NEX Report for October 16, 2007

[Correction Notice: The second word of the original version of this report was "Monday" when Tuesday should have been there; this mistake has now been corrected. Apologies to any who were misled.]

On Tuesday, the Barrel's Bottom Composite Index for the NEX closed at 86.89, down 0.11 points or 0.126% from its previous close of 87.00. The BBCI dropped more than a tenth of a point during the first minute after the market opened, because of a 1.5 cent/share drop in the price of Magnate Ventures Inc. [NEX: MGV.H], a 0.5 cent/share opening drop in the price of Rocher Deboule Minerals Corp. [NEX: RD.H] and a 3.5 cent/share drop in the opening price of Trilogy Metals Inc. [NEX: TRI.H]. TRI.H stayed where it was for the rest of the day, Magnate recovered to unchanged, and Rocher more than recovered.

The descent below 86.9 only lasted four minutes. As of 9:35 AM ET, the index was back above 87 thanks to a 3 cent/share interday rise in Rocher. An added 2 cent/share rise pushed the BBCI up above 87.2. 87.4 was crossed to the upside by 9:46 AM, as caused by a 0.5 cent/share interday rise in the price of Biomerge Industries Ltd. [NEX: BIL.H]. After this point, the index slowly drifted down, with intermittent secondary reactions; by 12 noon ET, it was 87.21, although the morning trough of 87.11 was reached at 10:35 AM ET.

The next hour saw an upturn, cresting at 87.43 at about 12:43 PM ET, the day's high. Before 1 PM ET, though, the index turned down again; this downturn accelerated shortly after 1 ET, reaching 87.05 by 1:28 PM ET through a 2 cent/share drop in the price of Raystar Enterprises Ltd. [NEX: RST.H]. Raystar was one of several decliners in the early afternoon which dragged the BBCI down from above-87.4 territory.

After a drift period that ended at 2:20 PM ET, the BBCI fell below 87 as pushed down by a 5.5 cent/share opening drop in Focus Ventures Ltd. [NEX: FCV.H] on its first and last trade of the day. After a light rebound, the index sunk further, reaching 86.74 as of 2:53 PM ET because of a 0.5 cent/share interday drop in Becker Gold Mines Ltd. [NEX: BGD.H]. The previous minute saw the BBCI slump down to just above 86.75 due to a 9.5 cent/share opening drop in the price of Becker.

The last plummet of the day occurred at about 3:13 PM ET, with a 2 cent/share interday drop in Tapango Resources Ltd. [NEX: TPA.H] that put the BBCI at the day's low, just below 86.5. From this minute onwards, though, the index moved up, helped by a 1.5 cent/share interday gain in Toba Industries Ltd. [NEX: TBG.H] at about 3:20 PM ET and a 4 cent/share interday gain, at 3:41 PM ET, in one of the day's consistent interday winners between its trades: Cantrell Capital Corp. [NEX: CLJ.H]. Cantrell would double its price during the day; its last rise to 20 cents/share took place at that same 3:41 PM ET. Another 0.5 cent/share rise in Toba as of about 3:53 PM ET would later be cancelled out by a 0.5 cent/share dropback, putting the BBCI at its closing value of 86.89.

Here are the hourly values for the Barrel's Bottom Composite Index, rounded to the nearest hundredth of a point:

• 10 AM ET: 87.34
• 11 AM ET: 87.16
• 12 PM ET: 87.21
• 1 PM ET: 87.36
• 2 PM ET: 87.07
• 3 PM ET: 86.74
• 4 PM ET/Close: 86.89

This is the first part of the daily NEX report. The second part covers NEX stocks that have sent out news releases during October 16th and the third part covers NEX stocks of note for that day.

[An earlier version of this part of the report has been posted at the Barrel's Bottom Blog over at Stockhouse.]


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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