The Economy
Canadian Exports To Grow By 8% In 2017, Says EDC
Export Development Canada has estimated that Canadian exports in 2017 will grow by 8% thanks to the continued growth of the U.S. and global economies. EDC forecasts that oil and gas exports will grow by 31%, and ores and metals will also see double-digit growth.
Credit, Debit Spending In Canada Up 5.05% in Q3, Reports Moneris
Payment processing company Moneris Solutions Corp reported on Thursday that credit and debit card spending in Canada increased by 5.05% in Q3, representing the highest 2017 quarterly year-over-year growth.
The Stock Market
Rogers Communications Sees Profit More Than Double In Q3
On Thursday, Canadian telecom giant Rogers Communications Inc (TSX:$RCI) reported impressive Q3 results, with net earnings for the quarter soaring to $467 million compared with $220 million in the same quarter last year.
During the quarter, Rogers added 129,000 net postpaid wireless subscribers, the largest jump in this segment in eight years, and this number also beat analyst expectations. With more subscribers and higher-rate plans, the company was able to grow its wireless sales by 5%.
The company has also raised its guidance for 2017 and now expects its operating profit to grow 6%, rather than the 5% that was projected earlier this year.
Cenovus To Unload Palliser Oil, Gas Assets For $1.3 Billion
Cenovus Energy Inc (TSX:$CVE) has entered an agreement to sell its Palliser crude oil and natural gas assets in Alberta to Torxen Energy and Schlumberger for $1.3 billion cash. This marks the third major asset sale by Cenovus in the past six weeks as the company aims to reduce its debt obligations associated with its acquisition of ConocoPhillips’ Canadian operations in March.
Last month, the company announced deals to sell its Suffield assets for $512 million and its Pelican Lake assets for $975 million.
Cenovus will continue to field offers for its Weyburn assets, with a sale expected before the end of the year, and it is also considering additional non-core asset sales.
Shopify To Add Up To 500 Jobs In Waterloo
Shopify Inc (TSX:$SHOP) has announced plans to expand its workforce in Waterloo, Ontario, by up to 500 full-time employees to support its Shopify Plus platform. The company is also set to open another building in Waterloo by the first quarter of next year to accommodate the workforce growth.
Sears Begins Final Liquidation Sales
Sears Canada Inc (TSX:$SCC) has begun its liquidation sales across Canada. Customers can expect discounts of up to 50% at its stores for the next 10 to 14 weeks. Sears has also obtained court approval to pay $2.8 million in retention bonuses to its management and executives even though the retailer’s restructuring efforts have failed.
Barrick Gold Ends Dispute With Tanzanian Government
Barrick Gold Corp (TSX:$ABX) has reached an agreement with the Tanzanian government, under which Barrick will hand over a 16% stake in three gold mines, 50% of revenues from the mines and make a US$300 million payment to the government, thus ending their long-standing dispute.
Most Active Stocks
Titan Mining Corp. (TSX:$TI) saw high trading volume on Thursday as a result of completing its $50.05 million IPO of shares at $1.40. Titan Mining is a zinc exploration and development company focused on the Empire State mine in the state of New York. Its shares are trading at $1.33 at market close.
As mentioned, Cenovus Energy Inc (TSX:$CVE) saw its stock rise by over 2% to $12.51 per share with a trading volume of 9.56 million following its latest asset sale announcement to reduce its debt. In September, the company also saw its share price increase immediately following announcements to sell certain assets.
Nemaska Lithium Inc (TSX:$NMX)’s shares spiked by 12.2% on Thursday to $1.65 at market close. Last week, the company began processing spodumene concentrate from the Whabouchi min. It is expected to take about three to four weeks to build an inventory of lithium sulphate to begin processing into battery-grade lithium hydroxide.
Toronto-Dominion Bank (TSX:$TD) shares jumped modestly by 0.71% on Thursday. This week, the Globe and Mail reported that the banks are now clear leaders within the S&P/TSX Composite Index, after lagging the index earlier this year, and valuations are now in line with the long-term average.
Featured Image: depositphotos/ monkeybusiness
