In sliding 1.96%, Largo Resources Ltd. (TSX:LGO:CA) was one of the worst performing stocks in the miscellaneous sector of the TSX Venture Exchange on February 16. After closing the previous session at $0.51, shares of LGO:CA opened this morning at $0.5 and closed the day at $0.5. Throughout the day, about 33,925 shares changed hands, compared to an average 30-day volume of 51,155 for Largo Resources Ltd.. Shares moved as high as $0.5 and as low as $0.485 in today’s trading action.
The share depreciation gives the company a market capitalization of $234.35 million based upon 459.51 million shares outstanding.
In the past 52 weeks, shares of Largo Resources Ltd. have traded as low as $0.165 and as high as $0.72. Technical traders will take note that at $0.5, shares of LGO:CA are trading above their 50-day moving average (MA) at $0.495 and below their 200-day MA at below $0.505. 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 $Largo Res?
Largo Resources Ltd is engaged in the acquisition, exploration and development of exploration and evaluation properties located in Brazil and Canada. Its projects include Maracas, Currais Novos, Northern Dancer and Campo Alegre de Lourdes. The company is led by its CEO Mark Smith from its headquarters at 55 University Avenue.
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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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