Blogs & Comment

Turning Around????

For the week ended Feb. 6, 2009, the TSX actually rose 3.66% with 128 of the 215 companies on the composite showing positive returns. The stars of this one week show were First Quantum Minerals with a 41% rise, Ivanhoe Mines which saw a 33% increase and BFI Canada and Silvercorp Metals which each had 27% gains in value.For the year year to date, the TSX crept up by 0.6% with 85 companies or 40% of the composite registering gains. Both these performances are refreshing considering the 33% drop in the TSX during 2008 which saw only 24 companies gaining ground.
The improved performance during 2009 is in spite of daily announcements of layoffs and economic doom and gloom. On Feb. 6, when Statistics Canada announced job losses of 129,000 people and a 0.6% uptick in the unemployment rate, the TSX rose by 147 points. Here’s hoping these are signs of a beginning turn around.