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Tuesday’s most followed in Canada including Couche-Tard, Ivanhoe, BlackPearl, TMX, NovaCopper, Klondex Mines, Stella-Jones, Agrium, Air Canada, Otis…
Toronto’s main market advanced for a second day on Tuesday after Russian President Vladimir Putin signaled he wouldn’t invade eastern Ukraine and investors awaited results from a Federal Reserve policy meeting.
In corporate activity, Alimentation Couche-Tard Inc. (TSE:ATD.B), the largest public convenience-store operator in North America, gained 2.3% to C$86.9 after releasing fourth-quarter results that matched analyst estimates. It reported a third-quarter profit of 96 cents a share, or 92 cents on an adjusted basis, and said it has received board and regulatory approvals for a three-for-one stock split.
In the energy sector, the main index’s second most heavily weighted group, Ivanhoe Energy Inc. (TSE:IE), which operates in Canada, the U.S. and Ecuador, slumped 10% to 63 Canadian cents. The company said it is suspending work on its 20,000 barrel-per-day Tamarack oilsands project in Western Canada. It also reported a net loss of $143.8 million from continuing operations, wider than the $12.8 billion net loss booked in the year-earlier period.
BlackPearl Resources (TSE:PXX) climbed 6.4% to C$2.50 after saying it closed a $70 million bought deal equity offering at a price of $2.65 per share.
In the financials group, which accounts for 34% of the main measure, TMX Group Ltd. (TSE:X), operator of the Toronto Stock Exchange, rose 0.7% to C$51.9. Chief Executive Officer Thomas Kloet will retire at the end of August, six years after assuming the post, the company said. An exchange spokeswoman told the Wall Street Journal that Kloet isn’t leaving for another job and the board didn’t ask him to step down.
The materials sub-index, which includes mining shares, lately edged up even as gold prices slumped the most in six weeks.
NovaCopper (TSE:NCQ) (NYSE-MKT:NCQ) jumped in early deals Tuesday after announcing a near doubling of resources in both the indicated and inferred categories at its Bornite project in northwest Alaska. The updated NI 43-101 compliant resource includes the results of the company’s 2013 core drilling program and assays of previously unsampled or partially sampled historical Kennecott drill core.
Klondex Mines (TSE:KDX)(OTCQX:KLNDF) said it has appointed Brent Kristof, the former general manager of the Midas mine in Nevada that the company just acquired, as its new chief operating officer. Effective April 15, Kristof, an experienced mining professional in the northern Nevada region, will lead the operations of Klondex’s key properties in Nevada as it moves into production.
Stella-Jones Inc. (TSE:SJ), a manufacturer of pressure treated wood products, jumped 3.5% to $29.71 after saying it has agreed to buy the wood treating facilities of Alabama’s Boatright Railroad Products Inc., which makes crossties and related products for railroad operators.
US farm co-operative CHS Inc said late Monday it has agreed to buy 16 Canadian farm retail outlets from Agrium (TSE:AGU), with shares of the Canadian company rising 0.6% to C$104.44 on the news. Terms of the deal, which is expected to close April 1, were not disclosed.
In other stocks, Air Canada (TSE:AC.B), the nation’s largest airline, added 1.2% to C$5.71 after it has suspended flights to Venezuela due to security concerns in the wake of ongoing anti-government protests in the South American country.
Moving to more junior stocks in Canada, SilverWillow Energy (CVE:SWE) shares surged over 14% on Tuesday after the company said its board has started a strategic alternatives process with the aim of boosting shareholder value. The Calgary, Alberta-based oil sands explorer told investors that the alernatives could include the sale of the company, a merger, additional financing, a sale of assets, or the continued execution of its business plan, among other options.
Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) provided investors Tuesday with an update on its operations, saying that permitting progress is being made for its next planned drilling program at its Kilgore gold project in Idaho. Based on the company’s discussions with permitting authorities, Otis said it expects to be able to initiate a drilling program by this July.
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