It was yet another quiet summer time Friday trading session on the Canadian Markets. For the tale of the tape, the TSX Exchange tacked on 1.64%, while the TSX Gold Index rebounded 3.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.4% with the advancers beating out the decliners by a 420 to 344 margin on a lower than normal 155 million shares traded.
Canadian Superior Energy (AMEX:SNG) went shopping and elected to buy Challenger Energy (OTC: CHQGF) in a deal valued at C$77.8 million. Canadian Superior will issue 0.51 of its shares for every Challenger share and assume C$54.4 million in debt. Challenger ended the day up C$0.08 at C$0.40, while Canadian Superior closed unchanged at C$0.82.

Shares of Atac Resources continued to climb after word got out that the first hole of its 2009 program on the Rau property in the Yukon cut 65.07 metres of oxide mineralization with results pending. Atac ended the day up C$0.07 at C$0.46.

Sticking to the Yukon theme, new market darling Underworld Resources (CVE:UW) closed its C$16.55 million financing and rumours are that drill results are coming out on Monday. Underworld ended the day down C$0.07 at C$2.40.

The recovery story in the resource sector remains intact and that is helping both the Canadian dollar and the Canadian markets. We shall see what Monday trading has in store.

Source: Resource Stock Roundup:Monday, June 22nd, 2009