The stock that opened with the largest decline had no effect on the BBCI until about 11:46 AM. This was the first day in more than four months that Silvio Ventures Inc. had traded, and its price was down sharply from the get-go. Almost all of its trades on Friday were for odd-lot sized volumes, although many of them would have qualified for board lot status if the price of SIV.H had stayed above a dollar per share. The first trade, though, was for 61 cents/share, making Silvio a stock for which a board lot is 500 shares. Thus, despite lots of activity in SIV.H on the NEX early Friday morning, the plummet in the stock didn't drop the BBCI until the first board-lot-sized trade was made - the twenty-ninth trade in SIV.H of the day. Silvio closed at 60 cents/share, down 56 cents/share on the day. Arcland closed at 15.5 cents/share, up 1.5 cents/share, and Greenshield closed at 36 cents/share for a gain of 6 cents/share since Thursday's close.
Subsequent to the Silvio thud, the BBC Index slowly climbed upwards until the last hour of trading, when the recovery gained speed. A rise in Datinvest International Ltd. [NEX: DAI.H] during that last hour, plus a lesser gain in Monster Uranium Corp. [NEX: MU.H] in the last half-hour, helped the Barrel's Bottom Composite move from the pre-noon thud to a slight loss on the day at 85.93 for the week's close.
Here are the values for the Barrel's Bottom Composite for the NEX, hour by hour:
- 10 AM: 86.13
- 11 AM: 86.18
- 12 PM: 85.60
- 1 PM: 85.66
- 2 PM: 85.71
- 3 PM: 85.78
- 4 PM/Close: 85.93
Thirty-five NEX stocks traded on Friday. Of these, 11 advanced, 10 declined and 14 remained unchanged. There were 133 trades. The top trader in terms of raw volume was, yet again, Rose Marie Resources Ltd. [NEX: RSR.H], which closed at 11 cents/share for a loss of 0.5 cents/share on a much-lessened 150,000-share volume. There were only four trades in RSR.H on Friday, and all of them had "Anonymous" as the sell-side financial institution. Rose Marie was a close runner-up for the top spot in terms of value of shares traded, according to the other Barrel's Bottom report and the TSX Venture closing summary. The #1 spot in the latter category was taken by Emergence Resort Canada Inc. [NEX: ERS.H], which closed at 29 cents/share for a loss of 4 cents/share on a volume of 67.000 shares. Rose Marie placed first on the top-ten list of volume traded divided by total shares outstanding, found below; Emergence placed second.
There was no news release from any NEX company that was picked up by Marketwire on Friday, and no NEX companies were included in the TSX Venture Daily Bulletins for that day. There were, however, three NEX companies that sent out releases through Canjex Publishing. The first was sent out Thursday night, the second on Friday morning, and the third sent out on Friday evening.
That first release came from The Silver Recycling Company Inc. [NEX: TSR.H], which announced the granting of 720,000 stock options "to directors, senior officers and consultants of the company" at a strike price of 33 cents/share and life of five years. According to the news release, 470,000 of them will vest within a year. TSR.H last closed at 33 cents/share on September 17th.
The second release through Canjex was from MCO Capital Inc., whose class 'B' shares are listed on the NEX [NEX: MCO.H]. It contains the performance of MCO as of the third quarter of its 2007 fiscal year, which ended July 31st. The company had no revenue in the first three quarters, and a net loss of 0.4 cents/share for the third quarter and a net loss of 1.1 cents/share over the first three quarters of '07. This compares to a net loss of 1.1 cents/share for the first nine months of FY '06 and a net loss of 0.3 cents/share for 3Q '06. According to the release, thanks to MCO's operational needs, "the company's cash decreased by a net amount of $69,532 to stand at $10,631 as at July 31, 2007, compared with $80,163 on Oct. 31, 2006." Also noted was a reimbursement of $78,004 in interest-free advances and the receipt of $70,000 more in advances. Both year's advances came from related companies. After noting that shareholder's equity decreased from -$13,990 as of the end of FY '06 to -$60,340 as of the end of 3Q '07, the release ends with these words: "Board members and officers are currently considering various alternatives in regard to the company's future." MCO.H last traded on July 12th, when it closed at 37 cents/share.
The third release of the day came from Maximum Ventures, after trading had finished. It announces the appointment of a new director, Kirk Shaw, who is replacing Hugh Burnett. Mr. Burnett, according to the release, resigned for retirement reasons. MVI.H closed at 56 cents/share, up 5 cents/share on the day.
One NEX stock traded more than ten times on Friday, the above-mentioned Silvio Ventures with 42 trades. All but two of them were odd-lot sized, and nineteen of the forty-two trades had volume of less than 100 shares. This explains why SIV.H was far back of the pack with respect to daily volume - 7,348 shares - while being the most frequently-traded NEX stock on Friday. The market was quick to settle for a value of about 60 cents/share as the new value of Silvio shares; all trades, including odd-lot-volume trades, ranged from 55 cents/share to 62 cents/share. Despite the thud in its price, though, Silvio is far above its formal 52-week low, of 6 cents/share, made on Feb. 16th of this year. (I note, though, that the 52-week low was made on one trade, the first trade of SIV.H in 2007. The stock quickly leapt up to about 50 cents/share that same morning, and spent the afternoon ranging from 45 cents/share to 65 cents/share if trades equal to or greater than a board lot are counted. If only board-lot trades are counted, then it ranged from 51 to 60 cents/share that afternoon.)
The top percentage gainer in Friday's trading was the above-mentioned Greenshield Explorations [NEX: GRX.H]. Greenshield closed at 36 cents/share with a gain of 6 cents/share, as noted above, for a 20% gain on the day. One trade, of 5,000 shares right after the market opened, put Greenshield at the top of the advancers on a percentage basis.
The top percentage decliner for Friday was the above-mentioned Silvio Ventures [NEX: SIV.H]. As noted above, Silvio closed at 60 cents/share for a loss of 56 cents/share or 48.28%.
Finally, the above-mentioned list of yesterday's top ten traders, as measured by % of total outstanding shares or daily turnover:
- Rose Marie Resources Ltd. [NEX: RSR.H] - 2.19% of total shares outstanding;
- Emergence Resort Canada Inc. [NEX: ERS.H] - 1.58% of TSO;
- Gold Star Resources Corp. [NEX: GXX.H] - 1.04%;
- Arcland Resources Inc. [NEX: ADR.H] - 0.781%;
- 222 Pizza Express Corp. [NEX: PIZ.H] - 0.514%;
- Electrohome Limited class 'X' voting [NEX: ELL.H] - 0.500%;
- ITI World Investment Group Inc. class 'A' [NEX: IWI.H] - 0.362%;
- Greenshield Explorations Limited [NEX: GRX.H] - 0.252%;
- Trilogy Metals Inc. [NEX: TRI.H] - 0.209%;
- Module Resources Incorporated [NEX: MLE.H] - 0.179%.
NOTE: I am not affiliated with the TSX, nor is this blog. The Barrel's Bottom Composite index is not endorsed by the TSX.
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