It has not been a good week for the stock market, as Canada’s main stock exchange had its second consecutive weekly loss.
This week, the TSX lost 2.53 per cent. Over the past month, the TSX has fallen by 2.69 per cent. And in the past three months, it has lost 0.30 per cent.
The fear of a recession has been lucking in the background for months. Economists have predicted that it may come in 2023, even though it may not be too harsh.
Last week, the Bank of Canada moved its benchmark interest rate up by 50 basis points to 4.25 per cent, the highest level in almost 15 years. Since March, the central bank has been aggressively raising interest rates in its bid to tame galloping inflation.
The increase in interest rates has made Canadians cautious about spending, paying attention only to essential needs.
Across the Canadian southern border, the Federal Reserve announced this week that it would continue to increase interest rates in 2023 to rein in inflation.
All this and the approach of the Christmas/New Year holidays, when money is spent on different things, seem to have increased the caution of investors in stocks.
As the market falls, investors seem to have paid more attention to stories about precious metals and technology. Precious metals have always been known to be a reliable store of value, while technology stocks are known for their dynamism and currency with trends.
Jericho Energy (TSXV:JEV) awarded “Solar Impulse Efficient Solution” for DCC zero-emission boiler
Jericho Energy Ventures’ (JEV) zero-emission hydrogen-fueled boiler has been awarded the Solar Impulse Efficient Solution label.
The Solar Impulse Foundation’s label identifies solutions that meet specific high standards in profitability and sustainability and presents them to global decision-makers to fast-track their implementation.
Developed by the company’s wholly-owned subsidiary, Hydrogen Technologies, the Dynamic Combustion Chamber (DCC) is a hydrogen-fueled boiler with zero CO2 and zero greenhouse gas emissions, validated as operating with an overall GHG-free fuel combustion efficiency of nearly 100 per cent in recent independent testing.
The label is designed to promote existing solutions that are both clean and profitable and is awarded to products, services, and/or processes that combine credible environmental and economic performance while outperforming the mainstream options in its market.
Brian Williamson, CEO of Jericho Energy, sat down with Sabrina Cuthbert to discuss this news.
Jericho Energy Ventures (JEV) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems.
Jericho Energy Ventures Inc. was up 5.33 per cent in the past five days, trading at $0.40 at 2:22 p.m.
Nextech AR Solutions (CSE:NTAR) (OTCQB:NEXCF) announces planned spinout of Toggle3D
Nextech AR Solutions Corp. (NTAR) has announced plans to spin out its design studio SaaS Software platform Toggle3D.
The transaction is anticipated to proceed through a plan of arrangement under which the Toggle3D and associated assets will be spun out into a new Subco but will be subject to final tax and legal structuring considerations.
Nextech shareholders will receive Toggle3D (Spinco) shares distributed directly to the shareholders of Nextech on a pro-rata basis.
Nextech AR CEO Evan Gappelberg sat down with Daniella Atkinson to discuss the news.
Toggle3D is an AR-enhanced standalone web application which enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models and experiences without any technical or 3D design knowledge
Nextech Ar Solutions Corp. was up 1.10 per cent within the week, trading at $0.92 at 2:54 p.m. ET.
GR Silver (TSXV:GRSL) hits high-grade precious metals
GR Silver Mining (GRSL) has announced additional gold-silver-zinc-copper-lead results from the Plomosas Mine Area on the Plomosas Project in Mexico.
Five holes highlighted the continuing gold-silver-zinc-copper-lead mineralization, with high grades of silver found in every hole and one with high-grade gold.
Gold mineralized zones exceeding 20 metres downhole width have been drilled in the current program in the hanging wall and footwall. Multiple drill hole intervals with high-grade veinlets have been intersected in these zones.
GR Silver’s Chairman and CEO, Eric Zaunscherb, sat down with Daniella Atkinson to discuss the results.
The drilling focused on specific locations where previous resource modelling and estimation adopted zero grades for unsampled core intervals from historical drilling and defined new gold mineralization on the hanging wall of the main mineralized zone at lower levels of the underground mine.
GR Silver Mining Ltd. was down 10.00 per cent within the past five days, trading at $0.14 at 2:59 p.m. ET.