that he was interested in resolving the trade war through continued talks with China. Chinese Vice Premier Liu He echoed these sentiments, putting recession fears to rest for the moment. Following these announcements, the S&P/TSX Composite Index (INDEXTSI:OSPTX) has been on the rise due to robust economic data. On the economic front, Statistics Canada announced that Canada’s economy grew by 3.7 percent in the second quarter, which is higher than expected.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it is also on the rise today. Seven of the 12 Toronto subgroups reached new highs with health-care stocks leading the pack with a 0.6 percent gain; industrials were up 0.5 percent and consumer discretionary gained 0.4 percent. Gold was hit the heaviest, down by 0.6 percent, followed by energy and consumer staples, down 0.5 percent and 0.3 percent, respectively.
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Aug 23 Big News Roundup: Medallion Completes Final Testwork Program Responds to US Department of Defense Request; Jade Leader Discovers New Jade Zone at DJ
This week all eyes were again focused on the trade dispute between China and the US. On Friday morning, China slapped tariffs on a variety of American goods worth a total of $75 billion, raising fears of a US recession. President Donald Trump has promised to respond to the latest tariffs this afternoon. The news, of course, affected the S&P/TSX Composite Index (INDEXTSI:OSPTX), which fell 0.2 percent today. The dip in the index can be attributed to a fall in oil prices and energy shares as the tariffs applied to crude oil prices in the US.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it edged higher this week to rest at 579.61 points. The 12 Toronto subgroups were evenly divided this morning, but gold gained 1.2 percent while the materials and information technology sectors each climbed 0.6 percent. Following news of the tariffs, energy stocks experienced the heaviest losses at 1.7 percent.
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Aug 16 Big News Roundup: Angkor Receives Approval for Cambodian Oil and Gas Concession; Progressive Planet Receives Largest Order for Rock Dust; Giyani Announces Positive PEA for its K.Hill Manganese Project in Botswana
On Wednesday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) plunged as fears of a global recession rise on the backs of disappointing economic data in China, German economy contraction and in June, Europe’s factory production fell the most in three years. Adding to the angst, yields for two-year and 10-year bonds inverted for the first time since the Great Recession. On Friday, the index rose as central banks across the globe make plans for added stimulus, easing concerns of an economic slowdown. Technology stocks also did their best to offset the loss for the week.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it fell for most of the week but recovered 1.91 points to 570.69 on Friday. All but two of 12 Toronto subgroups gained ground, with health-care sprouting two percent, financials up 0.8 percent and energy up 0.7 percent. The two groups that were down are gold and materials.
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Aug 9 Big News Roundup: PLAN Signs Sustainable Cannabis Waste Collection Contract; VVC Board of Directors Approves the Gloria Pilot Mine at its Northern Mexico Copper Property; Searchlight Options Flin Flon North Claims
After a turbulent week, the S&P/TSX Composite index (INDEXTSI:OSPTX) opened lower as material shares weighed down the market on Friday, but gains in the energy sector offset the losses. Recent employment data in Canada also made an impact on Friday based as the country shed 24,200 jobs in July due to losses in the wholesale and retail trade. This came as a surprise to economists as they were predicting that 15,000 jobs were going to be added to the market. At the beginning of the week, the index experienced substantial losses on Monday and Tuesday due to global trade woes and losses in the energy sector. The index rose on Wednesday as the Canadian dollar regained ground after it briefly dipped below US$0.75. It also outperformed its US counterpoints as the price of gold surpassed US$1,500 for the first time in six years.
As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), the index fell 0.23 points to 596.10 on Friday. Eight of the 12 subgroups stumbled this morning as consumer discretionary stocks lost 1.2 percent, materials were down one percent and healthcare stocks dropped 0.8 percent. Of the four gainers, energy was up by 0.7 percent, and the real estate and communications subgroups were up 0.1 percent each.
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Aug 2 Big News Roundup: Pistol Bay Acquires Gold Exploration Claims in Red Lake; E3 Metals Builds First Lab Scale Lithium Extraction Flow System; Western Copper and Gold Acquires Canadian Creek Property
The US stock market took a $25 billion a minute hit on Wednesday when Federal Reserve Chair Jerome Powell announced the bank’s interest rate cuts, despite his explanation as to why the cuts are not the start of a lengthy easing cycle. The S&P/TSX Composite index (INDEXTSI:OSPTX) took a hit as well from the news. On Friday, the index took a second hit following a sharp escalation in the US-China trade war, but oil prices lifted energy stocks, keeping the losses in check. As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), the index climbed 0.97 points to open the market today at 592.30 points. All but three of the 12 subgroups were down to begin the session.
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Jul 26 Big News Roundup: MGX Renewables Commences Trading; American Manganese Achieves Improved Pilot Plant Results of 99.93% Purity; Searchlight Resources Options Flin Flon North Claims
The S&P/TSX Composite index (INDEXTSI:OSPTX) got a boost on Tuesday as world stocks gained on the expectation of further central bank easing. The gain was short-lived as US and Canadian stocks opened lower on Thursday as earnings on both sides of the border provided a mixed growth picture. The European Central Bank also signaled that more stimulus could be coming in the coming months. On Friday, the index gained due to a rise in the energy sector as oil companies aspire to reach an agreement with the Alberta government to boost production. As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it fell towards the beginning of the week but looks like it’ll finish the week on the rise. All but one of the 12 subgroups moved into the greenthis morning as gold fell by 0.3 percent.
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Jul 19 Big News Roundup: Jade Leader Acquires 100 Percent Interest in Lode Property; Pancon Expands Its Jefferson Gold Project to Surround the Former Brewer Gold Mine; First Cobalt and Glencore Conclude Term Sheet for Refinery Restart
On Thursday, the New York Federal Reserve President John Williams stated that policymakers need to add stimulus early on and cannot wait for economic disaster to hit. The announcement led the S&P/TSX Composite index (INDEXTSI:OSPTX) to rise on Friday. The index was also buoyed by a rise in crude oil prices as tensions spiked in the Middle East. The US claims they destroyed an Iranian drone in the Strait of Hormuz, pushing the energy sector higher. On the downside, Statistics Canada reported that the value of the Canadian retail trade unexpectedly dipped by 0.1 percent in May, the first decline in four months. As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it’s been on the rise all week.
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Jul 12 Big News Roundup: Progressive Planet Divests of Lithium IP; Golden Ridge Options 52,442-Hectare Ball Creek Project; Manganese X to Acquire Lac Aux Bouleaux Graphite Property
The US Federal Reserve Chair Jerome Powell made comments on Wednesday and Thursday about cutting interest rates in the bank’s meeting later this month, but he would not commit to when or how much they could move, which could lead to volatility in the markets. In Canada, the S&P/TSX Composite index (INDEXTSI:OSPTX) was higher on Wednesday due to strength in the energy sector as the price of oil rose. The Canadian central bank also stated that it would not be raising or lower interest rates, which helped strengthen the Canadian dollar. However, by Friday, the index broke even as gains in the materials sector offset the declines in the healthcare sector. As for the S&P/TSX Venture Composite Index (INDEXTSI:JX), it opened at 580.99 points on Friday and has steadily dropped since the market opened.
In case you missed it, here is this week’s big news roundup in the resource market:
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