Home / Market Movers / Lunch Break Update: New Gold Inc. (NGD:CA) Drops 1.27% to Lead TSX Composite Materials Laggards on September 22

Lunch Break Update: New Gold Inc. (NGD:CA) Drops 1.27% to Lead TSX Composite Materials Laggards on September 22

New Gold Inc. (NGD:CA) is one of the weakest stocks in the materials sector in the S&P/TSX Composite Index at the lunch break on September 22. Shares of NGD:CA have fallen 1.27% about halfway through the session to $6.23 after closing the day prior at $6.31. So far, the stock has traded as high as $6.47 and as low as $6.17 in morning action. Today’s decline has come with about 1.12 million shares changing hands, compared to an average 30-day volume of 2.24 million for New Gold Inc.. The price is currently below the 30-day volume weighted average price of $6.28 for NGD:CA.

The share depreciation gives the materials company a market capitalization of $3.24 billion based upon 513.16 million shares outstanding. It also means that New Gold Inc. has a price-to-book ratio of 1.16:1 and a price-to-earnings ratio of :1.

In the past 52 weeks, shares of NGD:CA have traded as low as $2.56 and as high as $7.87. Technical traders will take note that at $6.23, shares of NGD:CA are trading above their 200-day MA at $5.11 and below their 50-day MA at $6.6. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move beneath or holding under them is typically regarded as bearish.

Who is New Gold Inc.?

New Gold Inc is an intermediate gold producer. It is engaged in the acquisition, exploration and development of natural resource properties. The company’s 1623 employees are led by CEO Robert J. Gallagher from the corporate headquarters at 1800 – 555 Burrard Street.

What is the S&P/TSX Composite Index?

Developed and managed by S&P Dow Jones Indices and launched in January 1977, the S&P/TSX Composite is the headline index for the Canadian equity market. Generally, when investors refer to movement in the Canadian markets, they are referring to the S&P/TSX Composite, as it is the broadest index in the S&P/TSX franchise. The index includes more than 230 of the biggest companies traded on the Toronto Stock Exchange, with financials making up the most heavily weighted sector in the index, followed by energy and materials. The Toronto Stock Exchange serves as the distributor of both real-time and historical data for this index.


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