Concerns over Canadian economy are mounting due to slide in the prices of nation’s biggest exports, Oil. According to the Statistics Canada’s recent press release, the trade deficit of Canada in the month of November reached C$644 million, the largest in almost a year due to the fewer oil shipments. As the apprehensions over the Canadian economy continue to exist, this could possibly pave the way for a bear market.
Today, we have shortlisted 11 basic materials stocks of Canada with negative correlation, which could perform inversely with market’s performance. During past one month, all of the stocks have registered price gains with daily average trading volumes in excess of 100,000, while the broader market (S&P TSX Composite Index) slipped by 1.9%.
| Company Name |
Ticker |
Exchange |
Market Cap |
Last Price |
Average Volume |
Price Change (1-Month) |
SPTSX Composite Index Price Change (1-Month) |
Correlation Coefficient |
|
Visible Gold Mines Inc |
VGD |
TSXV |
14.8 |
0.19 |
548,012 |
37.0% |
-1.9% |
-0.07 |
|
Soltoro Ltd |
SOL |
TSXV |
16.6 |
0.22 |
162,521 |
29.4% |
-1.9% |
-0.01 |
|
True North Gems Inc |
TGX |
TSXV |
46.1 |
0.16 |
168,013 |
29.2% |
-1.9% |
-0.01 |
|
Chaparral Gold Corp |
CHL |
TSX |
70.6 |
0.60 |
488,744 |
23.7% |
-1.9% |
-0.12 |
|
Alloycorp Mining Inc |
AVT |
TSXV |
33.0 |
0.06 |
232,269 |
20.0% |
-1.9% |
-0.11 |
|
Nautilus Minerals Inc |
NUS |
TSX |
200.4 |
0.45 |
110,181 |
18.4% |
-1.9% |
-0.07 |
|
Lomiko Metals Inc |
LMR |
TSXV |
10.3 |
0.08 |
532,138 |
15.4% |
-1.9% |
-0.01 |
|
Noront Resources Ltd |
NOT |
TSXV |
71.9 |
0.31 |
181,256 |
12.7% |
-1.9% |
-0.02 |
|
Yorbeau Resources Inc |
YRB/A |
TSX |
12.5 |
0.06 |
701,732 |
9.1% |
-1.9% |
-0.01 |
|
Western Lithium USA Corp |
WLC |
TSX |
64.4 |
0.54 |
188,231 |
5.9% |
-1.9% |
-0.03 |
|
Inca One Gold Corp |
IO |
TSXV |
13.4 |
0.21 |
204,466 |
2.5% |
-1.9% |
-0.04 |
Source: Bloomberg
Company Description
Visible Gold Mines Inc (TSXV: VGD)
Visible Gold Mines, Inc. explores for gold in Canada.
Soltoro Ltd (TSXV: SOL)
Soltoro Ltd. explores for mineral properties in Mexico. The company seeks to acquire, explore, and produce gold, silver, and copper deposits.
True North Gems Inc (TSXV: TGX)
True North Gems Inc. explores and develops North American colored gemstone deposits. The company owns an emerald property and the rights to earn an interest in a sapphire property, both located in Canada. True North also owns a ruby property in Greenland.
Chaparral Gold Corp (TSX: CHL)
Chaparral Gold Corp. is a gold exploration and development company. The company explores, develops and produces gold mine properties in Nevada.
Alloycorp Mining Inc (TSXV: AVT)
Alloycorp Mining Inc. acquires, explores for, and develops minerals resources. The company explores for molybdenum, base metals, precious metals and uranium.
Nautilus Minerals Inc (TSX: NUS)
Nautilus Minerals, Inc. explores for gold and copper on the ocean floor near Papua New Guinea.
Lomiko Metals Inc (TSXV: LMR)
Lomiko Metals Inc. explores, develops, exploits, and acquires mineral properties.
Noront Resources Ltd (TSXV: NOT)
Noront Resources Ltd. is a mineral exploration and development company. The company is focused on its McFauld’s Lake Project, which includes nickel-copper-platinum-palladium, chromite and Vanadium and gold discoveries in an area known as the “Ring of Fire”, a multi-metals district located in the James Bay Lowlands of Northern Ontario, Canada.
Yorbeau Resources Inc (TSX: YRB/A)
Yorbeau Resources Inc. is a mineral exploration and development company. The company currently holds various interests in mineral prospects located in the province of Quebec. Yorbeau is primarily exploring for gold.
Western Lithium USA Corp (TSX: WLC)
Western Lithium USA Corporation explores for lithium in the southwestern United States. The company is developing the Kings Valley, lithium deposit in Nevada.
Inca One Gold Corp (TSXV: IO)
Inca One Gold Corporation is a Canadian resource company focused on acquiring and advancing properties in the South American country of Peru. The company explores for gold and copper.
