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Sagicor nets US$41.6m in Q1

REGIONAL insurer Sagicor Financial Corporation, which has thousands of Trinidad and Tobago customers and shareholders, on Friday declared US$41.6 million in net income for the three months ended March 31, 2021, after recording a net income loss of US$25.1 million for the same quarter in 2020.

The regional financial services company, which is headquartered in Barbados, reported US$431.4 million in total net revenue for the three months ended March 31, 2021, which was 25.7 per cent higher than for the same period in 2020.

The company’s total benefits were up by 25.8 per cent to US$255.4 million in 2021 from US$202.9 million in 2020.

Sagicor’s total expenses amounted to US$136.6 million, a decline of 10.6 per cent in 2021 from the US$152.8 million in 2020.

Sagicor said the main contributing factor to the financial performance during the three-month period was strong net investment income, including net gains from SFC’s direct investment in Playa Hotels and Resorts, which contributed US$26 million of net income to shareholders. As of Q1 2021, Playa is accounted for as an investment held at fair value through profit and loss and is no longer accounted for as an associate.

Commenting on Sagicor’s first-quarter performance, Dodridge Miller, the company’s president and CEO, said: “We are pleased with the performance of our company this quarter. We delivered meaningful revenue growth and strong net income to shareholders. Our results were positively impacted by strategic investments that supported the growth across all our main operating segments.

“The results from our first quarter reflect continued normalisation of our operations in our markets. While the global pandemic continues to affect lives around the world, and in particular several source countries of visitors to the Caribbean with uncertain resolution, we have pivoted well to working remotely where required, and remained nimble enough to make solid investments and take advantage of the recovery in the capital markets.

“After quarter end, we took advantage of favourable market conditions and were able to refinance our top company bonds with interest rate savings of over 3.5 per cent. The new notes have the overall effect of significantly lowering our cost of capital and providing us with additional liquidity for growth. Our capital position remains strong and we are well positioned to progress our strategic initiatives.”

Sagicor raised US$400 million of 5.300 per cent senior notes due May 13, 2028 last week.

The company said it would use part of the proceeds from the transaction to repurchase US$130 million aggregate principal amount of its 8.875 per cent senior notes due 2022 issued by its subsidiary Sagicor Finance (2015) Ltd.

Sagicor also intends to repurchase the remaining US$188 million of 2022 notes later this year using part of the proceeds. Sagicor expects to retain approximately US$70 million of net cash proceeds to be used for general corporate purposes.

Sagicor was listed on the Toronto Stock Exchange in December 2019. Its shares were delisted from the T&T Stock Exchange as at close of business on April 19.

The stock was delisted from the Barbados and London stock exchanges previously.

CGI expects to leverage Logica acquisition with Asia-Pacific expansion

MONTREAL – After more than doubling its size over the past five years, CGI Group expects to pursue new ways to leverage its acquisition of U.K.-based information technology provider Logica and expand its presence in the Asia-Pacific region.

The Montreal-based company will conduct planning sessions in June to map out its goals for the coming three years, but CEO Michael Roach said Wednesday that Asia will likely be a focus for expansion.

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“Our immediate focus in 2013 is the integration of Logica, but I think you can expect coming out of that planning session that we’ll continue to execute our build and buy strategy,” Roach said following CGI’s annual shareholder meeting.

CGI (TSX:GIB.A) has historically looked closely at acquisitions after understanding the players in a certain market from within, he said in an interview.

Logica’s purchase last year has not only dramatically boosted CGI’s revenues, but also provided a strategic business unit that’s a leader in the Asia-Pacific.

“In the longer term…Asia-Pacific is an area that would likely see more expansion in the future,” Roach said.

“I think we will be looking to be more focused on niche areas where we want to build out more scale in a particular geography or adding intellectual property or capabilities that our clients are looking for.”

Before the $2.7 billion deal that closed in August, CGI and Logica each relied on their home markets in North America and Europe respectively for 95 per cent of their business. Together, they have started to expand the relationship with clients in both geographies that operate internationally.

“We can follow them around the world now, which we couldn’t before,” Roach said, adding CGI retains the financial flexibility to fund an acquisition despite its heavy debt load — $2.96 billion, even after it was trimmed by $340 million.

He said the IT industry is consolidating very quickly as customers seek providers like CGI that can service their computer and communications infrastructure.

Earlier, Roach told analysts that the integration of Logica is running ahead of schedule while CGI continues to benefit from strong growth in the United States.

Integration costs, which mostly result from a reduction in staffing levels, have totalled $263 million to date. That’s two-thirds of CGI’s $400-million budget to achieve $300 million in annual synergies after three years.

CGI said its first-quarter revenues increased 147.5 per cent to $2.53 billion, slightly above analyst estimates.

“We have established and embedded in our budget the restructuring and transformation necessary to put us on a solid competitive footing and deliver 25 to 30 per cent EPS accretion (growth) this fiscal year, excluding acquisition-related and integration costs,” Roach said during a conference call with analysts.

About 75 per cent of its integration costs relate to severance and other employment-related expenses.

The company has shed a net 1,000 positions across its operations at the end of its first full quarter of incorporating Logica’s business, even after adding about 500 jobs in the United States.

Roach wouldn’t disclose how many jobs will be cut in Europe because he doesn’t want to hurt employee morale, but he said additional reductions will come.

CGI’s net income in the quarter was $22.4 million or seven cents per share, after including $153.4 million of costs related to the takeover. On an adjusted basis, CGI reported 44 cents per share of earnings for the quarter — a penny short of estimates compiled by Thomson Reuters.

A year earlier, CGI’s net income was $106.5 million or 40 cents per share, with $1.03 billion of revenue. The company issued 47 million shares with the Logica acquisition raising the total share count to 315 million shares.

Overall U.S. revenue increased by 20 per cent from the prior year, or 15 per cent excluding the contribution from Logica. Roach said it is benefiting from the ramp-up of Obamacare along with commercial contracts in several U.S. states.

While Canada represents a decreasing share of overall revenues and first-quarter revenues declined 3.9 per cent, Roach said it remains a very solid operation that can continue to grow. A corporate reorganization has made the head of CGI’s operations also responsible for Canada.

CGI is the world’s fifth-largest independent provider of computer, communications and other information technology services for large organizations.

During the quarter, it booked $2.8 billion in new contract wins, extensions and renewals, bringing the last 12-month booking total to $6.6 billion, or 106 per cent of revenue.

The strong results caused the company’s shares to increase more than nine per cent, or $2.22, to $26.51 in afternoon trading on the Toronto Stock Exchange.

Tom Liston of Cantor Fitzgerald raised his target price for CGI to $30.25 after describing the first-quarter results as solid with “robust bookings”, “healthy U.S. growth” and efforts by CGI that will likely result in improved Logica’s margins.

Besides its earnings report, CGI announced a renewed share buyback program. The company’s board has authorized CGI to repurchased up to 10 per cent of its public float — although management isn’t obliged to do so.

Last year, CGI spent an average of $20.68 per share for a total of $21.7 million to buy back about 1.1 million shares.

Centerra Gold stock falls after Kyrgyz Republic state firm says it will divest shares

CALGARY — The Kyrgyz Republic state company that owns 26 per cent of the shares of Canadian miner Centerra Gold Inc. says in a regulatory filing it intends to sell about 19 per cent of its holdings.

Centerra’s shares fell by as much as 6.5 per cent to $8.40 in trading on the Toronto Stock Exchange after the state company, Kyrgyzaltyn JSC, said it intended to sell 14.8 million of its 77.4 million Centerra shares.

Earlier this week, Centerra reported the Kyrgyz Republic Parliament had passed a law that would allow the government to impose “external management” of its Kumtor gold mine if the operating company, Kumtor Gold Co., violates certain Kyrgyz laws.

Centerra also said Kumtor Gold Co. was ordered by a Kyrgyz Republic court last week to pay more than US$3 billion in damages after a ruling that its past practice of placing waste rock on glaciers was illegal, adding it has received further tax assessments that add to claims worth hundreds of millions of dollars.

Centerra says it believes the actions are a concerted effort to coerce it to give up economic value or ownership of the Kumtor mine or to falsely justify a nationalization of the mine. It says it is committed to trying to work with Kyrgyz Republic authorities, but that it will not hesitate to use all legal avenues to protect its rights and interests.

In a report to investors, National Bank analyst Mike Parkin says he expects share prices will remain volatile as Centerra struggles to register its position in the ongoing dispute and considers its options with regard to the share sale.

This report by The Canadian Press was first published May 11, 2021.

Companies in this story: (TSX:CG)

The Canadian Press

Kyrgyz leader signs law threatening Kumtor gold mine takeover

Move allows gov’t to take control of the country’s largest gold mine if Centerra Gold violates environmental standards.

Kyrgyzstan’s president has signed a law that allows the government to seize control of its largest gold mine if the facility’s Canadian operator is found to have violated environmental standards.

The move on Friday comes as authorities ratchet up pressure on Centerra Gold, the Canada-headquartered miner that controls the Kumtor gold mine by claiming the company has committed environmental and tax violations worth more than $4bn.

Kumtor, a mine situated in the east of the country at more than 4,000 metres (13,100 feet) above sea level, accounts for up to 10 percent of the threadbare national economy.

Britain and Canada on Friday issued a joint statement warning of “far-reaching implications for foreign direct investment in Kyrgyzstan” over the passage of the law and the potential nationalisation of the mine.

Centerra said last week that the law, which allows for “external management” of the mine for a three-month period, violates the 2009 agreement that governs the mine and calls legal claims against the company “entirely meritless”.

It is not clear what would happen after the end of the three months of external management that the government can now choose to impose.

The terms of the company’s agreement with the government allow for international arbitration of any disputes that cannot be settled in the country.

The head of a state commission investigating violations at the mine announced on Wednesday a claim of more than $1bn in tax violations against the company.

That came after a court fined the company’s Kyrgyz subsidiary more than $3bn for dumping mining waste on glaciers.

Kyrgyzstan, a poor, mountainous country with few natural resources, has regularly accused Centerra, a Toronto Stock Exchange-listed company of which Kyrgyzstan owns more than a quarter, of shortchanging it over Kumtor.

President Sadyr Japarov’s sudden rise to power last October after getting freed from jail during a political crisis was particularly bad news for Centerra.

As an opposition politician, Japarov led an unsuccessful bid to nationalise the mine both inside parliament and on the streets, where he oversaw several chaotic rallies against the company.

During one of these rallies in 2013 a provincial governor was kidnapped – a development that formed the basis for the 2017 arrest and sentencing of Japarov to more than 11 years in jail on hostage-taking charges.

Aurora Cannabis reports $164.7M in Q3, launches cost efficiencies plan

Aurora Cannabis Inc. is on the hunt for savings again after reporting a $164.7-million net loss in its latest quarter.

The Edmonton-based company unveiled Thursday a plan to accelerate between $60 million and $80 million in annualized cost efficiencies over the next 12 to 18 months, as its third-quarter loss topped the $139.3-million loss it reported in the same period last year.

Aurora said its plan will target production costs, facility and logistic expenses, organizational efficiencies and insurance and capital markets spending as it hopes to gain more traction when COVID-19 lockdowns have been lifted.

“We are not simply waiting the process out in anticipation of normalization followed by an eventual rebound,” Aurora’s chief executive Miguel Martin told analysts Thursday.

“We are determined to continue pulling the levers that we can to reduce our cost structure and extract further efficiencies from our operations.”

Martin’s talk of efficiencies comes as he will mark one year at the helm of Aurora in the fall.

Much of that year was spent laying off workers and closing facilities as part of a broad restructuring Aurora embarked on in February 2020 to deliver $300 million in total annualized expenses.

Martin signalled the dramatic moves were tapering off last quarter when he announced the company was “back on offence.”

But he still has his work cut out for him.

The company’s third quarter showed its consumer cannabis net revenue plummeted to about $18 million, down from roughly $38 million at the same time last year.

Its total cannabis net revenuebefore provisions slipped by 19.5 per cent year-over-year to reach $58.4 million.

The quarter was hampered by provincial pot distributors, who cut the amount of product they had on hand and retailers that were forced to switch to curbside pickup to quell the spread of COVID-19, said Martin.

He called market conditions “competitive,” but noted many of them are “temporary.”

“There is a glut of what I would describe as low-cost flour in the market and that’s causing some irrational pricing, but I do believe having talked to the provinces and talked to retailers, that there is an interest in holding margins up and people actually making money,” he said.

“Maybe it’ll take a little bit longer than people would have wanted because of just the situation we’re in with COVID.”

While the pandemic rages on, Martin appears to be focusing on the company’s medical cannabis business, which generated a 17 per cent increase in net revenues in the latest quarter.

Like most Canadian pot companies, he’s also keeping an eye on the U.S., which is edging toward federally legalizing recreational cannabis and introducing legislation to make it easier for pot companies to bank south of the border.

But unlike his rivals who have been hungry for mergers and acquisitions, Martin doesn’t appear to be in a buying mood.

“We don’t see anything in Canada that we have got to have,” he said.

“Buying or renting market share, I think, right now is not a great play in Canada.”

In recent months, Tilray Inc. and Aphria Inc. merged, Hexo Corp. announced plans to buy Zenabis Global Inc., and Canopy Growth Corp. snatched up Supreme Cannabis and Ace Valley Cannabis.

Because Aurora was on an acquisition spree early in its existence, Martin said the company already has strong infrastructure and manufacturing processes, but said there was a chance it would buy something technology-related, if the right deal cropped up.

Martin’s remarks were made as Aurora’s loss amounted to 85 cents per share in the quarter ended March 31 compared with a loss of $1.40 last year.

Its net revenue reached $55.2 million in the third quarter, down from $73.5 million last year.

The company was expected to report a net loss of 21 cents per share on revenues of $68.5 million, according to financial data firm Refinitiv.

The company also announced it will transfer its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq on May 24 and Ronald Funk has assumed Michael Singer’s chairman position.

Singer will keep the board seat he has held since May 2016.

This report by The Canadian Press was first published May 13, 2021.

Companies in this story: (TSX:ACB, TSX:WEED, TSX:HEXO, TSX:ZENA)

Saputo Dairy USA to Expand Manufacturing in Las Cruces, Add 150 Jobs

  Saputo Dairy USA, one of the largest cheese and dairy food producers in the U.S., has been awarded economic assistance in New Mexico to expand its Las Cruces manufacturing operations at the Las Cruces Innovation and Industrial Park.  Here is a statement from the city of Las Cruces:

Saputo will add 150 employees said New Mexico Economic Development Cabinet Secretary Alicia J. Keyes, on Tuesday, May 12.

As part of the expansion, Saputo Dairy USA is planning to invest as much as $30 million in its existing facility on the City’s West Mesa.

To support the company’s growth, the State of New Mexico has committed $2.5 million from the Local Economic Development Act job-creators fun, including a $1 million bonus for developing the project in an Opportunity Zone. The City of Las Cruces has pledged $300,000. The Las Cruces City Council will also consider an Industrial Revenue Bond. The expansion is expected to have a total positive economic impact to the state of $1.6 billion during the next decade.

“The expansion of Saputo Dairy USA in Las Cruces with 150 new jobs demonstrates again that Southern New Mexico has a skilled workforce and is a great place, not only to live, but for businesses to grow and expand,” Gov. Michelle Lujan Grisham said.

Keyes added, “Southern New Mexico is expanding its manufacturing footprint quickly. The expansion of Saputo Dairy USA’s facility will create the jobs we need to diversify our economy and get people back to work as we recover from this pandemic.”

Mayor Ken Miyagishima said, “It is with great pleasure that we welcome Saputo Dairy USA’s expansion in Las Cruces. The City’s efforts to proactively seek this project is another example of our commitment to growing business and creating new job opportunities for our residents.”

The company has also qualified for a state Job Training Incentive Program (JTIP) Grant and the City of Las Cruces Wage Plus Program, an incentive program for hiring and paying employees at more than the minimum wage.

The Mesilla Valley Economic Development Alliance (MVEDA) worked closely with Saputo Dairy USA, along with the state’s and City’s economic development teams, to create an incentive package aligned with the company’s needs to expand its capabilities in Las Cruces.

“MVEDA is excited that Saputo Dairy USA has chosen the Las Cruces Innovation and Industrial Park for this project. Our collaborative, proactive response with our economic development partners at the state and city highlighted a joint effort to secure this project and further establish the industrial park as the location of choice for growth in the Southwestern United States,” said Davin Lopez, MVEDA president and chief executive officer.

Saputo Dairy USA is part of Saputo Inc., one of the world’s top 100 dairy processors, founded in Montreal, Canada in 1954. Saputo Inc. has operations in Canada, the U.S., Australia, Argentina, and the United Kingdom, with products sold in more than 50 countries. Saputo Inc. shares are publicly traded on the Toronto Stock Exchange under the symbol SAP.

Saputo Dairy to expand manufacturing hub in Las Cruces, add 150 jobs

Employees of Saputo Dairy USA are pictured at the company's existing facility at the Las Cruces Innovation and Industrial Park.

LAS CRUCES – Saputo Dairy USA, one of the largest cheese and dairy foods producers in the United States, has been awarded state economic assistance to expand its Las Cruces manufacturing operation and add 150 employees, New Mexico Economic Development Cabinet Secretary Alicia J. Keyes announced Wednesday.

As part of the expansion, Saputo Dairy USA is planning to invest up to $30 million in its existing facility at the Las Cruces Innovation and Industrial Park, the agency stated. The park is on the city’s West Mesa.

The company is receiving $2.5 million from the state’s LEDA job-creators fund, including a $1 million bonus for developing the project in an Opportunity Zone, and $30,000 from the City of Las Cruces. The Las Cruces City Council will also consider an industrial revenue bond, according to the state news release. The state predicts Saputo’s expansion to have a “total positive economic impact” of $1.6 billion over the next decade.

Related:After COVID delays, Las Cruces call center gets another shot at state training funds

“The expansion of Saputo Dairy USA in Las Cruces with 150 new jobs demonstrates again that Southern New Mexico has a skilled workforce and is a great place, not only to live, but for businesses to grow and expand,” Gov. Michelle Lujan Grisham said in a news release.

Las Cruces Mayor Ken Miyagishima said the city welcome’s Saputo’s expansion.

“The city’s efforts to proactively seek this project is another example of our commitment to growing business and creating new job opportunities for our residents,” he said in a news release.

The company has also qualified for a state Job Training Incentive Program Grant and the City of Las Cruces Wage Plus Program, an incentive program for hiring and paying employees above the median wage.

The Mesilla Valley Economic Development Alliance worked closely with Saputo Dairy USA, along with the state’s and city’s economic development teams, to create an incentive package, the news release stated.

Read more:Exploring NMSU’s binational future: Border Industrial Association synergies, San Luis Potosí plan

“MVEDA is excited that Saputo Dairy USA has chosen the Las Cruces Innovation and Industrial Park for this project. Our collaborative, proactive response with our economic development partners at the state and city highlighted a joint effort to secure this project and further establish the industrial park as the location of choice for growth in the Southwestern United States,” MVEDA President & CEO Davin Lopez said.

Saputo Dairy USA is part of Saputo Inc., one of the world’s largest dairy processors, founded in Montreal in 1954. Saputo Inc. has operations in Canada, the United States, Australia, Argentina, and the United Kingdom, with products sold in over 50 countries.

Saputo Inc. shares are publicly traded on the Toronto Stock Exchange under the symbol SAP.

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U.S. stocks slide as prices of food, clothes, cars spike amid inflation worries

Inflation worries rattled Wall Street Wednesday, pulling the Dow Jones Industrial Average more than 680 points lower and putting the major stock indexes on track for their worst week in more than six months.

All three major U.S. stock indexes were deep in negative territory in the wake of the Labor Department’s April consumer prices report, which showed the biggest rise in nearly 12 years.

The report, which measures the prices U.S. consumers pay for a basket of goods, was hotly anticipated by market participants who have grown increasingly worried over whether current price jumps will defy the U.S. Federal Reserve’s reassurances by morphing into long-term inflation.

But pent-up demand from consumers flush with stimulus and savings is colliding with a supply drought, sending commodity prices spiking, while a labour shortage drives wages higher.

“The argument is whether this bout of inflation is transitory or here to stay,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Va. “I think it’s here to stay until you see labour costs and commodity costs mitigate some.” 

The S&P 500 finished the day down 89.06 points, or 2.1 per cent, its biggest one-day drop since late February. The Dow fell 681.50 points, or two per cent, the worst decline for the blue chip index since late January. And the Nasdaq gave up 357.75 points, or 2.7 per cent. It was the tech-heavy index’s largest pullback since mid-March.

A worrisome bout of inflation struck the U.S. economy in April, with consumer prices surging 0.8 per cent and the year-over-year increase reaching its fastest rate since 2008.

Used car and truck prices surge

Wednesday’s report from the Labour Department indicated that the prices consumers pay for everything from food and clothes to new cars rose at a faster pace than last month’s 0.6 per cent rise.

And over the past 12 months, prices are up 4.2 per cent — the fastest rise since a 4.9 per cent gain in the 12 months that ended in September 2008. Excluding volatile food and energy, core inflation jumped 0.9 per cent in April and three per cent over the past 12 months.

A hat store advertises that they are hiring in Annapolis, Md., on Wednesday. U.S. consumer inflation surged 4.2 per cent last month compared to April 2020. (Jim Watson/AFP via Getty Images)

April’s sharp increase in inflation was led by a record 10 per cent surge in the price for used cars and trucks. Motor vehicle production has been hampered by a global semiconductor shortage, boosting demand for used automobiles.

While the latest reading on inflation was hotter than expected, the market shouldn’t be too surprised about it rising, said Jeff Buchbinder, equity strategist at LPL Financial. The prevailing sentiment is that rising inflation will be temporary, though “it’s too early to say whether these higher levels are going to be sustained,” he said.

Inflation numbers high in Canada

In Canada, the most recent inflation numbers were high, due in large part to a plunge in prices a year ago, when the pandemic was in its early stages.

Statistics Canada said in April that the consumer price index in March was up 2.2 per cent compared with a year ago.

The increase compared with a 1.1 per cent year-over-year increase in February, which was then a pandemic-era high.

The inflation rate is the biggest factor that the Bank of Canada considers when setting its benchmark interest rate. The bank likes to see an inflation rate of between one and three per cent.

All things being equal, the bank cuts its rate to stimulate the economy when the inflation rate is too low, and it raises its benchmark lending rate to cool things down when inflation is too high.

Hut 8 Announces Plans to List on NASDAQ

TORONTO, May 12, 2021 /CNW/ – Hut 8 Mining Corp. (TSX: HUT) (“Hut 8” or the “Company“), one of North America’s oldest and largest innovation-focused bitcoin miners, is pleased to announce that the Company has applied for a listing of its common shares on the NASDAQ Global Market (“NASDAQ“). 

Jaime Leverton, CEO of Hut 8 commented: “Since we filed our F-10 in March, we have been continuing to actively move forward with the NASDAQ listing process. We are incredibly excited about what this means for Hut 8 and are proud to pursue the opportunity to join the ranks of global technology companies listed in the U.S”

The listing of the Company’s common shares on the NASDAQ remains subject to the approval of the NASDAQ and the satisfaction of all applicable quantitative and qualitative listing and regulatory requirements. The Company will maintain the listing of its common shares on the Toronto Stock Exchange under the symbol “HUT”.

About Hut 8:

Hut 8 is one of North America’s oldest, largest and innovation-focused bitcoin miners. Hut 8 has one of the highest installed capacity rates in the industry and is #1 globally in held, self-mined Bitcoin of any crypto miner or publicly traded company. Recently ranked 11th (of 10,000) on the 2021 OTCQX® Best 50, and the first publicly traded miner on the TSX, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high performance computing, and the blockchain ecosystem. We are stewards of powerful, industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing. – Hut 8 applies a growth mindset to our revenue diversification, ESG and carbon footprint reduction strategy. We are a company committed to growing shareholder value regardless of #BTC market direction. #HodltheHut.

FORWARD-LOOKING STATEMENTS Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward looking terminology, such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events. Forward-looking information in this press release includes, but is not limited to, statements relating to the Company’s application to list its common shares on NASDAQ, the Company receiving all required approvals in respect of a potential NASDAQ listing application (and the timing thereof) and any expected or anticipated benefits of a NASDAQ listing. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

comtex tracking

COMTEX_386417587/2669/2021-05-12T07:30:32

TSX futures point to flat open

(Reuters) – Canada’s main stock index fell on Wednesday, triggered by fears of interest rate increases and higher bond yields after data showed stronger-than-expected inflation in the United States.

* U.S. consumer prices increased by the most in nearly 12 years in April as booming demand amid a reopening economy pushed against supply constraints, which could fuel financial market fears of a lengthy period of higher inflation.

* At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 52.47 points, or 0.27%, at 19,221.57.

* Bombardier said it would extend the time to get bondholders’ consent to amend terms on certain bond issues, following claims that the company’s recent asset sales breached certain covenants surrounding some of its notes.

* The energy sector climbed 1.4% as U.S. crude prices were up 0.9% a barrel, while Brent crude added 0.9%. [O/R]

* The financial sector gained 0.2%. The industrial sector fell 0.8%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.6% as gold futures fell 0.6% to $1,825.2 an ounce. [GOL/]

* On the TSX, 86 issues were higher, while 137 issues declined for a 1.59-to-1 ratio to the downside, with 19.01 million shares traded.

* The largest percentage gainer on the TSX was Intertape Polymer Group , which jumped 7.4% after its quarterly results beat estimates.

* Atco Ltd was the second largest percentage gainer, which rose 4.2% after its partnership with Suncor Energy to build a clean hydrogen project.

* Element Fleet Management fell 7.8%, the most on the TSX, after its first-quarter earnings missed estimates.

* The second biggest decliner was Hudbay Minerals Inc , down 6.8% after posting a quarterly loss of 23 cents per share.

* The most heavily traded shares by volume were Enbridge Inc , Tetra Bio-Pharma Ord and Kinross Gold Corp .

* The TSX posted 5 new 52-week highs and no new lows.

* Across all Canadian issues there were 25 new 52-week highs and 10 new lows, with total volume of 35.68 million shares.

(Reporting by Shivani Kumaresan in Bengaluru; Editing by Bernard Orr)

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