Breakwater To Buy Metco Resources
djones
DOW JONES NEWSWIRES
Breakwater Resources Ltd. (BWR.T) has reached an agreement with Metco
Resources Inc. (MKO.V) whereby Breakwater will purchase 100% of Metco for 7
million common shares of Breakwater.
Brekawater said this agreement is subject to normal closing conditions
including the approval of regulatory authorities and Metco shareholders at a
special and general meeting expected to be held mid-March.
In Lebel-sur-Quevillon, Metco and Breakwater have a 50/50 joint venture on
properties extending over 15 kilometers in the same deformation corridor as
Breakwater's current deposits. The companies also share the Orphee Deposit.
Breakwater, Toronto, is a mining, exploration and development company that
produces zinc, copper, lead and gold.
-Tara Zachariah; 416-306-2100; A
Tuesday, January 8, 2008
Breakwater To Buy Metco Resources
Rising metals and oil prices could help push Canadian stock markets higher Tuesday
Signs point to market gains in U.S. and maybe Canada
RTGAM
Rising metals and oil prices could help push Canadian stock markets higher Tuesday after they kicked off the week with another dismal loss on Monday, when oil in particular was greasing the skids. Stock index futures in the United States meanwhile are pointing to gains on Wall Street for the second day in a row.
After falling by $2.82 (U.S.) to finish yesterday at $95.09 a barrel, light sweet crude oil for delivery next month is currently up $1.08 to $96.17 in electronic trading on the New York Mercantile Exchange.
As well, copper has regained some strength, climbing more than 2 per cent in London trading, where three-month futures on the red metal rose $165 to $7,065 a tonne. "The move is mostly driven by the rebalancing of commodity indexes," Commerzbank analyst Eugen Weinberg told Reuters. "Because industrial metals didn't perform well last year, they are performing well now."
The price also was drawing support from expectations of strong, continuing demand from China.
In New York, the March contract on the Dow Jones industrial average has been climbing this morning and at 7.40 a.m. (EDT) was up 58 points at 12,870. The S&P 500 future was at 1,421.80, ahead 9.7 points and the Nasdaq 100 March contract was up 12.25 at 1,976.
Seven of Europe's nine major indexes are also ahead so far today.
Among U.S. stocks showing unusual gains in European trading are coffee-shop giant Starbucks Corp. and investment bank Bears Sterns Cos., both driven, it seems, by top-level executive changes.
At Seattle-based Starbucks, whose shares have taken a grinding in the past year, founder and chairman Howard Schultz said late Monday that he is taking over as CEO. As for Bear Sterns, the Wall Street Journal is reporting that James Cayne will give up the CEO's post although stay on as chairman, making him the latest high roller unseated by the subprime mortgage debacle.
Copyright 2001 The Globe and Mail
Monday, January 7, 2008
TSX takes another hit
TSX takes another hit
The 2008 trading year continued to deteriorate Monday as the Toronto stock markets sustained another sharp loss on worries about the depth of an economic slowdown in the United States following the release of a dismal U.S. employment report on Friday.
New York markets managed to eke out some gains on hopes of substantial interest rate cuts.
"I think today there's a continuation of what we saw last week that there's worries about how much growth will slow down," said Kate Warne, Canadian market specialist at Edward Jones in St. Louis.
"It's affecting all of the things that are tied into global growth and we're likely to see this continue for a while until people remember that even if things slow down, there is still value in many of these stocks and we'll see a bounce back at some stage."
The S&P/TSX composite index tumbled 159.71 points to 13,618.87 on top of a 200-point fall on Friday. The TSX Venture Exchange moved down 38.68 points to 2,819.98.
The Canadian dollar declined further after a weak Ivey Purchasing Managers Index reading and the December U.S. jobs report helped sink the currency by more than one U.S. cent on Friday.
On Monday, the currency declined 0.43 of a cent (U.S.) to 99.44 cents.
New York's Dow Jones industrials ticked 27.31 points higher to 12,827.49 after plunging 464.64 points in the first three days of 2008 trading.
The Nasdaq composite index was down 5.19 points to 2,499.46 while the S&P 500 index inched 4.55 points higher to 1,416.18.
On the TSX, the energy sector was off 1.14 per cent as oil prices continued to slide from the $100 a barrel mark reached twice last week. The February crude oil contract on the New York Mercantile Exchange moved down $2.82 to $95.09 a barrel. The Canadian Press
Copyright 2001 The Globe and Mail
