With the S&P/TSX composite index on Tuesday well on its way to erasing most of the damage sustained during Monday's selloff, it may be tempting to conclude that most stocks haven't changed that much over the past two days. After all, the index fell 841 points on Monday, then rebounded 538 points by early afternoon on Tuesday - a 300-point difference that hardly looks disastrous based on recent volatility.
However, for many stocks, the rebound has barely repaired the damage - particularly for some resource firms. Uranium One Inc., down on both trading days, has fallen a total of 27.2 per cent this week. Equinox Minerals Ltd. has fallen 22.8 per cent, Sherritt International Corp. has fallen 12.8 per cent and Canadian Natural Resources Ltd. has fallen 12.7 per cent. For these stocks, Tuesday's rebound pales next to Monday's meltdown.
But it's not all gloom in the stock market. Some stocks have emerged with gains over the past two trading days, outperforming the overall index. European Goldfields Ltd. has risen 6.8 per cent, Fording Canadian Coal Trust has risen 4.3 per cent, Kinross Gold Corp. has risen 4.2 per cent, Fairfax Financial Holdings Ltd. has risen 3.9 per cent and Brookfield Asset Management Inc. has risen 3.2 per cent. Volatility means little to these names. Well, in the past two days.