NEX Report for October 24, 2007

[Correction Notice: The original version of this report had "Tuesday" in the first sentence, when it should have been "Wednesday." Apologies to anyone that was misled.]

On Wednesday, the Barrel's Bottom Composite Index for the NEX closed at 88.02, up 0.04 points or 0.0455% from its previous close of 87.98. The BBC Index sunk in the first minute of trading due to a 0.5 cent/share opening drop in the price of Biomerge Industries Ltd. [NEX: BIL.H] that was partially offset by a 3 cent/share rise in the price of IDG Holdings Inc. [NEX: IDH.H] on its first and last trade of the day. As of 9:31 AM ET, the index was at its low of the day, 87.77, although this level would be equalled for three minutes' time starting at 10:17 AM.

The resultant decline of more than two-tenths of a point in that first minute was mitigated somewhat by a 0.5 cent/share opening rise in the price of Toba Industries Ltd. [NEX: TBG.H] two minutes later, which put the index back above 87.8.

It remained around 87.8 until 10:30 AM ET, when 88 was broken through on the upside thanks to a 0.5 cent/share interday rise in Biomerge, which erased the opening decline in the stock's price. After a brief upsurge above 88.35 at 10:37 AM, which was caused by a short-lived 0.5 cent/share jump in Biomerge and which lasted two minutes, the BBCI slowly climbed up to 88.1 until 11:12 AM, when it went through 88.3 once again. A more durable 0.5 cent/share rise in Biomerge provided the propellant.

After a slight dropback to just above 88.3 as of 11:27 AM ET, the index moved higher, to above 88.4 by 11:41 AM ET. Ten minutes later, a 5 cent/share gain in the price of New Meridian Mining Corp. [NEX: NWC.H] put the BBCI at the day's high of 88.43, where it stayed until 12:06 PM ET when a 0.5 cent/share drop in Biomerge's price put the index down to 88.16. The index drifted around the 88.15 level until 1:09 PM ET, at which point it drifted slightly below the 88.1 level until 2:20 PM ET. A 0.5 cent/share interday rise in Toba put it above 88.15 by 2:21 PM ET, and another 0.5 cent/share Toba rise put the index above 88.2 two minutes later.

The last hour of trading saw somewhat of a downdrift. After sinking down close to 88.1 at 3:16 PM in a decline that was reversed six minutes later, the BBCI dropped more definitively starting at 3:32 PM ET. A 3.5 cent/share drop in Citadel Gold Mines Inc. [NEX: CGM.H] put the index at a shade above 88 by 3:40 PM ET. This level was hung around for the rest of the trading day, with a final move at 3:58 PM putting the BBCI at its closing value of 88.02.

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

• 10 AM ET: 87.83
• 11 AM ET: 88.10
• 12 PM ET: 88.43
• 1 PM ET: 88.16
• 2 PM ET: 88.10
• 3 PM ET: 88.22
• 4 PM ET/Close: 88.02
  

This is the first part of the daily NEX report. The second part covers NEX stocks that have sent out news releases during October 24th 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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