Toronto's main market stretched losses for a second day Tuesday, with all major sectors tumbling, as investors grew nervous that the solid gains of recent months could prompt a market correction.
In corporate activity, TransGlobe Energy Corp. (TSE:TGL), a Canadian oil producer focused on Egypt, lost 1.9% to C$7.24 after second-quarter production at one of its facilities was affected by pump failures.
Painted Pony Petroleum Ltd. (TSE:PPY), which seeks to acquire interests in oil and natural gas exploration projects in Canada, sank 5.2% to C$13.03 after selling its Saskatchewan energy assets for C$100 million in order to focus on its operations in northeastern British Columbia. After the sale, the company will be a pure-play Montney natural gas and natural gas liquids producer.
In materials, Premier Gold Mines Ltd. (TSE:PG) advanced 5.8% to C$3.12 after saying that, in an updated resource estimate for its Hardrock gold deposit in Ontario, open-pit indicated resources increased 69 percent to 3.97 million ounces.
Paramount Gold and Silver's (NYSE MKT:PZG)(TSE:PZG) shares were also rising Tuesday after the company unveiled a new resource estimate for its 142,000-hectare San Miguel project in northern Mexico. The newest estimate, prepared by Mine Development Associates of Reno, Nevada, shows 1.12 million measured and indicated contained ounces of gold, up 76% from 638,000 ounces previously. Silver ounces in the same category rose 44% to 77.1 million, the company said.
Treasury Metals (TSE:TML), the owner of the Goliath gold project in Dryden, Ontario, received a significant boost Tuesday after Jennings Capital initiated coverage on the gold development company with a speculative buy rating and a target price of 55 Canadian cents. The target price is 72% higher than Treasury's closing share price of 32 cents on Monday. The stock rallied more than 12% on Tuesday, up lately at 36.5 cents on the Toronto Stock Exchange.
In other stocks, Air Canada (TSE:AC.B), the nation's largest airline, declined 2.6% to C$9.59, after WestJet Airlines Ltd. (TSE:WJA) said yesterday it’ll start flying twin-aisle jets as early as next year.
Jean Coutu Group Inc. (TSE:PJC.A), a Canadian pharmacy chain, slid 1% to $21.97 after reporting net income fell to 29 Canadian cents a share in the fiscal first quarter from 51 Canadian cents a year earlier, reflecting a big unusual gain in the year-earlier period. Excluding unusual items, earnings increased to 29 Canadian cents a share from 26 Canadian cents in a highly competitive market, the drug-store operator noted.
ATS Automation Tooling Systems Inc. (TSE:ATA), a Canadian maker of automated production systems, climbed 7.7% to C$16.2 after saying it will acquire a Germany-based global provider of engineering-based automation services and products for an enterprise value of C$362 million.
Datawind Inc. (TSE:DW) completed its C$30 million initial public offering and began trading today on the Toronto Stock Exchange. The Canadian company, which delivers low-cost Internet connectivity to emerging markets, sold the IPO shares at C$4.75 each.
Moving to junior markets in Canada, Spartan Energy Corp. (CVE:SPE), the heaviest stock in the S&P/TSX Venture Composite Index (INDEXTSI:JX), said it will list its common shares on the Toronto Stock Exchange (TSX) starting tomorrow.
PetroFrontier Corp. (CVE:PFC), an oil and gas explorer operating in Australia, has begun drilling the fifth and final well of its 2014 work program, the OzEpsilon-1, the company said Tuesday. The OzEpsilon-1 well is a vertical exploration well located in exploration permit 128, and is the the last of five vertical test wells drilled as part of the 2014 work plan and budget, PetroFrontier said.
QMX Gold's (CVE:QMX) 10% stake in Falco Pacific Resource Group (CVE:FPC), the owner of the Rouyn-Noranda project in Quebec, has been sold to a privately owned company called 2425134 Ontario Inc., for a total of $2.58 million. The sale, which was made as part of a deal for QMX to extend the closing of its Snow Lake property sale, follows a bidding process for the block of 7 million shares. 2425134 Ontario was the highest bidder, according to QMX's statement. Shares of Falco rallied over 13% on Tuesday, to 68 Canadian cents. Reported by Proactive Investors 9 hours ago.
In corporate activity, TransGlobe Energy Corp. (TSE:TGL), a Canadian oil producer focused on Egypt, lost 1.9% to C$7.24 after second-quarter production at one of its facilities was affected by pump failures.
Painted Pony Petroleum Ltd. (TSE:PPY), which seeks to acquire interests in oil and natural gas exploration projects in Canada, sank 5.2% to C$13.03 after selling its Saskatchewan energy assets for C$100 million in order to focus on its operations in northeastern British Columbia. After the sale, the company will be a pure-play Montney natural gas and natural gas liquids producer.
In materials, Premier Gold Mines Ltd. (TSE:PG) advanced 5.8% to C$3.12 after saying that, in an updated resource estimate for its Hardrock gold deposit in Ontario, open-pit indicated resources increased 69 percent to 3.97 million ounces.
Paramount Gold and Silver's (NYSE MKT:PZG)(TSE:PZG) shares were also rising Tuesday after the company unveiled a new resource estimate for its 142,000-hectare San Miguel project in northern Mexico. The newest estimate, prepared by Mine Development Associates of Reno, Nevada, shows 1.12 million measured and indicated contained ounces of gold, up 76% from 638,000 ounces previously. Silver ounces in the same category rose 44% to 77.1 million, the company said.
Treasury Metals (TSE:TML), the owner of the Goliath gold project in Dryden, Ontario, received a significant boost Tuesday after Jennings Capital initiated coverage on the gold development company with a speculative buy rating and a target price of 55 Canadian cents. The target price is 72% higher than Treasury's closing share price of 32 cents on Monday. The stock rallied more than 12% on Tuesday, up lately at 36.5 cents on the Toronto Stock Exchange.
In other stocks, Air Canada (TSE:AC.B), the nation's largest airline, declined 2.6% to C$9.59, after WestJet Airlines Ltd. (TSE:WJA) said yesterday it’ll start flying twin-aisle jets as early as next year.
Jean Coutu Group Inc. (TSE:PJC.A), a Canadian pharmacy chain, slid 1% to $21.97 after reporting net income fell to 29 Canadian cents a share in the fiscal first quarter from 51 Canadian cents a year earlier, reflecting a big unusual gain in the year-earlier period. Excluding unusual items, earnings increased to 29 Canadian cents a share from 26 Canadian cents in a highly competitive market, the drug-store operator noted.
ATS Automation Tooling Systems Inc. (TSE:ATA), a Canadian maker of automated production systems, climbed 7.7% to C$16.2 after saying it will acquire a Germany-based global provider of engineering-based automation services and products for an enterprise value of C$362 million.
Datawind Inc. (TSE:DW) completed its C$30 million initial public offering and began trading today on the Toronto Stock Exchange. The Canadian company, which delivers low-cost Internet connectivity to emerging markets, sold the IPO shares at C$4.75 each.
Moving to junior markets in Canada, Spartan Energy Corp. (CVE:SPE), the heaviest stock in the S&P/TSX Venture Composite Index (INDEXTSI:JX), said it will list its common shares on the Toronto Stock Exchange (TSX) starting tomorrow.
PetroFrontier Corp. (CVE:PFC), an oil and gas explorer operating in Australia, has begun drilling the fifth and final well of its 2014 work program, the OzEpsilon-1, the company said Tuesday. The OzEpsilon-1 well is a vertical exploration well located in exploration permit 128, and is the the last of five vertical test wells drilled as part of the 2014 work plan and budget, PetroFrontier said.
QMX Gold's (CVE:QMX) 10% stake in Falco Pacific Resource Group (CVE:FPC), the owner of the Rouyn-Noranda project in Quebec, has been sold to a privately owned company called 2425134 Ontario Inc., for a total of $2.58 million. The sale, which was made as part of a deal for QMX to extend the closing of its Snow Lake property sale, follows a bidding process for the block of 7 million shares. 2425134 Ontario was the highest bidder, according to QMX's statement. Shares of Falco rallied over 13% on Tuesday, to 68 Canadian cents. Reported by Proactive Investors 9 hours ago.