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  • Writer's pictureLucas Friesen

Market Summary: February 26, 2024

The TSX rose 2.09 points today. At time of writing, bitcoin is up $3,261 (U.S.) to $54,544 (U.S.) per bitcoin.


Ivanhoe Mines Ltd. has $5B (U.S.) in assets and liabilities. It earned $302.94M (U.S.) on revenue from Kamoa-Kakula of $2.7B (U.S.) in 2023. It earned $320.73M (U.S.) in 2022. It has $574.29M (U.S.) in cash and equivalents. Kamoa-Kakula produced 393,551 tonnes of copper concentrate in 2023. Kamoa-Kakula is expected to produce 440,000 to 490,000 tonnes of copper concentrate in 2024. Market cap: $17.84B.


Emera Inc. has $39.48B in assets and liabilities. It earned $1.04B on revenue of $7.56B in 2023. It earned $1B on revenue of $7.58B in 2022. It has $588M in cash, equivalents and restricted cash. Market cap: $13.33B.


Secure Energy Services Inc. has $2.84B in assets and liabilities. It earned $195M on revenue of $8.24B in 2023. It earned $184M on revenue of $8B in 2022. It has $12M in cash. Rene Amirault is retiring as CEO and will be replaced by Allen Gransch. Market cap: $3.07B.


Cargojet Inc. has $2.03B in assets and liabilities. It earned $37.3M on revenue of $877.5M in 2023. It earned $190.6M on revenue of $979.9M in 2022. It has $31.8M in cash. Market cap: $1.91B.


Orla Mining Ltd. has agreed to acquire Contact Gold Corp. Under the agreement, Orla will issue 0.0063 of a share for each outstanding Contact share. This values the acquisition at $8.1M (U.S.). This will give Orla access to the Pony Creek property in Nevada, which is fully owned by Contact. Orla market cap: $1.42B. Contact market cap: $8.81M.  


Algoma Central Corp. has $1.34B in assets and liabilities. It earned $82.87M on revenue of $721.22M in 2023. It earned $119.96M on revenue of $677.94M in 2022. It has $32.83M in cash. Market cap: $585.26M.


Rogers Sugar Inc. has arranged a $110M offering of shares at $5.18 per share. The company will use the proceeds to finance some of its Eastern Canada expansion. Fonds de solidarite des travailleurs du Quebec has agreed to acquire $50M of the financing and Belkorp Industries Inc. has agreed to acquire $10M. The remaining 9.66 million shares will be issued at $5.18 per share for approximately $50M. Market cap: $579.36M.


The logo for Stingray Group Inc., Black lettering on a white background with a square blue logo.

Stingray Group Inc. has written a letter with a group of independent broadcasters to Honourable Chrystia Freeland and Hon. Pascale St-Onge. The group is seeking financial support for radio advertising. It wants a commitment of at least 70% of Canadian advertising expenditures to be to local media and that that amount be split evenly across radio, TV, print and digital media. The group also seeks a 20% tax credit for advertising with Canadian print and broadcast media. Market cap: $373.65M.


Osino Resources Corp. has agreed to be acquired by Yintai Gold Co. Ltd. Under the deal, Yintai will buy each Osino share at $1.90 per share in cash. Osino market cap: $300.67M.


Premier Health of America Inc. has $97.37M in assets and liabilities. It lost $231,000 on revenue of $36.97M in the quarter ended Dec. 31, 2023. It lost $376,000 on revenue of $21.57M in the comparable quarter. It has $785,000 in cash. Market cap: $37.19M.


In the U.S., the Federal Trade Commission has sued to block Kroger Co.’s planned $25M (U.S.) acquisition of Albertsons Companies Inc. This deal has been in the works since 2022 and is the largest supermarket deal in history. The FTC said the deal would increase food prices and negatively affect union bargaining power. The FTC cited antitrust grounds as to why the court should block the deal. The FTC says the companies’ plan to sell hundreds of stores won’t solve the problem. Albertsons market cap: $12.35B (U.S.). Kroger market cap: $34.68B (U.S.).


Chevron Corp. has been informed that Exxon Mobil Corp. and China National Offshore Oil Corp. (Cnooc) have stated that they have a right to pre-empt Chevron’s bid for a stake in an oil project off the coast of Guyana. Chevron said that Exxon and Cnooc have said that they have the right to counter Chevron’s offer for Hess Corp.’s stake in the Guyana project. Exxon is the operator of the project. This new information puts Chevron’s planned acquisition of Hess into question, as the main purpose of the Hess acquisition was to gain the interest in the Guyana project. As TFP Market Summary readers will know, Guyana is verging nearer to war with its aggressive neighbour, Venezuela. Exxon has not yet made an official counteroffer. Hess market cap: $45.8B (U.S.). Chevron market cap: $291.08B (U.S.). Exxon market cap: $415.03B (U.S.).

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