A roundup of some of the North American equities making moves in both directions today
On the rise
MTY Food Group Inc. (MTY-T) was up 0.6 per cent in mid-afternoon trading after increasing its quarterly dividend payment by 10 per cent to 16.5 cents per share from 15 cents. “This increase represents the seventh increase since our first dividend declared in 2010. This increase further demonstrates not only our confidence in the ability to generate solid cash flows in the future, but also our confidence in our brands and our franchisee network” says chief executive officer Eric Lefebvre in a release.
Barrick Gold Corp. (ABX-T, ABX-N) rose 1.9 per cent after announcing it is open to selling its largest copper fine in the wake of the Zambian government proposing tax changes for its Lumwana property that would “imperil the mine’s ability to sustain returns to all stakeholders.”
Village Farms International Inc. (VFF-T) increased 19.6 per cent in the wake of news it has filed an application to list its common shares on Nasdaq Capital Market under the symbol “VFF.” “As a company with substantive U.S. assets and operations and, with our recently announced intention to aggressively pursue potential opportunities in the now federally legal U.S. hemp and CBD industry, the listing of our common shares on NASDAQ is intended to provide broader exposure to, and greater liquidity for, U.S. investors,” said chief executive officer Michael DeGiglio,
Canadian Western Bank (CWB-T) rose 2.8 per cent following its announcement of its plan to issue $100-million non-cumulative 5-year rate reset preferred shares.
Pharmacielo Ltd. (PCLO-X), a Toronto-based company focused on cannabis oil extracts, jumped 43.6 per cent. The stock commenced trading on the TSX Venture Exchange on Friday.
On the decline
Shawcor Ltd. (SCL-T) was down 1.9 per cent on the heels of the Sunday night announcement that it’s set to acquire ZCL Composites Inc. (ZCL-T) for $308-million. Under the agreement, Shawcor will acquire ZCL for $10 per share in cash, which represents a 37-per-cent premium to the Friday closing price.
Conversely, ZCL jumped 35.9 per cent in mid-afternoon trading.
Organigram Holdings Inc. (OGI-X) was down 0.2 per cent after announcing a class action suit against it has been filed with the Supreme Court of Nova Scotia on behalf of members who purchased medical cannabis that was the subject of the company’s voluntary product recalls in December 2016 and January 2017. “Certification is not a decision on the merits of the lawsuit, but simply deals with the proper procedure for a lawsuit, which allows it to continue to the next stage,” the company stated. It said it’s reviewing the decision “to determine whether it will appeal,” and “intends to vigorously defend itself against this class action.”
Amarc Resources Ltd. (AHR-X) was down 10 per cent after announcing late Friday that Hudbay Minerals Inc. (HBM-T) has relinquished its options to earn an interest in the IKE porphyry copper-molybdenum project near Gold Bridge, B.C. and also the JOY gold-copper project in the Toodoggone region of north-central B.C.
Hudbay declined 2 per cent after an equity analyst at CIBC World Markets downgraded its stock in the wake of recent appreciation.
Pan American Silver Corp. (PAAS-T) sat 3.3 per cent lower after releasing its preliminary 2018 operating results, which fell below expectations, and 2019 guidance. “2018 was a pivotal year for Pan American with low cash costs, strong cash flow, continued improvements at Morococha and Huaron, and positive impact to the bottom line from our La Colorada and Dolores expansions,” said president and chief executive officer Michael Steinmann.
Gluskin Sheff + Associates Inc. (GS-T) dropped 8..4 per cent after reporting its Dec. 31 assets under management on Friday.
With files from staff and wires
David Leeder