On Thursday, the Barrel's Bottom Composite Index for the NEX closed at 86.53, down 0.20 points or 0.231% from its previous close of 86.73. This overall drop obscured a big leap in a NEX stock, which was unusual in that it had the highest volume of shares traded in months. Global Tree Technologies Inc. [NEX: GTT.H] didn't start trading until the afternoon in Eastern-time terms, but by the time the trading day was over, it had traded 61 times. Starting at 2 cents/share as of about 12:46 PM ET, it went up to 2.5 cents/share and, later, 3 cents/share where it closed after a few temporary returns to 2.5 cents/share. The total volume of GTT.H traded today was 1,532,000 shares.
By the time it started to have its influence on the BBCI, though, the index was already down to 86.44. Opening declines within the first minute of trading, of First Idaho Resources Inc. [NEX: FI.H], Mazarin Inc. [NEX: MAZ.H], infrequently-traded Starrex Mining Corporation Ltd. [NEX: STX.H], and Toba Industries Inc. [NEX: TBG.H] of 3, 1.5, 2 and 1.5 cents/share respectively, overwhelmed a 0.5-cent/share opening gain in Golden Hat Resources Inc. [NEX: GHA.H] to push the BBCI down almost four-tenths of a point to end the first minute at 86.32. The first two of the four decliners mentioned above were gainers in their last trades previous to today.
A 1.5 cent/share opening rise in Abitibi Mining Corp. pushed the BBCI up to 84.45 as of about 9:34 AM ET, and a 0.5 cent/share pullback in the same stock pushed the index down to 86.41, where it stayed until about 10:06 AM ET. A half-cent recovery in Toba put the index up above 84.5, and a 7 cent/share opening gain in X-Tal Minerals Corp [NEX: XMT.H] put the index above 86.6. This recovery didn't last, though; the BBCI drifted downwards as late morning turned into early afternoon ET. It wasn't until Global Tree hit 2.5 cents/share, as of about 12:52 PM ET or six minutes after it started trading, that the BBCI got back above 86.5. It was actually Toba, as of 1:50 PM ET, that put the BBCI back to unchanged through a rise to 13 cents/share, even though Global Tree's then-temporary rise to 3 cents/share a minute earlier paved the way for the BBCI to erase its loss at that time.
Even Global Tree's more durable leap back to 3 cents/share as of 2:20 PM ET wasn't enough to keep the BBCI from falling back to a slight loss position, as other decliners dragged it down, such as: Toba through a 0.5 cent/share fall as of about 2:40 PM ET; Gainey Resources Ltd. as of its first trade of the day at about 2:44 PM ET; and, Global Tree itself, which fell back to 2.5 cents/share as of about 2:36 PM ET. The recovery of Global Tree to 3 cents/share marked the end of the trough between 2:30 and 3 PM ET. By the last hour of trading, the BBCI was close to even.
This near-parity didn't survive the last hour, though, as yet another decline in Global Tree to 2.5 cents/share at about 3:39 PM produced a dip in the index, as did a half-cent drop in Gold Star Resources Corp. [NEX: GXX.H] that took it down from a 3 cent/share gain on the day to a 2.5 cent/share gain. The last trade of the day, of Rocher Deboule Minerals Corp. [RD.H] which pushed RD.H down a penny from its previous trade price at about 3:59 PM ET, put the BBCI at its closing value of 86.53.
Here are the hourly values for the Barrel's Bottom Composite Index, rounded to the nearest hundredth of a point:
- 10 AM ET: 86.41
- 11 AM ET: 86.51
- 12 PM ET: 86.45
- 1 PM ET: 86.55
- 2 PM ET: 86.73
- 3 PM ET: 86.61
- 4 PM ET/Close: 86.53
This is the first part of the daily NEX report. The second part covers NEX stocks that have sent out news releases during October 4th and the third part covers NEX stocks of note for that day.
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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