GLOBE SAYS Globe says HudBay Minerals, others may be in for a rout
Hudbay Minerals Inc (C:HBM)
Shares Issued 393,587,952
Last Close 8/7/2024 $9.53
Thursday August 8 2024 - In the News
Also Lundin Mining Corp (C:LUN) In the News
Also First Quantum Minerals Ltd (C:FM) In the News
Also Iamgold Corp (C:IMG) In the News
Also Wesdome Gold Mines Ltd (C:WDO) In the News
Also New Gold Inc (C:NGD) In the News
The Globe and Mail reports in its Thursday, Aug. 8, edition that commodity prices have been falling due to concerns about slower growth in the world's two largest economies, overshadowing fears about the equity sector sell-off.
The Globe's Tim Kiladze writes that continued commodity price drops will affect Canada's resource-heavy stock market and economy, and may slow down merger activity that had recently picked up. The current sell-off spans a broad basket of resources, touching everything from wheat and corn to critical minerals such as nickel and lithium. Concerns about the Chinese and American economies is mounting. Until recently, investors had been willing to look past China's troubles because the U.S. economy kept humming.
So far, the S&P/TSX Composite Index has been spared much pain, partly because gold is one of the few commodities that still has strength. That has boosted the share prices of companies such as Wesdome Gold Mines, Iamgold and New Gold. Lately, however, miners that produce other resources have been selling off, including First Quantum Minerals, HudBay Minerals and Lundin Mining, all of which are down between 20 and 30 per cent over the last month. The Globe says more pain could come.