Category: Canada

Teck Announces Base Dividend and Authorizes up to $500 Million Share Buyback


Teck Announces Base Dividend and Authorizes up to $500 Million Share Buyback – Toronto Stock Exchange News Today – EIN Presswire




















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Purpose Investments Inc. Announces Payouts Relating to the Termination of Black Diamond Global Equity Fund, Black Diamond Impact Core Equity Fund, and Black Diamond Global Enhanced Income Fund


Purpose Investments Inc. Announces Payouts Relating to the Termination of Black Diamond Global Equity Fund, Black Diamond Impact Core Equity Fund, and Black Diamond Global Enhanced Income Fund – Toronto Stock Exchange News Today – EIN Presswire




















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First Quantum Minerals announces capital restructuring to reduce debt

First Quantum Minerals on Wednesday announced a series of capital restructuring measures that would strengthen its balance sheet and cut debt, a move that will help the Canadian miner deliver on its “operational objectives.” The company has lost over half its market value after Panama’s

surprise order in November to shut the Cobre Panama copper mine, one of the world’s largest and First Quantum’s flagship mine that accounted for about 40% of its revenue.

As part of the capital restructuring, First Quantum has extended its $2.2 billion corporate bank loan and extended its maturity to April 2027. It also announced a $1 billion common share offering to under writers led by RBC Capital Markets, BMO Capital Markets, and Goldman Sachs, and launched a private offering of senior notes worth $1.6 billion due in 2029. “Today’s actions result in a capital structure that will enable us to deliver the S3 Expansion (mine in Zambia), which will return the company to a position of strong free cash flow generation,” First Quantum CEO Tristan Pascall said in a statement.

The company also said it is seeking $20 billion through international arbitration after Panama’s top court ruled First Quantum’s contract was unconstitutional following nationwide protests against its operation. “We have provided a minimum value sought in those proceedings of $20 billion, reflecting an estimated fair market value of initial investment,” Pascall said on an earnings call, adding the company could potentially get much higher amount in damages and interest.

However, Pascal said that arbitration is not the preferred outcome for the company. “We would really rather come to a resolution with the state of Panama that results in the best outcome for the people and for the company.

First Quantum has filed arbitration as part of the free trade agreement between Canada and Panama. The company separately has also filed a case at the International Chamber of Commerce (ICC) arbitration process, under the termination clause in the ICC contract. For the quarter ending Dec.31, First Quantum

reported a net loss of $1.45 billion. The stock closed at C$11.91 up by 2.5% at the Toronto Stock Exchange on Wednesday.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

TSX down as technology stocks weigh on index

* TSX down 0.2%

* Technology shares plummet

* iA Financial misses profit estimates; shares fall

Feb 21 (Reuters) – Canada’s main stock index was dragged
down on Wednesday by a drop in rate-sensitive technology stocks,
as shares of the country’s third biggest company, Shopify
, hit a six-week low and those of crypto miners fell.

The Toronto Stock Exchange’s S&P/TSX composite index
was down 45.15 points, or 0.2%, at 21,172.38.

Technology stocks led losses on the index with a
2.4% decline, dragged by crypto miners Hut 8 and
Bitfarms, down 3.9% and 7.0%, respectively, after
Bitcoin lost 2%. Shopify shares were down nearly 4% at
C$102.

In the United States, minutes from the Federal Reserve’s
January meeting showed the majority of policymakers were
concerned about the risks of cutting interest rates too soon,
with broad uncertainty about how long borrowing costs should
remain at their current level.

After the release of the minutes, traders stuck to bets the
Fed will begin cutting interest rates no earlier than June.

“Tech stocks are down and because from a technical
perspective overall, there are definitely storm clouds,”
Selective Asset Management’s Robert McWhirter said.

The materials sector, which includes Canadian
miners, extended declines to a third consecutive session after
it fell 0.9%. Gold miner Wheaton Precious Metals lost
the most among materials stocks, falling 8% after brokerages cut
price targets on the stock due to underwhelming 2024 production
forecast.

Insurance company iA Financial Corp plummeted 8.6%
to the bottom of the index after it reported its fourth-quarter
profit below analysts’ estimates. The stock pulled heavyweight
financials down 0.6%.

Canada’s main stock index is set to notch a record high in
2025 as the expected start of interest rate cuts by central
banks bolsters the high-dividend paying stocks that make up much
of the market, a Reuters poll found.

Among other stocks, shares of apparel-maker Gildan
Activewear climbed 3.7% after its fourth-quarter
results beat analysts’ estimates.
(Reporting by Purvi Agarwal in Bengaluru and Nivedita Balu in
Toronto; Editing by Ravi Prakash Kumar and Sandra Maler)

Standard Lithium to Participate in Upcoming Industry Conferences


Standard Lithium to Participate in Upcoming Industry Conferences – Toronto Stock Exchange News Today – EIN Presswire




















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Standard Lithium to Participate in Upcoming Industry Conferences


Standard Lithium to Participate in Upcoming Industry Conferences – Toronto Stock Exchange News Today – EIN Presswire




















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Wednesday, February 21, 2024

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Canadian automotive major Magna to divest part of India business

Canadian automotive major Magna to divest part of India business

Toronto Stock Exchange (TSX) and NYSE-listed automotive products manufacturing giant Magna that ended 2023 with revenues of nearly $43 billion and has 342 production units, is in advanced stage of divesting a big chunk of its India business, VCCircle has gathered.

The Ontario-headquartered company has set in motion an action plan ……

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India’s equity market trouncing TSX

Goldman Sachs’ revelations that the number of affluent citizens in India will rise from 60 to 100 million by 2027, and that the country’s inflation-adjusted GDP growth should average 6.0 per cent from now to 2028, highlight the growing optimism regarding investment in India.

Defining the affluent of India is not entirely straightforward according to Goldman Sachs analyst Arnab Mitra. There is no set definition of wealthy in India so Mr. Mitra looks at those who take flights annually, use food delivery services and credit cards and those filing income taxes on more than one million rupees (US$12,040) per year.

The Indian equity benchmark, the S&P BSE Sensex, appreciated 22.0 per cent in Canadian dollar terms over the past twelve months. This easily outdistanced the S&P/TSX Composite’s 8.4 per cent. Over three years, the Sensex’s average annual Canadian dollar return of 11.6 per cent beat out the TSX’s 8.0 per cent.

Mr. Mitra notes that Indian stocks benefiting from broad wealth creation, those involved with SUV sales, premium liquors, healthcare and luxury wristwatches for instance, have outperformed the broader market. Automaker Mahindra& Mahindra, producers of the top selling SUV, has seen their shares more than double in the past three years in Canadian dollar terms.

Citi India equity strategist Surendra Goyal has just completed a marketing tour of North American institutional portfolio managers. He reports that interest in Indian assets remains high, even after the average India weighting in global ex-U.S. funds climbed from roughly 2.0 per cent in 2019 to about 5.0 per cent currently.

Mr. Goyal believes that infrastructure-related investment, both public and private, will join affluent Indians in pushing the Sensex higher, although high valuations may moderate gains in the near term.

The major ETFs tracking Indian equities available in Canada are the iShares India Index ETF (XID-T) and the BMO India Equity Index ETF (ZID-T).

— Scott Barlow, Globe and Mail market strategist

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Stocks to Ponder

Toronto-based Waste Connections Inc., North America’s third-largest trash removal company, rocketed to a record high above $220 on the Toronto Stock Exchange this week after the company reported upbeat fourth-quarter financial results and delivered a promising lookahead. The stock is up 22 per cent over the past 12 months. But David Berman asks: Are we approaching peak garbage?

The Rundown

The Canadian stock market is a dud on a global scale, writes Tim Shufelt. The fact that the TSX is cheaply priced, by some measures, is about the only redeeming quality emerging from a plethora of Canadian economic and financial shortcomings.

The trucking industry is going through some tough times. Many companies reported a decline in revenue and profits in 2023 as lower volumes and soaring costs took their toll. Gordon Pape looks at two trucking companies struggling with current conditions.

Norman Rothery offers three different approaches to a dividend portfolio.

Others (for subscribers)

Wednesday analyst upgrades and downgrades

Potential buying opportunity for this bank stock, TD analyst says

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