A roundup of some of the North American equities making moves in both directions today
Shares were briefly halted Tuesday morning on the Toronto Stock Exchange after volatile trading activity triggered a regulatory safety mechanism.
The trading halt was issued at 9:52 a.m. ET as a result of a single-stock circuit breaker, which is enacted in order to ensure fairness in the market, according to the Investment Industry Regulatory Organization of Canada.
HBC shares opened at $8.38 and quickly shot to $10.09, a gain of more than 22 per cent, before falling back to $9.40.
The company’s shares resumed trading at 9:57 a.m., and were at $9.52 in midmorning trading.
Shares of B.C.-based Neovasc Inc. (NVCN-T) jumped over 38 per cent after the medical device company announced the submission of a Premarket Approval application (PMA) to the U.S. Food and Drug Administration for its Neovasc Reducer medical device for the treatment of refractory angina.
Neovasc said the submission also includes a request for an Advisory Panel meeting.
“This submission marks an important milestone in our effort to bring Reducer to the U.S. market, where it is estimated that there are up to 1.8 million patients with refractory angina,” said president and CEO Fred Colen. “These patients have traditionally had no options - they are either unsuitable for revascularization or continue to suffer with angina following revascularization procedures. The Reducer provides potential relief of angina symptoms by altering blood flow within the myocardium of the heart and increasing the perfusion of oxygenated blood to ischemic areas of the heart muscle.”
The companies also secured a long-term supply agreement that will see Latécoère supply Bombardier with electrical wiring interconnection systems.
“The transaction further supports Bombardier Aviation’s transformation and sharpens the company’s focus on its core manufacturing capabilities,” the company said in a release. “The skilled employees who manufacture the main harnesses and electrical subassemblies in Querétaro will bring years of experience and value to Latécoère. The sale will not impact the remainder of Bombardier’s operations at its Querétaro site, which will continue to produce major structures for Bombardier aircraft, such as the aft fuselage for the Global family of business aircraft – including the company’s flagship Global 7500 jet – the most complex aircraft component manufactured in Mexico.”
Just Energy Group Inc. (JE-T) was up 8.5 per cent following the premarket announcement of the sale of its customer contracts and natural gas in storage in the state of Georgia to Infinite Energy for approximately $4.4-million.
“The Georgia market has limited growth possibility and was sub-scale for Just Energy,” it said in a statement.
In addition, the Toronto-based company also announced it has closed the sale of its Irish operations to Flogas Natural Gas Limited for approximately $1.0 million.
"The sale of our Georgia based assets and operations in Ireland, in addition to the earlier sale of our UK operations, are key milestones in our strategy to refine our focus,” said president and CEO Scott Gahn. “These changes to our business structure allow us to concentrate on our stronger growth and higher-margin operations in North America, while reducing costs.”
EnWave Corp. (ENW-X) increased 14.3 per cent after announcing it has signed an Equipment Purchase Agreement for the delivery of a 100kW nutraREV processing line to Consulting FB Tech and Apps S.L. (“Fresh Business”) in Peru.
The Vancouver-based company signed a royalty-bearing commercial license agreement with Fresh Business in April.
U.S-listed shares of Tencent Music Entertainment (TME-N) rose 0.7 per cent after a consortium led by the China-based company agreed to buy a 10-per-cent stake in Vivendi’s Universal Music Group.
The deal allows both companies to expand in a recovering global music market, giving Tencent more access to U.S. artists while UMG can tap into the Asian market, including big-selling “K-Pop” Korean pop stars.
After months of talks, French media conglomerate Vivendi said on Tuesday it had finalized the sale of an initial 10 per cent of the world’s largest music label to the Tencent consortium, which also had the option to buy up to 10 per cent more by January 2021 on the same price basis.
The cannabis company said gross proceeds of the previously announced non-brokered placement, in which it issued 5,172,942 units at 29 cents each, was $1,500,153.
All units sold were purchased by Emerald Health Sciences Inc., a control person of Emerald, and certain directors and officers of Emerald.
On the decline
A day after jumping almost 15 per cent, shares of Maxar Technologies Inc. (MAXR-T) were down 5.3 per cent in the wake of the announcement it’s set to sell its Canadian space robotics business to a consortium led by Northern Private Capital for $1-billion.
In response to the deal, an equity analyst at Raymond James lowered his rating for Maxar shares.
With files from staff and wires