By Heather Matthews – Exclusive To Lead Investing News
Lead spot prices remained unchanged on the London Metal Exchange (LME) as the Dow Jones plunged 700 points today. Investors raced to unload stocks as widespread fears about the current financial crisis continued.
Lead is currently priced at 0.7406 (low) to 0.7497 (high), with no changes over yesterday’s spot prices. Other commodities suffered today as investors continued the sell-off of stocks and commodities that has been going on this week. Crude oil prices dropped today and Ford and GM reported huge losses as their stock values plummeted: Exxon also saw heavy losses.
Philip Orlando, market specialist for Federated Investors Inc. in New York City, commented on the current market climate, “People have lost faith in everything…We are dealing with an investment community of atheists now. People have lost faith in everything.”
Some analysts feel that the current atmosphere of fear in the stock market is overblown. They are certain that many companies remain worthy of investment, and show excellent odds of generating positive returns later on. One such analyst is Kevin Rendino (BlackRock Inc.). He is optimistic about the potential of some companies: “There are a number of companies that offer unbelievable risk-reward potential”.
Here is an overview of how some lead companies fared in today’s troubled stock market:
Xstrata PLC (XTA.L) – On the London Stock Exchange, shares traded for 1387 GBr today (Oct.9/08). This is an increase of 7.94 per cent over yesterday’s close. Xstrata is a global mining group with headquarters in Switzerland. They recently announced that they have no intention of making an offer for Lonmin, as has been rumoured for some time. This news may have led to positive gains in Xstrata’s stock quotes, as investors are currently wary of any large-scale changes that might further affect their stock values.
Vindicator Silver-Lead Mining (VINS:NASDAQ) – Vindicator stock fell today, with a current share price of US$1645.12, down 5.47 per cent over yesterday’s close on the NASDAQ. Vindicator is a silver-lead mining company based in Silver Valley, Idaho.
Bard Ventures Inc. – (CA;CBS) This Canadian company suffered losses today as their stock plunged 8.33 percent, with a current share price of $.055. Their stock prices have been decreasing during September and October, and today’s figures are a continuation of this trend. Bard Ventures is currently involved in the Wasi Creek Zinc-Lead project in northwest British Columbia, Canada: they are involved in this joint venture with Selkirk Metal Corp. Bard Ventures has a 50 per cent interest in the site. Bard Ventures also conducts operations at the Lone Pine Property, located in Houston, British Columbia.
Lundin Mining Corporation (NYSE:LMC) – This company mines base metals at sites all over the world: Spain, Portugal, Ireland, and Sweden. They produce nickel, copper, zinc and lead. They also have a well-diversified investment portfolio. Their stock fell 2.03 per cent today for a closing price of US$1.93 per share. This morning, stock quotes opened at US$2.08 per share.
Other company news
On October 1, Anglo American announced the completion of their sale of Namakwa Sands to Exxaro Resources. The sale price for Namakwa was US$245 million. Exxaro executive Sipho Nkosi, commented on this positive development for Exxaro, “These acquisitions position Exxaro strategically as one of the world’s top three suppliers of titanium dioxide feedstock and zircon.” Exxaro is a South African company with diversified commodity holdings including coal and base metals: Exxaro are listed on the JSE Limited (EXX).
For more information on the falling price of crude oil, please visit our website, www.crudeinvestingnews.com