Toronto's main market advanced for a fourth day on Thursday amid low volumes ahead of the holiday long weekend, as a rally in energy producers and banks overpowered declines among gold miners.
In corporate activity, Canadian Natural Resources Ltd. (TSE:CNQ), the second-largest energy company, added 1.5% to C$44.74 after saying it has made a new light oil discovery offshore Cote d’Ivoire in West Africa. It said the well was plugged and data will now be evaluated.
Caza Oil & Gas (LON:CAZA) (TSE:CAZ) has revealed another bumper well result from the Bone Springs play in New Mexico, with the West Copperline 29 Fed 2H flowing at a rate of 1,366 barrels oil equivalent per day (boepd). This is the second development well on the West Copperline property, and follows the equally successful wells on the property.
AltaGas Ltd. (TSE:ALA), an energy infrastructure company, edged up 0.5% to $47.59. Canada’s National Energy Board said yesterday that it has approved an application for a 25-year natural-gas export license from Triton LNG Limited Partnership for the export of liquefied natural gas. The Triton LNG project is owned by AltaGas Ltd. and Idemitsu Canada.
Raw-material shares lost 0.4% as gold is heading for a weekly drop. In the sector, Potash Corp. of Saskatchewan (TSE:POT), the world’s biggest fertilizer producer, slid 0.8% to C$38.26 after DuPont Co. (NYSE:DD) posted weaker-than-expected sales and earnings due to North American farmers delaying planting because of winter weather.
Shares of Almaden Minerals (TSE:AMM)(NYSE MKT:AAU) were jumping over 7% on Thursday after the company reported the results of a preliminary economic assessment on its Ixtaca gold-silver deposit in Mexico, which boasted an after tax IRR of 22%. Under the base case scenario using prices of US$1,320 per ounce of gold and US$21 per ounce of silver, the pre-tax net present value after tax was estimated at $437 million, at a 5% discount rate.
Lydian International (TSE:LYD) has announced that Dr Tim Coughlin has stepped down from the board following his resignation as the Armenia-focused gold explorer’s chief executive and president.
In other stocks, McGraw-Hill Ryerson Ltd. (TSE:MHR), a textbook publisher, jumped 1.7% to C$49.90 after agreeing to be taken private at C$50 a share by McGraw-Hill Global Education Holdings LLC, which already owns about 70.1% in that company.
Moving to junior markets in Canada, shares of medical marijuana entrant Enertopia Corporation (CSE:TOP) surged on Thursday after the company said it has expanded the phase one buildout of its medical marijuana facility, which has yet to be granted a growing license by Health Canada.
Abattis Bioceuticals (CSE:ATT) rallied over 16% to C$1.36, fueled in part by its announcement that it has inked a share exchange agreement with Experion Biotechnologies. Experion and Abattis’ wholly owned subsidiary Northern Vine have exchanged 25% of each parties' issued and outstanding common shares. Abattis will maintain a 75% stake in Northern Vine. Together, Northern Vine and Experion are well positioned to capitalize on the growing trend towards marijuana legalization in the United States and medical use in Canada as licensed producers.
Avrupa Minerals (CVE:AVU) said Thursday it has completed phase 4 drilling on its Alvaladae joint venture in Portugal, which is 51% owned by London-listed Antofagasta plc. The final six holes of the program consisted of more than 1,500 metres of drilling, to depths between 160 and 334 metres. The holes were located in the general area of the recently announced Sesmarias massive sulfide drill intersection, Avrupa said.
Reported by Proactive Investors 1 hour ago.