Toronto's main market slipped on Friday despite encouraging data from China, as Stats Can reported that employment in Canada decreased in July.
In corporate news, earnings reports continued to flow on Friday.
Black Diamond Group Ltd. (TSE:BDI), which provides temporary workspace for urban and industrial customers, lost 6% to C$23.63 as the company posted lower-than-estimated profit.
Magna International Inc. (TSE:MG), North America’s largest auto-parts maker, climbed 3.3% to C$82.78. The Aurora, Ontario-based company posted a 16 percent jump in second-quarter sales to $8.96 billion. Net income increased 19 per cent to $415 million.
Dorel Industries Inc. (TSE:DII.B), a bicycle and baby gear maker based in Montreal, Quebec, tumbled 9.5% C$33.21 after reporting earnings short of projections and announcing plans to cut its workforce. Net income declined to $13.2 million, or 41 cents a share, from $30.3 million or 95 cents a share a year earlier. Revenue dropped to $600.4 million from $633.7 million.
Brookfield Asset Management (TSE:BAM.A) also fell 0.9% to C$38.25 after reporting $802 million U.S. of net income and $464 million U.S. of funds from operations in the second quarter, with both results more than double figures from a year earlier.
Information technology shares gained 0.5%, paced by Blackberry Ltd. (TSE:BB), the embattled smartphone maker. The stock advanced 6.2% to C$10.16 after reaching C$10.24, the highest intraday price in more than a year, after a media report said the company mulls going private. The company’s board may seek a buyer to take it private, Reuters reported on Friday, citing unidentified people familiar with the talks. The Waterloo, Ontario-based smartphone maker hasn’t started a formal sale process, according to the report.
In oil and gas stocks, Pacific Rubiales Energy Corp. (TSE:PRE), the Canada-based operator of Colombia’s largest oil field, dropped to the lowest price this month, after reporting a lower-than-predicted 74 percent slump in second-quarter profit, hurt by a weakened Colombian peso and lower oil prices.
BNK Petroleum's (TSE:BKX) surged ahead more than 32% after reporting that its second quarter loss narrowed from the same period a year ago. The Camarillo, Calif.-based company, which has operations in Germany, Poland, Spain and the U.S., said its loss in the three-month period shrunk to US$929,000 or one cent a share, compared to US$2.6 million or two cents a share for the same period a year ago.
Caza Oil & Gas (TSE:CAZ) (LON:CAZA) chief executive Mike Ford said he is very pleased with the group’s ongoing operations in the Bone Springs play. This work involves drilling and completing wells, and adding new production. In the second quarter Caza increased production of oil and natural gas liquids by 16% to 11,059 barrels, but overall production decreased 19% to 20,330 barrels of oil equivalent. This was largely a result of the disposal of the San Jacinto property in July.
Forbes Energy Services Ltd. (TSE:FRB) (NASDAQ:FES), an oilfield services contractor, swung to a second-quarter loss as revenue dropped amid tough competition in oil transportation services. Net loss for the three months that ended June 30 was $969,000, or 4 cents a share, compared with a profit of $826,000, or 12 cents a share, in the year-earlier period, the Alice, Texas-based company said in a statement on Friday.
In mining stocks, shares in Orvana Minerals Corp. (TSE:ORV) were trading up Friday, after the Toronto-headquartered precious and base metal miner posted record gold production from its principal Spanish property at the El Valle-Boinás/Carlés mine with the company reaffirming its guidance for the year, notwithstanding curtailed production following an incident necessitating repairs at one site.
Lower gold and silver prices took their toll on Mandalay Resources’ (TSE:MND) second quarter but the group said its mines are still profitable and generating cash at current price levels. Mandalay’s key operations are the Costerfield gold and antimony mine in Australia and the Cerra Bayo gold and silver mine in Chile.
Silvercorp Metals (TSE:SVM) (NYSE:SVM) has also managed to avoid the disastrous fate of many of its mining brethren, with the Vancouver-based silver producer reporting in its first quarter results improved costs and increased production that did much to offset the plummeting price of its chief commodities, with the company also suspending operations at three of its mine sites in light of the price declines.
In junior Canadian stocks, Canada Fluorspar (CVE:CFI) says it has closed a non-brokered private placement financing of nearly $290,000 to extend the drilling program at its Grebes Nest property in Newfoundland based on recent results. The company issued 1.5 million flow through common shares of the company at 19 cents apiece.
RESAAS Services (CNSX:RSS) has added the Anderson Real Estate Group to its social networking platform designed for real estate professionals, the latest addition to the growing company's business. The Southern California-based full service real estate firm deals with residential, investment, foreclosure and short sale properties. Reported by Proactive Investors 18 hours ago.
In corporate news, earnings reports continued to flow on Friday.
Black Diamond Group Ltd. (TSE:BDI), which provides temporary workspace for urban and industrial customers, lost 6% to C$23.63 as the company posted lower-than-estimated profit.
Magna International Inc. (TSE:MG), North America’s largest auto-parts maker, climbed 3.3% to C$82.78. The Aurora, Ontario-based company posted a 16 percent jump in second-quarter sales to $8.96 billion. Net income increased 19 per cent to $415 million.
Dorel Industries Inc. (TSE:DII.B), a bicycle and baby gear maker based in Montreal, Quebec, tumbled 9.5% C$33.21 after reporting earnings short of projections and announcing plans to cut its workforce. Net income declined to $13.2 million, or 41 cents a share, from $30.3 million or 95 cents a share a year earlier. Revenue dropped to $600.4 million from $633.7 million.
Brookfield Asset Management (TSE:BAM.A) also fell 0.9% to C$38.25 after reporting $802 million U.S. of net income and $464 million U.S. of funds from operations in the second quarter, with both results more than double figures from a year earlier.
Information technology shares gained 0.5%, paced by Blackberry Ltd. (TSE:BB), the embattled smartphone maker. The stock advanced 6.2% to C$10.16 after reaching C$10.24, the highest intraday price in more than a year, after a media report said the company mulls going private. The company’s board may seek a buyer to take it private, Reuters reported on Friday, citing unidentified people familiar with the talks. The Waterloo, Ontario-based smartphone maker hasn’t started a formal sale process, according to the report.
In oil and gas stocks, Pacific Rubiales Energy Corp. (TSE:PRE), the Canada-based operator of Colombia’s largest oil field, dropped to the lowest price this month, after reporting a lower-than-predicted 74 percent slump in second-quarter profit, hurt by a weakened Colombian peso and lower oil prices.
BNK Petroleum's (TSE:BKX) surged ahead more than 32% after reporting that its second quarter loss narrowed from the same period a year ago. The Camarillo, Calif.-based company, which has operations in Germany, Poland, Spain and the U.S., said its loss in the three-month period shrunk to US$929,000 or one cent a share, compared to US$2.6 million or two cents a share for the same period a year ago.
Caza Oil & Gas (TSE:CAZ) (LON:CAZA) chief executive Mike Ford said he is very pleased with the group’s ongoing operations in the Bone Springs play. This work involves drilling and completing wells, and adding new production. In the second quarter Caza increased production of oil and natural gas liquids by 16% to 11,059 barrels, but overall production decreased 19% to 20,330 barrels of oil equivalent. This was largely a result of the disposal of the San Jacinto property in July.
Forbes Energy Services Ltd. (TSE:FRB) (NASDAQ:FES), an oilfield services contractor, swung to a second-quarter loss as revenue dropped amid tough competition in oil transportation services. Net loss for the three months that ended June 30 was $969,000, or 4 cents a share, compared with a profit of $826,000, or 12 cents a share, in the year-earlier period, the Alice, Texas-based company said in a statement on Friday.
In mining stocks, shares in Orvana Minerals Corp. (TSE:ORV) were trading up Friday, after the Toronto-headquartered precious and base metal miner posted record gold production from its principal Spanish property at the El Valle-Boinás/Carlés mine with the company reaffirming its guidance for the year, notwithstanding curtailed production following an incident necessitating repairs at one site.
Lower gold and silver prices took their toll on Mandalay Resources’ (TSE:MND) second quarter but the group said its mines are still profitable and generating cash at current price levels. Mandalay’s key operations are the Costerfield gold and antimony mine in Australia and the Cerra Bayo gold and silver mine in Chile.
Silvercorp Metals (TSE:SVM) (NYSE:SVM) has also managed to avoid the disastrous fate of many of its mining brethren, with the Vancouver-based silver producer reporting in its first quarter results improved costs and increased production that did much to offset the plummeting price of its chief commodities, with the company also suspending operations at three of its mine sites in light of the price declines.
In junior Canadian stocks, Canada Fluorspar (CVE:CFI) says it has closed a non-brokered private placement financing of nearly $290,000 to extend the drilling program at its Grebes Nest property in Newfoundland based on recent results. The company issued 1.5 million flow through common shares of the company at 19 cents apiece.
RESAAS Services (CNSX:RSS) has added the Anderson Real Estate Group to its social networking platform designed for real estate professionals, the latest addition to the growing company's business. The Southern California-based full service real estate firm deals with residential, investment, foreclosure and short sale properties. Reported by Proactive Investors 18 hours ago.