Midday Alert: Alvopetro Energy Ltd. (CDX:ALV:CA) Pressures TSX Venture Basic Materials Stocks with 4.35% Decline in Morning Trading on November 18
Alvopetro Energy Ltd. (CDX:ALV:CA) is amongst the weakest basic materials stocks listed on the TSX Venture Exchange through noon on November 18, with a fall of 4.35%. After closing the previous session at $0.23, shares of ALV:CA opened this morning at $0.22 and are currently trading at $0.22. At the lunch break, about 20,000 shares have changed hands, compared to an average 30-day volume of 89,264 for Alvopetro Energy Ltd.. Shares moved as high as $0.245 and as low as $0.22 in today’s morning action.
The share depreciation gives the company a market capitalization of $19.59 million based upon 85.17 million shares outstanding.
In the past 52 weeks, shares of Alvopetro Energy Ltd. have traded as low as $0.18 and as high as $0.37. Technical traders will take note that at $0.22, shares of ALV:CA are trading below their 50-day moving average (MA) at $0.228 and below their 200-day MA at below $0.273. 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 $Alvopetro Eg?
Alvopetro Energy Ltd is an oil and gas exploration and production company. It is engaged in the exploration, acquisition, development and production of hydrocarbons in the Reconcavo, Tucano, and Camamu-Almada basins in onshore Brazil. The company is led by its CEO Corey Ruttan from its headquarters at 332 6th Avenue SW.
For more information on Alvopetro Eg and other companies trading on the TSX Venture Exchange, as well as other Canadian and American stock exchanges, or to be considered for contributing content for our distribution network, visit FinancialPress.com today.
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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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Source: Financial Press News
(November 18, 2016 - 6:22 PM EST)
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