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The Oreninc Index climbed for the second straight week to a three-week high for the week ending June 27, 2013. The two-week streak is tied with another from late April for the longest streak of 2013. It is unlikely the streak will continue for another week, as next week is holiday-shortened due to Canada Day and U.S. market closures on the Fourth of July.
The Oreninc Index five-week moving average climbed for the first time since late May and for just the second time since April for the week ending June 20, 2013. Even with the increase, the five-week moving average is still at the second lowest level YTD. In positive news, last week had the most bought deals announced since April; however, they were unusually small. The next two weeks may be even slower still due to Canada Day.
The Oreninc Index five-week moving average fell to a year to date (YTD) low and the lowest level since last August for the week ending June 13, 2013. Unfortunately for junior resource companies, the financing market is still two months away from the bottom of the traditional yearly cycle. Expect to see many more desperation financings as the summer continues and don’t be surprised if there aren't as many drill results being published come the Fall due to exploration money not showing up yet this year.
The Oreninc Index climbed to a two-week high and the second highest in five weeks for the week ending June 6, 2013. The Index jumped slightly following the two holiday-shortened weeks; however, the five week moving average fell for the second straight week. One additional positive note was the increase in brokered offerings, the most since mid-April.
Note: The Oreninc Index image below has changed since indexes before May 2013. The weekly state of the market is now the purple line and the 5-week moving average is the grey area.
The Oreninc index fell to a YTD low and its lowest level since last July for the week ending May 30, 2013. Total dollars announced fell to a three-week low. This week’s sharp drop was mostly due to just one brokered offering being announced, leading to the lowest brokered dollars announced since January. In addition, the markets may have been particularly weak due to the holidays in the U.S. and U.K. Next week may see some increase purely because of no markets having closures, but don’t expect a stunning rebound.
