Toronto's main market edged down Tuesday as Canadian National Railway's results offset gains in metals and mining.
Canadian National Railway Co. (TSE:CNR), the country’s largest railroad, retreated 2% to C$102.99 after the company said it may face a “challenging” second half because of “softness” in shipping bulk products such as grain. Canada's largest railway, which missed expectations in the second quarter on the top and bottom lines, still expects high single-digit growth this year on top of last year's adjusted profit, making the high end of its full-year forecast $6.17 per share on an adjusted basis.
In financials, Brookfield Canada Office Properties (TSE:BOX.UN), an independent equity real estate investment trust, slid 1.4% to C$26.18 after it posted a second-quarter net income of 38 Canadian cents a unit, down from C$1.44 in the year-earlier period.
TD Bank Group, which includes the Toronto-Dominion Bank (TSE:TD) and its subsidiaries, announced on Tuesday that it expects TD Ameritrade's third-quarter earnings to translate into a contribution of approximately C$69 million to fiscal third-quarter net income for its Wealth and Insurance segment. TD Bank Group will release its third-quarter financial results on August 29. TD Ameritrade Holding Corp. (NASDAQ:AMTD), the biggest U.S. discount brokerage by client trading volume, reported a higher-than-expected 20 percent jump in fiscal third-quarter as fees from commissions increased and costs dropped.
Elsewhere in financial shares, Black Diamond Group (TSE:BDI), which provides temporary workspace for urban and industrial customers, advanced 4% to $24.32 after saying it has received four large-scale contracts worth a total of C$100 million for remote workforce accommodations in Western Canada. The Calgary, Alberta-based company also said results for the second half of this year and first half of next year are expected to be “strong."
Aimia Inc. (TSE:AIM), a credit card loyalty program manager, jumped 5% to C$15.87, after it agreed to buy Smart Button, a technology provider for national retailers in the U.S., for $18 million.
In materials shares, Stornoway Diamond Corp (TSE:SWY) has increased the resource estimate at its Renard diamond project in north-central Quebec, the mining company said Tuesday, allowing it to make use of the upcoming expanded capacity at its plant. The resource report, completed by GeoStrat Consulting Services, shows a total of 27.1 million carats in the indicated category, a 14 per cent increase over the previous estimate, according to Stornoway's statement. Shares gained 2% to 57 cents.
Shares in Black Iron Inc. (TSE:BKI) soared 35% on the back of the announcement Tuesday of a development arrangement with Metinvest B.V., Ukraine's largest mining and steel producer, that entails an initial investment of $20 million in Black Iron (Cyprus) Ltd, the wholly-owned subsidiary of the Toronto-based explorer and developer, with hundreds of millions to follow. Black Iron plans to use the proceeds from the Metinvest subscription to finance the development of its Shymanivske project, which contains 646 million tonnes measured and indicated resources grading 31.6 per cent iron and 188 million tonnes inferred resources grading 30.1 per cent iron, as well as for general working capital.
Kirkland Lake Gold (TSE:KGI)(AIM:KGI) has added Claude Lemasson to its board as lead non-executive director, it said Tuesday, as the gold development company works to expand its production rate. Most recently, he was the president, COO, and director of Guyana Goldfields, and before this, he spent six years as the mine general manager at Goldcorp's (TSE:G) Red Lake mine, where he worked closely with Kirkland Lake Gold's current COO, together overseeing production growth to 600,000 ounces per year and putting the mine's high-grade zone into production.
Teranga Gold Corp (TSE:TGZ) (ASX:TGZ) and Oromin Explorations (TSE:OLE) announced Tuesday that the two companies have entered into a support agreement in connection to Teranga’s amended offer to acquire all outstanding common shares of Oromin that it does not already own. The amended offer includes an increase in the exchange ratio to 0.6 of a common share of Teranga, a Toronto-based gold producer focussed on West Africa, for each share in Oromin, up from 0.582. This increase in exchange ratio brings the net treasury shares to be issued by Teranga to approximately 71.2 million up from the previous figure of approximately 69.1 million.
Alamos Gold Inc. (TSE:AGI) (NYSE:AGI) said Tuesday it has agreed to buy out junior explorer Orsa Ventures Corp. (CVE:ORN) for $3.5 million, as the company works to diversify its portfolio. The news follows the announcement earlier this month that Alamos agreed to buy Esperanza Resources (CVE:EPZ)(OTCQX:ESPF), which is focused on advancing its main Esperanza gold project in Morelos State, Mexico, in a deal valued at C$69.4 million.
Moving to the junior market in Canada, shares of Ecuador Gold & Copper Corp. (CVE:EGX) surged Tuesday after the Toronto-based explorer updated its mineral resource estimate for the Condor project in southeast Ecuador, which in some cases more than tripled resources. Indicated gold resources expanded by 39 per cent from the previous estimate to 82.7 million tonnes at 0.76 grams per tonne (g/t) gold, or 2.0 million contained ounces of the yellow metal, while inferred gold resources jumped 240 per cent to 241.2 million tonnes at 0.56 g/t gold, for 4.4 million ounces.
Investors also bought up shares of Canada Carbon (CVE:CCB) on Tuesday, as its stock resumed trading after being halted pending the news of results from a second purification test on its Miller graphite property, which yielded results exceeding the target of 99% graphitic carbon (Cg). The hydrometallurgical purification test, conducted by SGS Canada, follow results from earlier this month, and included a conventional acid leach process, which resulted in a product grade of 100% Cg.
Finally, Avrupa Minerals (CVE:AVU) says that core drilling has resumed at the Monte de Bela Vista target on its Alvalade joint venture with Antofagasta Minerals. This will be the fourth hole drilled at the target, the companies said, which is located less than 2km north of the old Lousal mine on the Neves Corvo mineral trend. Plans are underway for two to three drill holes, and up to 1,600 metres at several targets in phase 3b of drilling. Earlier this year, 2,756 metres were drilled in phase 3a. Reported by Proactive Investors 9 hours ago.
Canadian National Railway Co. (TSE:CNR), the country’s largest railroad, retreated 2% to C$102.99 after the company said it may face a “challenging” second half because of “softness” in shipping bulk products such as grain. Canada's largest railway, which missed expectations in the second quarter on the top and bottom lines, still expects high single-digit growth this year on top of last year's adjusted profit, making the high end of its full-year forecast $6.17 per share on an adjusted basis.
In financials, Brookfield Canada Office Properties (TSE:BOX.UN), an independent equity real estate investment trust, slid 1.4% to C$26.18 after it posted a second-quarter net income of 38 Canadian cents a unit, down from C$1.44 in the year-earlier period.
TD Bank Group, which includes the Toronto-Dominion Bank (TSE:TD) and its subsidiaries, announced on Tuesday that it expects TD Ameritrade's third-quarter earnings to translate into a contribution of approximately C$69 million to fiscal third-quarter net income for its Wealth and Insurance segment. TD Bank Group will release its third-quarter financial results on August 29. TD Ameritrade Holding Corp. (NASDAQ:AMTD), the biggest U.S. discount brokerage by client trading volume, reported a higher-than-expected 20 percent jump in fiscal third-quarter as fees from commissions increased and costs dropped.
Elsewhere in financial shares, Black Diamond Group (TSE:BDI), which provides temporary workspace for urban and industrial customers, advanced 4% to $24.32 after saying it has received four large-scale contracts worth a total of C$100 million for remote workforce accommodations in Western Canada. The Calgary, Alberta-based company also said results for the second half of this year and first half of next year are expected to be “strong."
Aimia Inc. (TSE:AIM), a credit card loyalty program manager, jumped 5% to C$15.87, after it agreed to buy Smart Button, a technology provider for national retailers in the U.S., for $18 million.
In materials shares, Stornoway Diamond Corp (TSE:SWY) has increased the resource estimate at its Renard diamond project in north-central Quebec, the mining company said Tuesday, allowing it to make use of the upcoming expanded capacity at its plant. The resource report, completed by GeoStrat Consulting Services, shows a total of 27.1 million carats in the indicated category, a 14 per cent increase over the previous estimate, according to Stornoway's statement. Shares gained 2% to 57 cents.
Shares in Black Iron Inc. (TSE:BKI) soared 35% on the back of the announcement Tuesday of a development arrangement with Metinvest B.V., Ukraine's largest mining and steel producer, that entails an initial investment of $20 million in Black Iron (Cyprus) Ltd, the wholly-owned subsidiary of the Toronto-based explorer and developer, with hundreds of millions to follow. Black Iron plans to use the proceeds from the Metinvest subscription to finance the development of its Shymanivske project, which contains 646 million tonnes measured and indicated resources grading 31.6 per cent iron and 188 million tonnes inferred resources grading 30.1 per cent iron, as well as for general working capital.
Kirkland Lake Gold (TSE:KGI)(AIM:KGI) has added Claude Lemasson to its board as lead non-executive director, it said Tuesday, as the gold development company works to expand its production rate. Most recently, he was the president, COO, and director of Guyana Goldfields, and before this, he spent six years as the mine general manager at Goldcorp's (TSE:G) Red Lake mine, where he worked closely with Kirkland Lake Gold's current COO, together overseeing production growth to 600,000 ounces per year and putting the mine's high-grade zone into production.
Teranga Gold Corp (TSE:TGZ) (ASX:TGZ) and Oromin Explorations (TSE:OLE) announced Tuesday that the two companies have entered into a support agreement in connection to Teranga’s amended offer to acquire all outstanding common shares of Oromin that it does not already own. The amended offer includes an increase in the exchange ratio to 0.6 of a common share of Teranga, a Toronto-based gold producer focussed on West Africa, for each share in Oromin, up from 0.582. This increase in exchange ratio brings the net treasury shares to be issued by Teranga to approximately 71.2 million up from the previous figure of approximately 69.1 million.
Alamos Gold Inc. (TSE:AGI) (NYSE:AGI) said Tuesday it has agreed to buy out junior explorer Orsa Ventures Corp. (CVE:ORN) for $3.5 million, as the company works to diversify its portfolio. The news follows the announcement earlier this month that Alamos agreed to buy Esperanza Resources (CVE:EPZ)(OTCQX:ESPF), which is focused on advancing its main Esperanza gold project in Morelos State, Mexico, in a deal valued at C$69.4 million.
Moving to the junior market in Canada, shares of Ecuador Gold & Copper Corp. (CVE:EGX) surged Tuesday after the Toronto-based explorer updated its mineral resource estimate for the Condor project in southeast Ecuador, which in some cases more than tripled resources. Indicated gold resources expanded by 39 per cent from the previous estimate to 82.7 million tonnes at 0.76 grams per tonne (g/t) gold, or 2.0 million contained ounces of the yellow metal, while inferred gold resources jumped 240 per cent to 241.2 million tonnes at 0.56 g/t gold, for 4.4 million ounces.
Investors also bought up shares of Canada Carbon (CVE:CCB) on Tuesday, as its stock resumed trading after being halted pending the news of results from a second purification test on its Miller graphite property, which yielded results exceeding the target of 99% graphitic carbon (Cg). The hydrometallurgical purification test, conducted by SGS Canada, follow results from earlier this month, and included a conventional acid leach process, which resulted in a product grade of 100% Cg.
Finally, Avrupa Minerals (CVE:AVU) says that core drilling has resumed at the Monte de Bela Vista target on its Alvalade joint venture with Antofagasta Minerals. This will be the fourth hole drilled at the target, the companies said, which is located less than 2km north of the old Lousal mine on the Neves Corvo mineral trend. Plans are underway for two to three drill holes, and up to 1,600 metres at several targets in phase 3b of drilling. Earlier this year, 2,756 metres were drilled in phase 3a. Reported by Proactive Investors 9 hours ago.