Toronto's main market rose Wednesday on a rally by Encana Corp. following a deal to buy U.S. shale oil assets.
Encana Corp. (TSE:ECA), a natural gas producer, climbed 4.7% to C$25.72 after saying it is buying Texas shale assets from Freeport-McMoRan for $3.1 billion.
Talisman Energy Inc. (TSE:TLM), Canada's fifth-largest independent oil and gas producer, jumped 6.6% to $11.87 after swinging to a first-quarter profit as oil and natural gas liquids production in North America surged 45%.
Enbridge Inc. (TSE:ENB), Canada's largest pipeline company, inched up 0.8% to C$53.4 after reporting a 56% increase in first-quarter profit, aided by higher operating results.
Husky Energy (TSE:HSE), Canada's No.3 integrated oil company, added 1.6% to C$36.07 after it said its first-quarter profit rose 24%, helped by stronger prices for its crude oil, natural gas liquids and bitumen.
New Zealand-focused oil and gas producer TAG Oil (TSE:TAO) (OTCQX:TAOIF) says it is planning to spend C$60 million in fiscal 2015 on a program designed to create shareholder value through growing baseline reserves and high impact drilling in the Taranaki Basin as well as unlocking major resource potential from fractured source rocks in the East Coast Basin.
Elsewhere, raw-material shares lost 1% as gold declined for the second day.
Agrium Inc. (TSE:AGU), a fertilizer maker, fell 1.2% to C$103.01 after saying first-quarter net income plunged by 98%, hurt by tough winter weather and lower prices for all its wholesale products. It also warned that results for the current second quarter will be below expectations.
In other stocks, Tim Hortons Inc. (TSE:THI), Canada’s largest fast-food chain, fell 1.5% to C$58.76. The company's first-quarter earnings and revenue improved, as same-store sales grew in Canada and the U.S., but results trailed expectations as expenses climbed.
Shares of Norsat International (TSE:NII) (OTC BB:NSATF), which provides remote communications services, surged over 9% to 54 Canadian cents on Wednesday after the company reported that its first quarter earnings and sales increased as expenses declined and sales in its microwave products division jumped on the back of a new product line.
CI Financial (TSE:CIX) advanced 2.7% to C$36.79 after the company's profit met expectations and as it raised its dividend.
Moving to junior markets in Canada, Naturally Splendid Enterprises (CVE:NSP) has secured a U.S. distribution agreement for its hemp-based Natera superfood line, with the products to now be distributed by Vancouver-based Sonray Sales, which supplies over 7,000 stores in the U.S. The deal expands Naturally Splendid's distribution network to almost 20,000 potential retail locations throughout North America, up from over 10,000 previously. Shares hiked up 10.7% to 31 Canadian cents during the session.
First Global Data (CVE:FGD) said Wednesday that its subsidiary has been granted a new money transmitter license by the state of Idaho, increasing the number of U.S. states the international payments company is now able to conduct money services to 19.
PetroFrontier (CVE:PFC), a Canada-based exploration-stage company operating in Australia, has now spud its second well in its 2014 work program with joint venture partner Statoil, with drilling underway. Reported by Proactive Investors 2 hours ago.
Encana Corp. (TSE:ECA), a natural gas producer, climbed 4.7% to C$25.72 after saying it is buying Texas shale assets from Freeport-McMoRan for $3.1 billion.
Talisman Energy Inc. (TSE:TLM), Canada's fifth-largest independent oil and gas producer, jumped 6.6% to $11.87 after swinging to a first-quarter profit as oil and natural gas liquids production in North America surged 45%.
Enbridge Inc. (TSE:ENB), Canada's largest pipeline company, inched up 0.8% to C$53.4 after reporting a 56% increase in first-quarter profit, aided by higher operating results.
Husky Energy (TSE:HSE), Canada's No.3 integrated oil company, added 1.6% to C$36.07 after it said its first-quarter profit rose 24%, helped by stronger prices for its crude oil, natural gas liquids and bitumen.
New Zealand-focused oil and gas producer TAG Oil (TSE:TAO) (OTCQX:TAOIF) says it is planning to spend C$60 million in fiscal 2015 on a program designed to create shareholder value through growing baseline reserves and high impact drilling in the Taranaki Basin as well as unlocking major resource potential from fractured source rocks in the East Coast Basin.
Elsewhere, raw-material shares lost 1% as gold declined for the second day.
Agrium Inc. (TSE:AGU), a fertilizer maker, fell 1.2% to C$103.01 after saying first-quarter net income plunged by 98%, hurt by tough winter weather and lower prices for all its wholesale products. It also warned that results for the current second quarter will be below expectations.
In other stocks, Tim Hortons Inc. (TSE:THI), Canada’s largest fast-food chain, fell 1.5% to C$58.76. The company's first-quarter earnings and revenue improved, as same-store sales grew in Canada and the U.S., but results trailed expectations as expenses climbed.
Shares of Norsat International (TSE:NII) (OTC BB:NSATF), which provides remote communications services, surged over 9% to 54 Canadian cents on Wednesday after the company reported that its first quarter earnings and sales increased as expenses declined and sales in its microwave products division jumped on the back of a new product line.
CI Financial (TSE:CIX) advanced 2.7% to C$36.79 after the company's profit met expectations and as it raised its dividend.
Moving to junior markets in Canada, Naturally Splendid Enterprises (CVE:NSP) has secured a U.S. distribution agreement for its hemp-based Natera superfood line, with the products to now be distributed by Vancouver-based Sonray Sales, which supplies over 7,000 stores in the U.S. The deal expands Naturally Splendid's distribution network to almost 20,000 potential retail locations throughout North America, up from over 10,000 previously. Shares hiked up 10.7% to 31 Canadian cents during the session.
First Global Data (CVE:FGD) said Wednesday that its subsidiary has been granted a new money transmitter license by the state of Idaho, increasing the number of U.S. states the international payments company is now able to conduct money services to 19.
PetroFrontier (CVE:PFC), a Canada-based exploration-stage company operating in Australia, has now spud its second well in its 2014 work program with joint venture partner Statoil, with drilling underway. Reported by Proactive Investors 2 hours ago.