Toronto's main market was little changed as gains among energy producers following higher oil prices overpowered declines in raw-material producers.
In corporate activity, Encana Corp. (TSE:ECA), Canada’s largest natural gas producer, gained 1.8% to C$25.05 after it reversed to profit in the first quarter, beating analysts' expectations, helped by higher prices for the heating and power-plant fuel.
Aurora Oil & Gas Ltd. (TSE:AEF) jumped 6% to C$4.26 after Baytex Energy Corp. (TSE:BTE) increased its offer for the company.
Crocotta Energy Inc. (TSE:CTA), a junior oil and natural gas company operating in Western Canada, dropped in morning trades after reporting a lower-than-expected profit increase in the first quarter. Crocotta skidded 2.5% to C$3.57 by Tuesday afternoon.
The materials sub-index, which includes mining shares, decreased less than 0.1% as prices of gold and copper fell.
Endeavour Silver Corp. (NYSE:EXK)(TSE:EDR), which operates three underground silver-gold mines in Mexico, said Tuesday it is well ahead of its production plan for the year, despite a first quarter that was hurt by weak precious metals prices. The company reported this morning strong production and cost performance in the first quarter, even though profits and revenues dropped in spite of higher grades and recoveries at all three mines. The stock slid 1.5% to C$4.67 in Toronto.
Australia-focused gold miner Crocodile Gold Corp. (TSE:CRK)(TSE:CRK.DB)(TSE:CRK.WT)(OTCQX:CROCF) continues to increase production and improve cash costs, in spite of a tougher precious metals price environment, as seen in the company's first quarter results released Tuesday. The company's stock shed over 4%, however, as it swung to a net loss.
In other stock news, Blackberry Ltd. (TSE:BB), the beleaguered Canadian smartphone maker, rose 0.9% to C$8.16. The Waterloo, Ontario-based company launched a low-cost touchscreen device in Jakarta, the Z3.
Hudson’s Bay (TSE:HBC), Canada's largest department-store chain, sank 3.5% after saying a group of shareholders has agreed to sell 7,870,000 shares of the retailer, or about 10 percent of their holdings, at C$17.80 each in a secondary offering.
Valeant Pharmaceuticals International Inc. (TSE:VRX) edged up 0.4% to C$142.51 on Tuesday after it said it plans to improve its offer for Allergan Inc. later this month to show its commitment to completing the takeover of the Botox maker. The company is planning to provide further details on the revised bid during a webcast on May 28. The news follows Allergan's formal rejection of the $46 billion unsolicited takeover offer on Monday.
Moving to junior markets in Canada, Iplayco Corp (CVE:IPC) is ramping up orders with the maker of children's play structures announcing two more sales agreements amounting to C$1.2 million to design, manufacture and install large indoor play equipment for a customer in the Middle East. Shares jumped to a new 52-week high of 85 cents on Tuesday.
Supreme Pharmaceuticals (CSE:SL) (OTCBB:SPRWF) surged 50% after it announced its second acquisition target in the medical marijuana space, signing a letter of intent to buy a Southern Ontario green house facility that has already been approved for a pre-build license under Canada's new federal regulations. Less than six weeks since the new Federal rules kicked in that are aimed at commercializing the industry, companies are moving quickly to assert themselves in a market that is set for explosive growth by anyone's standards.
Avrupa Minerals (CVE:AVU) has unveiled results from recent drilling at the Sesmarias target on its Alvalade joint venture project in Portugal, which is operated by the company and funded by Antofagasta plc. The junior company said the results of the drilling "clearly indicate the potential for a large-scale mineralized system", and that an ongoing review of historic drilling also supports this idea. Reported by Proactive Investors 16 hours ago.
In corporate activity, Encana Corp. (TSE:ECA), Canada’s largest natural gas producer, gained 1.8% to C$25.05 after it reversed to profit in the first quarter, beating analysts' expectations, helped by higher prices for the heating and power-plant fuel.
Aurora Oil & Gas Ltd. (TSE:AEF) jumped 6% to C$4.26 after Baytex Energy Corp. (TSE:BTE) increased its offer for the company.
Crocotta Energy Inc. (TSE:CTA), a junior oil and natural gas company operating in Western Canada, dropped in morning trades after reporting a lower-than-expected profit increase in the first quarter. Crocotta skidded 2.5% to C$3.57 by Tuesday afternoon.
The materials sub-index, which includes mining shares, decreased less than 0.1% as prices of gold and copper fell.
Endeavour Silver Corp. (NYSE:EXK)(TSE:EDR), which operates three underground silver-gold mines in Mexico, said Tuesday it is well ahead of its production plan for the year, despite a first quarter that was hurt by weak precious metals prices. The company reported this morning strong production and cost performance in the first quarter, even though profits and revenues dropped in spite of higher grades and recoveries at all three mines. The stock slid 1.5% to C$4.67 in Toronto.
Australia-focused gold miner Crocodile Gold Corp. (TSE:CRK)(TSE:CRK.DB)(TSE:CRK.WT)(OTCQX:CROCF) continues to increase production and improve cash costs, in spite of a tougher precious metals price environment, as seen in the company's first quarter results released Tuesday. The company's stock shed over 4%, however, as it swung to a net loss.
In other stock news, Blackberry Ltd. (TSE:BB), the beleaguered Canadian smartphone maker, rose 0.9% to C$8.16. The Waterloo, Ontario-based company launched a low-cost touchscreen device in Jakarta, the Z3.
Hudson’s Bay (TSE:HBC), Canada's largest department-store chain, sank 3.5% after saying a group of shareholders has agreed to sell 7,870,000 shares of the retailer, or about 10 percent of their holdings, at C$17.80 each in a secondary offering.
Valeant Pharmaceuticals International Inc. (TSE:VRX) edged up 0.4% to C$142.51 on Tuesday after it said it plans to improve its offer for Allergan Inc. later this month to show its commitment to completing the takeover of the Botox maker. The company is planning to provide further details on the revised bid during a webcast on May 28. The news follows Allergan's formal rejection of the $46 billion unsolicited takeover offer on Monday.
Moving to junior markets in Canada, Iplayco Corp (CVE:IPC) is ramping up orders with the maker of children's play structures announcing two more sales agreements amounting to C$1.2 million to design, manufacture and install large indoor play equipment for a customer in the Middle East. Shares jumped to a new 52-week high of 85 cents on Tuesday.
Supreme Pharmaceuticals (CSE:SL) (OTCBB:SPRWF) surged 50% after it announced its second acquisition target in the medical marijuana space, signing a letter of intent to buy a Southern Ontario green house facility that has already been approved for a pre-build license under Canada's new federal regulations. Less than six weeks since the new Federal rules kicked in that are aimed at commercializing the industry, companies are moving quickly to assert themselves in a market that is set for explosive growth by anyone's standards.
Avrupa Minerals (CVE:AVU) has unveiled results from recent drilling at the Sesmarias target on its Alvalade joint venture project in Portugal, which is operated by the company and funded by Antofagasta plc. The junior company said the results of the drilling "clearly indicate the potential for a large-scale mineralized system", and that an ongoing review of historic drilling also supports this idea. Reported by Proactive Investors 16 hours ago.