News

November 29, 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. Overall, it was a not bad finish to a terrible month. This November saw Canada’s major bourse drop some 10 per cent and Canada’s junior bourse drop around 15 per cent. That said, the gold guys were the strong performers over the past week on the Canadian markets, as investors focused on corporate balance sheets as a way of discerning where to put their money to work in equities. Once all the trading was done, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had risen by 8.8 per cent, while the TSX Gold Index had rallied an impressive 11.11 per cent.

This week, the Hudbay-Lundin takeover saga took on a new dimension after Jaguar Financial reported that it would offer Hudbay shareholders the cash value of Hudbay, less a one per cent fee, but plus the cash generated from the sale of the remaining assets inside Hudbay. Cash value is currently C$5.40 per share. But, undeterred, HudBay Minerals and Lundin Mining are moving forward with their friendly deal under which Lundin shareholders get 0.3919 of a Hudbay share for each Lundin share held....