News

August 16, 2008

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent to see how the Canadian markets performed over the past week.

CC. The price of oil and gold continued to fall and that prompted yet another sell off of the resource-rich Canadian markets. Once all the trading was done, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had fallen 7.36 per cent, while the TSX Gold Index had dropped 6.18 per cent.

On the big board it was all about second quarter earnings, with the world’s largest uranium miner leading the downward charge after it tabled lower profits on lower sales volumes. Cameco recorded earnings of C$150 million or C$0.42 per share, down from the C$205 million or C$0.55 per share delivered in the same period of 2007. Revenue also fell sharply to C$620 million, down from C$725 million. More importantly, Cameco announced that further flooding at the proposed Cigar Lake mine in...