No Energy Here...

At the open: No energy here


Thursday, September 24, 2009


North American stock market indexes rose slightly at the start of trading on Thursday, driven by a better-than-expected report on U.S. jobless claims that suggest the labour market there is stabilizing.

The Dow Jones industrial average rose 39 points or 0.4 per cent, to 9788. The broader S[amp]amp;P 500 rose 3 points or 0.3 per cent.

Financials moved higher, with JPMorgan Chase [amp]amp; Co. up 1.1 per cent and Bank of America Corp. up 0.7 per cent. As well, Microsoft Corp. rose 1 per cent after it said that it was not interested in acquiring video game maker Electronic Arts Inc.

Meanwhile, Chevron Corp. fell 0.5 per cent and Intel Corp. fell 0.6 per cent.

In Canada, the S[amp]amp;P/TSX composite index rose 5 points, to 11,522.

Financials were generally higher, with Royal Bank of Canada up 0.7 per cent and Sun Life Financial Inc. up 0.4 per cent. As well, Barrick Gold Corp. rose 2.3 per cent after the price of gold moved higher.

However, energy stocks were a drag on the index, after the price of crude oil fell below $68 (U.S.) a barrel, continuing a selloff that began on Wednesday after a report showed rising U.S. inventories. Suncor Energy Inc. fell 1.4 per cent and Talisman Energy Inc. fell 2 per cent.[amp]nbsp;


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HudBay stock soars on copper, gold find

New discovery at Lalor site

Last Updated: Tuesday, September 22, 2009 | 12:17 PM ET CBC

HudBay Minerals Inc. has found evidence of a major new copper and gold deposit at its Lalor site in Manitoba, the mining firm said Tuesday.

Three-month stock chart for HudBay Minerals Inc. (CBC)

Beneath a previously announced zinc find near HudBay's Snow Lake concentrator in the Flin Flon Greenstone belt, initial tests found 13.35 grams per tonne of gold and 5.3 per cent copper.

"The copper and gold intersection ... is among the best I have seen in nearly 40 years in the mining business," HudBay president Peter R. Jones said in a statement.

Investors reacted with glee to the news, as HudBay shares were up more than 16 per cent to nearly $11 at midday on Tuesday.

Lalor is the focus of the company's stated aim of reaching three million contained ounces of gold.

The company also plans to release an update on zinc reserves at the Lalor site by October, it said Tuesday.