Today on Stockhouse
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Sy Harding reveals why he is bullish on the outlook for gold
Peter Krauth says oil sands strategy reveals flaws in U.S. energy policy
Gene Arensberg looks at why Rye Patch Gold insiders are such active buyers
Top Bullboards post: With New Dimension Resources (TSX V.NDR, Stock Forum) shares unchanged, Bullboards discussed the company’s exploration strategy. 57161400 says he likes the way the company is doing old fashioned groundwork in a bid to establish high priority drill targets. “One simply does not contract a drill prior to doing this work and start randomly punching holes.”
Top Bullboard: Spider Resources Inc. (TSX V.SPQ, Stock Forum) was the top bullboard of the day when its shares rose 4.3%. The company has retained an adviser to help arrange its May 19th annual meeting.
Top blog: Ghost 11 says many coal and copper plays are starting to look attractive, in his Ghost Trader2 blog.
For news about small stocks that made big moves in Monday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
“The top groups continue to be the most cyclical and tied to the economic recovery," said Paul Nolte, managing director at Dearborn Partners, during an interview with MarketWatch. Industrial stocks have led the market recovery from the beginning, while "safer" groups like utilities have been weak, Nolte added.
Archer-Daniels-Midland Co.Duke Energy Corp.Marathon Oil Corp.Pfizer Inc.Cameco Corp.HudBay MineralsKinross GoldSuncor EnergyYamana GoldToday In The Markets
TSX edges up despite lower mining shares; New York markets higher
DJIATSX VentureToronto & New York (the Canadian Press) - The Toronto stock market clung tentatively to positive territory at mid-afternoon Monday as weak mining shares were offset by signs of an improving economy south of the border.
The commodity-heavy S&P/TSX composite index added 18.18 points to 12,228.88 after China forced banks to increase their reserves in the country's ongoing effort to curb inflation and avoid speculative real estate bubbles.
Investors are afraid the move will slow down China's red-hot economy and imperil the global economic recovery by cutting demand for resources such as those produced by Canada's mining companies, said Scotiabank commodities analyst Patricia Mohr.
The Toronto base metals sector plunged 3.6 per cent, while the May copper contract on the New York Mercantile Exchange fell 5.9 cents to US$3.28 a pound.
The gold sector also lost significant ground, falling 2.3 per cent even as the June gold contract on the New York Mercantile Exchange gained $2.60 to US$1,183.30 an ounce. Weighing on the sector was news that the Australian government has proposed a new tax on the profits of resource companies.
Energy stocks on the TSX added 0.6 per cent as the June crude contract on the New York Mercantile Exchange moved ahead 11 cents to US$86.26 a barrel.
And the loonie edged up 0.38 of a cent to 98.82 cents US.
The TSX Venture Exchange lost 7.19 points to 1,666.62.
On Wall Street, the Dow Jones industrial average rose 155.91 points to 11,164.52. The Nasdaq gained 38.10 points to 2,499.29 and the S&P 500 added 16.48 points to 1,203.16.
This followed news of a US$3-billion, all-stock merger of United and Continental which, if completed, would create the largest airline in the world.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Andarko Petroleum Corp.(NYSE: APC, Stock Forum) Andarko reported a first quarter net profit of US$716 million or $1.43 a share, rebound from a loss of $338 million or 73 cents in the same period last year. The rebound came on the back of record sales, which rose to $3.1 billion from $1.8 billion a year earlier. The company benefited from big gains in its commodity-derivatives business. Anadarko said sales volumes of natural gas, crude oil and natural gas liquids rose 15% from the same 2009 period.
Evolving Gold Corp. (TSX: V.EVG, Stock Forum) Evolving Gold said it has acquired a major land position at the south end of the Carlin Trend in northern Nevada. The Carlin Trend has produced over 75 million ounces of gold since the 1960's. Evolving Gold now controls approximately 53 square miles, or 137 square kilometers, at the south end of the Trend. Located between the Gold Quarry operation to the north and the Rain district to the south, this land position is one of the largest on the Carlin Trend.
Source: Stockhouse
