Canadian stocks have again turned positive over the past hour
with mining stocks starting to pare steep losses of earlier today
as bullion prices turn positive. Financial stocks, which account
for roughly a third of the value in the S&P/TSX Composite
Index, are higher today as traders shake off credit downgrades of
15 global banks and brokerages -- including Royal Bank of Canada (
) -- by Moody's Investor Service last night.
Here's where the primary Canadian market guages stand today:
- S&P/TSX Composite Index 12.81 +0.11% 11,421.13
- S&P/TSX Venture Composite Index -15.82 -1.30% 1,201.53
In company news, Jaguar Mining Inc (JAG, JAG.TO) last night
named John Andrews as interim CEO during its search for a permanent
chief executive. Andrews is a JAG board member with over 40 years
of industry experience, including a stint as president and chief
operating officer of Stillwater Mining Company (SWC,SWC-U.TO).
JAG also is again responding to what it describes as "inaccurate
and misleading statements" by Bristol Investment Partners in a June
13 letter accompanying securities ownership documents filed with
U.S. regulators. In particular, Bristol contends the JAG board and
management mishandled a $9.30 a share buyout offer last November by
Shandong Gold Group as well as a subsequent strategic review by the
JAG shares peaked just above $8 each soon after the Shandong bid
became public but deflated over the next six months, including a
35% one-day decline last month after Shandong was reported to be no
longer interested in a deal. Since that time, Bristol has stepped
up its complaints about JAG management, including accusations board
members who led the strategic review received over $750,000 in fees
and other payments during the six-month process.
Instead, fees paid or payable totalled $203,187.50, according to
the company, citing a review of expenses by JAG's audit committee
chairman and its outside accountants. It said the exaggerated cost
estimates by Bristol were "reckless and misleading" and the firm is
now demanding Bristol publicly retract the claim.
U.S.-listed JAG shares are down more than 2% at $1.22 each, near
a year low of $1.16.
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