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Stockhouse @ the Bell: Stocks slide on Italy debt concerns

Stockhouse Editorial
0 Comments| February 25, 2013


Today in the markets

U.S. stocks fell sharply Monday as Italian elections and looming spending cuts in the U.S. sent investors to the exit doors.

Canadian stocks also dropped as the prospect of a divided Italian parliament sparked a late retreat in banking and other Canadian financial stocks.

The S&P/TSX Composite fell 50.76 points to 12,650.87, while the TSX Venture Exchange eased down 3.68 points to close at 1,141.00.

Active stocks included Chesapeake Energy Corp. (NYSE: CHK, Stock Forum), which slumped 6.8% to $19.11 after agreeing to sell a stake in an Oklahoma oilfield to China Petrochemical Corp. (NYSE: SNP, Stock Forum) for less than one-third of its estimated value.

In Canada, Nexen Inc. (TSX: T.NXY, Stock Forum) (NYSE: NXY, Stock Forum), the Calgary-based oil and gas producer being taken over by a state-owned Chinese company, says it sank into the red in the fourth quarter. The stock rose 0.64% to $28.15.

Novagold Resources Inc. (TSX: T.NG, Stock Forum) says drilling has revealed a significant additional mineralized zone at the Galore Creek copper, gold and silver project in northwestern British Columbia. Novagold is developing Galore Creek through a 50-50 partnership with Teck Resources Ltd. (TSX: T.TCK.A, Stock Forum) (TSK: T.TCK.B, Stock Forum) (NYSE: TCK, Stock Forum), one of Canada's largest mining companies. Novagold shares were ahead 0.74% to $4.10.

For news about small stocks that made big moves in Monday’s trading, please read the

Stockhouse Canadian Small and Micro-cap Stock Report


Tags: INDUSTRIAL METALS & MINERALS GOLD OIL & GAS E&P STOCKS

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