Stockhouse @ the Bell: Dubai debt troubles pressure stock markets

Today on Stockhouse

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Thom Calandra explains why analysts and writers are crawling all over Mexican gold and silver plays this autumn.

While The Energy Report interviews a fund manager that’s betting on beryllium and provides some stock picks.

Top Bullboards post: With the share price up more than 10% on the day, buylow4 gave kudos to Noveko (TSX: T.EKO, Stock Forum) management. “In EKO's Q1 management report, they indicated that production relating to the hand sanitizers has been addressed in order to meet demand and distribution moving forward. Today we received updated news regarding the increased distribution channels.
“With respect to the facemasks, there is still the challenge of meeting demand. I wouldn't be surprised if this issue was addressed next. (i.e. a deal that would enable the increased production of face masks in order to both current and future demand)..........this would then be followed with a announcement regarding the distribution of the face masks.”

Top Bullboard: Encore Renaissance Resources (TSX: V.EZ, Stock Forum) received the most reads and posts on a day more than 13 million of its shares changed hands.

Top blog: jerrio78 outlines his Top 10 undervalued resource stocks in his Noront Repeats History blog.

For news about small stocks that made big moves in Thursday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.

Word on Wall Street

"And just before American Thanksgiving too (in reaction to the news that Dubai's flagship holding company has announced a six month standstill on repayments of its massive debt)," said Doug Porter, deputy chief economist at BMO Capital Markets, in an interview with Canadian Press. "I mean it's really like they were trying to slip in under the radar to some extent."

Today In The Markets

EDubai debt news gives investors cold feet

DJIA	10,464.40	N/A
NASDAQ	2,176.05	N/A
S&P500	1,110.63	N/A
S&P/TSX	11,436.80	-200.10
S&P/TSX Venture	1,419.37	-15.78

Toronto & New York (The Canadian Press) - The Toronto stock market closed sharply lower following news that the Dubai government's flagship investment company is in deep financial trouble.

The S&P/TSX composite index dropped 200.1 points to 11,436.8 after the Dubai government said it would restructure Dubai World, which has developed a slew of extravagant real estate projects and is thought to have debts totalling around US$60 billion. It also said it was requesting a six-month standstill on repayment of its massive debt.

U.S. stock markets were closed for the Thanksgiving holiday.

A flight to safe havens pushed the Canadian dollar down 1.35 cents to 94.3 cents US.

Although New York commodity exchanges were closed, oil and metal prices moved lower in electronic trading following the Dubai announcement. Late in the afternoon, oil lost $1.73 to US$76.23 a barrel while gold was up $5.80 from Wednesday's latest record close to US$1,192.

In economic news, the Conference Board of Canada reported that its consumer confidence index decreased for a second consecutive month in November, falling 5.7 points to 79. The private sector group said that "the outlook for future job creation remains a significant detractor to consumer confidence."

Please click here for the complete U.S. and Canadian market summaries.

After-Hours News

Ventana Gold (TSX: T.VEN, Stock Forum)
The exploration company, which had recently reported positive results from its drilling program at La Bodega in Northern Columbia, said that the owner of the mineral rights to that property, Sociedad Minera La Bodega Limitada, had sought arbitration with regard to its previously agreed-upon option agreement with Ventana subsidiary CVS Explorations. As well, Ventana, said that it was in “advanced discussions” with a third party, which could result in a sale of Ventana.