In sliding 2.86%, Madalena Energy Inc. (CDX:MVN:CA) was one of the worst performing stocks amongst TSX Venture Exchange-listed basic materials companies on January 13. After closing the previous session at $0.175, shares of MVN:CA opened this morning at $0.17 and closed the day at $0.17. Throughout the day, about 1.33 million shares changed hands, compared to an average 30-day volume of 1.66 million for Madalena Energy Inc.. Shares moved as high as $0.18 and as low as $0.165 in today’s trading action.
The share depreciation gives the company a market capitalization of $95.16 million based upon 543.78 million shares outstanding.
In the past 52 weeks, shares of Madalena Energy Inc. have traded as low as $0.055 and as high as $0.285. Technical traders will take note that at $0.17, shares of MVN:CA are trading above their 50-day moving average (MA) at $0.106 and above their 200-day MA at above $0.152. 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 $Madalena Egy?
Madalena Energy Inc is a Canadian upstream oil & gas company. It has operations in four provinces of Argentina where it is focused on the delineation of unconventional resources in the Vaca Muerta shale, Lower Agrio shale and Loma Montosa oil plays. The company is led by its CEO Steven B. Sharpe from its headquarters at 500 – 4th Avenue SW.
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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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