S&P/TSX Composite index Weekly Review: Emera Inc., Suncor Energy, Baytex Energy Corp., Barrick Gold Corp. (ABX)

The S&P/TSX Composite index (INDEXTSI:OSPTX) finished the week up sharply after the Friday Bank of Japan surprise that lifted most markets globally, and enabled them  to end the week on a positively for the first time in 2016.



TSX – Weekly Most Active Stocks on 2016.01.29
Company Symbol Volume Close Net Change

Emera Inc

EMA.IR 79,320,500 37.30 +2.80
Baytex Energy Corp TSE:BTE 49,561,885 2.96 +0.20
First Quantum Mnrls Ltd TSE:FM 45,399,740 3.03 +0.45
Horizons BetaPro Oil Bull TSE:HOU 44,210,438 3.70 +0.26
Encana Corp TSE:ECA 29,998,170 6.15 +0.35
HudBay Minerals Inc TSE:HBM 28,691,395 2.76 +0.14
Barrick Gold Corp TSE:ABX 28,614,628 13.93 +1.77
Whitecap Resources Inc TSE:WCP 27,644,937 7.66 -0.29
Canadian Natural Res Ltd TSE:CNQ 24,936,287 29.99 +3.93
Crescent Point Enrg Corp TSE:CPG 23,939,764 15.53 +1.55
Suncor Energy Inc TSE:SU 23,207,125 33.18 +1.85
Trican Well Service Ltd TSE:TCW 22,966,013 1.69 +0.89
Teck Resources Ltd TSE:TCK.B 22,167,938 5.23 -0.06
iShares S&P/TSX 60 Index TSE:XIU 21,898,501 18.92 +0.58
Potash Corp of Sask Inc TSE:POT 20,518,787 22.84 +0.06
B2Gold Corp TSE:BTO 19,324,308 1.07 +0.14
Canadian Oil Sands Ltd TSE:COS 19,098,120 9.39 +0.66
Kinross Gold Corp TSE:K 18,715,190 2.31 +0.10
Yamana Gold Inc TSE:YRI 18,533,210 2.41 +0.25

Manulife Financial Corp

TSE:MFC 18,510,274 19.47 +0.76

The Bank of Japan’s surprise move to charge depositors one tenth of one percent for the favour of holding on to their money for them catalyzed – or rather, was used as the pretext for – the bull market rally which ensured that world markets finished the week neutral after it looked like the slide of the first two weeks of January could morph into a full-blown crisis.

Emera Inc.’s Instalment Receipts were the biggest traders of the week adding $2.80 per share based on the recommendations of several analysts who rated the instalment receipts a ‘buy’.

In the energy sector, Baytex, Crescent Point Energy, Encana and Whitecap Resources were the biggest traders in conventional energy, none of them really increasing or decreasing in value dramatically, but rather trading sideways all week mimicking the price of oil’s erratic ups and down.

Oilsands operators Canadian Oilsands and Suncor Energy were both heavy traders for the week, mostly due to their impending merger which now appears to be on track for completion after Suncor’s amended offer to Canadian Oil Sands shareholders were mailed with tender documents last week.

Gold Mining companies were among the better traders. Kinross Gold, Yamana Gold, Barrick Gold, and B2 Gold Corp all moved in tandem with the gold price, which was as high as US$1,130.  Base Metals miners also saw heavy action, with First Quantum Mining, Teck Resources, and HudBay Minerals all turning in a heavy trading week with not much in the way of price movement, except in First Quantum’s case, who added $0.45 in total value for the week, a rise of over 17 percent for the week.

First Quantum announced at the beginning of the week that it was on track to eliminate more than $1 billion in debt through the sale of assets and various other cost-cutting initiatives. The company also revealed that its major operation in Zambia would be the beneficiary of a planned upgrade to the country’s electrical power generation capability by 430 megawatts.

The lone representative from the financial services industries among highest volume traders was Manulife Financial Corp who turned in its second straight week of price increases, this week rising a total of $0.76, or a 4.06 percent increase.

And finally, Potash Corporation of Saskatchewan Inc. provided a roller coaster week, ending the week flat after initially dropping by $2 a share after it announced that it was going to slash its dividend for the first time since becoming a public company.

James West

Editor and Publisher

James West founded Midas Letter in 2008 and has since been covering the best of Canadian and US small cap companies. He covers global economics, monetary policy, geopolitical evolution, political corruption, commodities, cannabis and cryptocurrencies. As an active market participant, James is not a journalist and is invariably discussing markets...
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