U.S. stocks have edged lower in trading today as a pullback in oil prices has weighed down sentiment. Market participants are also edgy as the uncertainty over when the Federal Reserve will hike interest rates continues.
On the labour market front, investors once again got some positive data as jobless claims came in below 300,000 for the 85th straight week. This is the first time since 1970 that jobless claims have been below 300,000 for this long.
Markets have also been kept on the edge by developments in Europe. The European Central Bank (ECB) kept its benchmark interest rates unchanged earlier today. However, there is still uncertainty over how long the ECB will continue with its bond purchase program.
Although the broader market has edged lower, the Basic Materials sector is holding on to its gains in late trading. One of the major movers in the sector today is Equitorial Exploration Corp. (TSX-Venture:EXX).
Based in Vancouver, Equitorial Exploration is in the process of pursuing and developing new business ventures. The company conducts all of its operations in acquisition, exploration and development of mineral, and oil & gas properties.
Equitorial Exploration shares are soaring after the company announced specimen sample results from its 2016 exploration program on the company's 100-per-cent-owned Li lithium property, which hosts the Little Nahanni pegmatite group (LNPG). The Li property lies 30 km northwest of the Cantung Mine Site in the Northwest Territories, immediately east of the Yukon Territory border.
Equatorial is in the process of acquiring high resolution satellite images for the Li property. These images will assist with mapping the dyke swarms on surface and will allow for a greater degree of certainty when creating a three dimensional model based on surface and drill hole structural measurements.
Early next year, the company will be retrieving the diamond drill core from the 2007 program from its current storage location in southeast Yukon and transporting it back to Whitehorse for re-logging and re-processing.
In summer 2017, Equatorial is anticipating a field program comprising diamond drilling, channel sampling, geological mapping and prospecting on the Li property.
The company also informed that Greg Campbell has resigned from its Board to pursue other business opportunities.
At last check, EXX shares were trading 12.50% higher at $0.0450 on volume of 2.50 million, which is more than 10 times the daily average volume of 217,430.
