With an advance of 25.0%, Cabo Drilling Corp. (CDX:CBE:CA) was one of the best performing basic material stocks listed on the TSX Venture on January 13. After closing the previous session at $0.02, shares of CBE:CA opened this morning at $0.025 and closed the day at $0.025. Throughout the day, about 274,000 shares changed hands, compared to an average 30-day volume of 21,658 for Cabo Drilling Corp.. Shares moved as high as $0.025 and as low as $0.02 in today’s trading action.
The share appreciation gives the company a market capitalization of $1.88 million based upon 93.87 million shares outstanding.
In the past 52 weeks, shares of Cabo Drilling Corp. have traded as low as $0.005 and as high as $0.045. Technical traders will take note that at $0.025, shares of CBE:CA are trading above their 50-day moving average (MA) at $0.018 and above their 200-day MA at above $0.019. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move above them or holding over them is typically regarded as bullish.
Who is $Cabo Drillin?
Cabo Drilling Corp is engaged in providing contract drilling services including surface and underground coring, directional, reverse circulation and geotechnical drilling to companies engaged in mining and mineral exploration. The company is led by its CEO John A. Versfelt from its headquarters at 20 Sixth Street.
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About the TSX Venture Exchange
Owned and operated by the TMX Group, the TSX Venture Exchange is a public venture capital marketplace for emerging companies. It is headquartered in Calgary, Alberta, Canada with offices in Toronto, Vancouver and Montreal. All trading on the exchange is done electronically. Originally established in 1999, the “Venture,” as it is often shortened, was previously known as the Canadian Venture Exchange, but renamed in 2001 subsequent to the TSX Group (now known as the TMX Group) purchasing it.
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