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Politics : Gold and Silver Stocks and Related Commentary
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From: loantech8/10/2005 9:36:03 AM
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Post says Connacher poster child of oil sands mania

2005-08-09 07:28 ET - In the News

The Financial Post reports in its Tuesday edition that the feverish excitement surrounding Alberta's oil sands stocks continues unabated, leading to comparisons with the dot-com boom of the late 1990s. The Post's Lori McLeod writes that the recent share price volatility, big trading volumes and chat room messaging are becoming reminiscent of activity that took place during the Internet craze. "There's a halo effect going on with the oil sands right now much like there was with the technology kind of spike of the late nineties," said Chris Fernyc of Bissett Investment Management in Calgary. "If you even breathe the word oil sands in your press release, you're getting lots of attention." Oil stocks have been on fire all year, but the latest fuel for the frenzy was the one-two punch last week of the proposed takeovers of Terasen Inc. and Deer Creek Energy Ltd. Under that halo, Monday's angel was junior exploration company Connacher Oil and Gas. The stock rose 38 cents to $2.38 in Toronto Monday, on volume of more than 16.2 million shares, over 10 times its volume a week ago. The stock is now up more than 330 per cent this year, giving Connacher a market cap of more than $220-million.
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