A roundup of some of the North American equities making moves in both directions today
On the rise
Richelieu Hardware Ltd. (RCH-T) jumped 11.1 per cent on Thursday after reporting better-than-anticipated second-quarter results.
The Montreal-based company said sales rose 6.8 per cent to $281-million, while EBITDA and earnings per share were up 9.5 per cent and 9.7 per cent, respectively, to $30.7-million and 34 cents.
“We are confident that our strategies of ongoing innovation, market development and acquisition will continue to bring good results in the second half of 2019,” said president and CEO Richard Lord.
Tourmaline Oil Corp. (TOU-T) was up 2.4 per cent after announcing announce that the Toronto Stock Exchange has accepted the notice of its intention to commence a normal course issuer bid.
The NCIB allows the Calgary-based company to purchase up to 13,602,507 common shares, representing 5 per cent of its 272,050,159 outstanding common shares, over a period of twelve months commencing on July 8.
“Tourmaline will use the NCIB as another tool to enhance total long-term shareholder returns and will be used in conjunction with management’s disciplined free funds flow capital allocation strategy,” the company said.
On the decline
A day after announcing the departure of co-CEO Bruce Linton, shares of Canopy Growth Corp. (WEED-T) were lower by 0.8 per cent.
See also: Jeffery Jones: For Canopy’s Bruce Linton, his biggest deal was his undoing
Andrew Willis: Canada’s missed opportunity: Pot industry now being run out of the U.S.
Shares of Hudson’s Bay Company (HBC-T) were 0.9 per cent lower following a BNN Bloomberg report that the retailer is exploring the possibility of closing some of its namesake department stores in Canada.
According to the report, HBC is also actively looking to restructure some of its leases with store landlords.
In the wake of Wednesday’s release of weaker-than-anticipated financial results, shares of Tecsys Inc. (TCS-T) fell 2.8 per cent.
Several equity analysts cut their target for the Montreal-based company, including Echelon Wealth’s Amr Ezzat.
Mr. Ezzat said: “While the P&L is once again pressured by the Company’s effort to steer the business towards a subscription model (ie, less up-front perpetual license payments), operationally the Company continues to showcase very strong momentum."
TSX-listed gold companies fell in early trading in reaction to gold prices easing as investors locked in profits before this week’s U.S. non-farm payrolls data and as a rally in stock markets briefly halted the metal’s recent strong run.
Spot gold was 0.3 per cent lower at $1,414.21 an ounce. U.S. gold futures were down 0.2 per cent at $1,417.40 an ounce.
Oceanagold Corp. (OGC-T) dipped 5.6 per cent, while Iamgold Corp. (IMG-T) lost 0.2 per cent.
With files from staff and wires
David Leeder