Noront Resources Ltd. (CDX:NOT:CA) came out weak at the opening of trading on April 21, outpacing most other peers in the basic materials sector listed on the TSX Venture Exchange with an early decline of 2.04%. After closing the previous session at $0.245, shares of NOT:CA opened this morning at $0.24 and are currently trading at $0.24. So far, about 17,950 shares have changed hands, compared to an average 30-day volume of 234,928 for Noront Resources Ltd.. Shares moved as high as $0.24 and as low as $0.24 in today’s early action.
The share depreciation gives the company a market capitalization of $75.05 million based upon 306.32 million shares outstanding.
In the past 52 weeks, shares of Noront Resources Ltd. have traded as low as $0.22 and as high as $0.51. Technical traders will take note that at $0.24, shares of NOT:CA are trading below their 50-day moving average (MA) at $0.241 and below their 200-day MA at below $0.275. 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 $Noront Res?
Noront Resources Ltd is a mineral exploration company. The Company is engaged in the exploration, development and acquisition of properties prospective in base and precious metals, including nickel, copper, platinum group metals, chromite and vanadium. The company is led by its CEO Alan Coutts from its headquarters at 110 Yonge 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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