During yesterday's trading session on the TSX Venture Exchange, Argentex Mng Corp. (CVE:ATX
) stock made its next successful attempt to replace the red candlestick on its price chart with a green one.
Looks like after the huge share price plunging down in the middle of last week investors finally appreciated the upward direction of ATX.
The shares of Argentex Mng Corp. closed at $0.84 in a weak volume and with an only 1.20% price soar. Though the modest scale, investors demonstrated their willingness to change the bearish mood with a bullish one.
At the beginning of the week, on the American OTCQB market AGXM remained unchanged at the standing point of its Friday's level, due to the non-working market. Yesterday, the company's shares slightly pulled up.
Following the latest news and developments of the company, there seems to be no special occasion for the sharp returning back of the share price from last week.
Further more, the last announced plans of ATX were related to its Pinguino project and seemed promising. In mid-December, Argentex Mng Corp. released that its drilling program this year will be focused on the high-grade silver intersections discovered at the Pinguino property in Santa Cruz, Argentina.
According to the presentation "Irreversible Upward Pressures and the China Effect" made in the beginning of this January at the Empire Club 17th Annual Investment Outlook, silver was one of the investments with the highest rate of return last year. It was up 78% in 2010 and similar to gold begins to assume its role as a monetary metal.[BANNER]
It is a fact that following that news ATX price rose 9.21% up to yesterday, which in comparison with other companies in the industry can not be evaluated as the best performance.
The good financial standing of Argentex Mng Corp., expressed even only by its cash balance of $7.5 million and total liabilities of $173K at the end of last October, may suggest that maybe the company's shares are underestimated.