News

November 15, 2008

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent for a look at how the Canadian markets performed over the past week.

CC. It was another wild week on the Canadian markets, as Teck Cominco, Katanga Mining and Anvil Mining took centre stage on the big board, while on the junior bourse renewed selling pressure wiped out the gains made in the previous two weeks. Once all the trading was done for the week, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had fallen a robust 13 per cent, while the TSX Gold Index had dropped nearly one per cent.

It was earnings week for the uranium players. Leading the charge was Cameco. The world’s largest public traded uranium miner posted a third quarter profit of C$142 million or C$0.41 per share. This was significantly lower than the profits in the third quarter of 2007 when higher uranium prices boosted the bottom line. Cameco ended the week at C$17.35, down C$1.31.

Meanwhile, Uranium One posted a mind-numbing US$2.01 billion loss, or US$4.30 a share in the third quarter thanks to a US$2.8...