Firesteel Resources Inc. (FTR) Soared 14.29% on Dec 1

December 1, 2017 - By Richard Conner

Shares of Firesteel Resources Inc. (CVE:FTR) last traded at 0.12, representing a move of 14.29%, or 0.02 per share, on volume of 285,698 shares. After opening the trading day at 0.1, shares of Firesteel Resources Inc. traded in a close range. Firesteel Resources Inc. currently has a total float of 87.63M shares and on average sees 209,276 shares exchange hands each day. The stock now has a 52-week low of 0.04 and high of 0.16.

Canada: S&P/TSX Index

The S&P/TSX Composite Index is the headline index of equities listed on Canada’s Toronto Stock Exchange (TSX).Its components are market capitalization-weighted and together the constituents of the index account for 70% of TSX market capitalization.
The S&P/TSX Composite replaced the TSE 300 Index.

Inclusion in the index

The S&P/TSX Composite has eligibility criteria that among others require that a candidate stock for inclusion in the index must be listed on the TSX and the company behind the stock must be incorporated under Canadian laws.

Being a market capitalization weighted index, components of S&P/TSX Composite must weigh at least 0.05% of the index. Additionally, index candidate must have traded at a minimum average price of C$1 over in the last three months and maintained a price of at least C$1 in the last three trading days of the month immediately before the index is rebalanced. Still on market capitalization, the index is also float adjusted, whereby restricted stocks, such as those held by company insiders and stock that don’t trade frequently such as those held by the government and venture capitalists are excluded.

Liquidity of a stock is another important consideration for inclusion in The S&P/TSX Composite. Though measure is taken so that no single stock dominates the movement of the index, a security must be liquid enough in terms of volume traded and dollar value. As such, the number of transactions in a security must be at least 0.025% of all the sum of trading volume of eligible securities. Firesteel Resources Inc. has relatively good liquidity.

The S&P/TSX Composite is the primary gauge of the performance of Canadian stocks, especially given its massive coverage of the country’s equity market. Besides being a benchmark, the S&P/TSX Composite is also an investible index.

The index has about 250 components representing a variety of sectors. Of the index’ sectors, Financials is the largest, accounting for 36% of the index. The second-largest sector in the index is Energy, representing 20% of the index. Canada has a booming energy sector backed by oil drilling, which explains the large position of Energy in S&P/TSX Composite. Firesteel Resources Inc. is a stock traded on the Canadian exchange.

Besides Financials and Energy, Materials, Industrials and Consumer Discretionary make the top 5 sectors in the index.
The S&P/TSX Composite is regularly rebalanced to remove constituents that fall short of eligibility requirement and replace them with newly eligible ones.

Index performance

S&P/TSX Index hit its lowest level on record of 217.50 points in February 1950. But the index reached an all-time high of 15657.63 points in September 2014, backed by soaring gold and crude oil prices. Excitement in the Canadian energy and commodities sectors also provided a boost to the Financials sector, thus lifting the index to the record high.

After a lull, investors are jostling for Canadian stocks again amid hopes of a bright future for commodities where prices will continue to strengthen after a long period of soft prices. The move by OPEC members to cap oil output to stabilize oil prices is also boosting investor appetite in Canadian stocks. The stability of the Canadian economy and the strong corporate governance standards are other reasons Canadian stock market is heating up with an influx of domestic and foreign retail investors. Professional analysts might be interested how this will affect Firesteel Resources Inc..

More notable recent Firesteel Resources Inc. (CVE:FTR) news were published by: Marketwatch.com which released: “Firesteel Resources Inc.” on September 22, 2017, also Marketwatch.com with their article: “Firesteel Resources Inc. Announces Private Placement” published on April 11, 2017, Marketwatch.com published: “Firesteel Resources Inc. announces removal of trading halt.” on August 30, 2017. More interesting news about Firesteel Resources Inc. (CVE:FTR) were released by: Marketwatch.com and their article: “Firesteel Resources Inc. Closes Final Tranche of Private Placement” published on July 29, 2017 as well as Marketwatch.com‘s news article titled: “Firesteel Resources Inc. Corrects Previous Press Release Concerning Private …” with publication date: July 04, 2017.

Firesteel Resources Inc., an exploration-stage junior mining company, engages in the acquisition and exploration of precious and base metal properties primarily in Canada and the United States. The company has market cap of $10.52 million. The firm primarily explores for copper and gold deposits. It currently has negative earnings. It holds interests in the Shelsay property with 19 mineral claim licenses located in the Atlin mining division of northwestern British Columbia; and the ROK-Coyote property with 18 mineral claim licenses located in the Liard mining division of northwestern British Columbia.

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