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  • Writer's pictureLucas Friesen

Market Summary: February 5, 2024

The TSX dropped 213.20 points today. King Charles III has been diagnosed with cancer and has postponed his public engagements. The Canadian government has extended its foreign home buyers ban until the end of 2026. The ban forbids non-citizens from buying residential property in most urban areas.  

Cogeco Communications Inc.’s Cogeco Connexion has agreed to acquire Niagara Regional Broadband Network from the City of Niagara Falls and the Town of Niagara-on-the-Lake. These two entities will remain minority shareholders of Niagara Regional. Cogeco has a market cap of $1.83-billion.

Coveo Solutions Inc. lost $6.15-million (U.S.) on revenue of $31.76-million (U.S.) in its fiscal Q3 ended December 31, 2023. The company lost $10.04-million (U.S.) on revenue of $28.49-million (U.S.) a year earlier. At the end of fiscal Q3 2024, Coveo had cash and equivalents of $163.11-million (U.S.) compared with $207.56-million (U.S.) a year earlier. The company has a market cap of $1.02-billion.

Dream Unlimited Corp. has agreed to sell Arapahoe Basin, Colorado, to Alterra Mountain Co. for an after-tax profit of $110-million. The deal is expected to close in 2024. Arapahoe’s management team, including COO Alan Henceroth, will continue to manage the area. Dream has a market cap of $954-million.

Fission Uranium Corp. has arranged a $75-million bought deal of 63.56 million shares at $1.18 each. It will use the proceeds to develop the PLS project, Saskatchewan. Fission’s market cap is $896.87-million.

Vitalhub Corp. has acquired BookWise Solutions Ltd. for 3.11 million pounds in cash. This purchase includes BookWise’s cash reserves of 1.64 million pounds. Vitalhub has a market cap of $216.37-million.

Alvopetro Energy Ltd.’s January, 2024, average sales volume was 1,699 barrels of oil equivalent per day. In December, 2023, the company produced 2,331 boe/d. It has a market cap of $203.22-million.

Eupraxia Pharmaceuticals Inc. has released results from the second cohort of its Resolve trial, using its Diffusphere for eosinophilic esophagitis. At three months, the three patients in the trial showed reductions in their patient-reported outcomes, with an average 60% reduction in difficulty swallowing and an 80% reduction in their pain on swallowing. The patients also had an average 40% reduction in eosinophil counts. Eupraxia has recruited and dosed its third cohort for the Resolve trial with a stronger dose than before. It expects to have more results in Q2 2024. Eupraxia’s market cap is $165.05-million.

Highwood Asset Management Ltd.’s 03-04 well, which was brought online on January 27, 2024, has produced over 1,300 boe/d over the past seven days. The company’s 04-10 well has produced approximately 450 boe/d over the past seven days. The company’s total current production is over 5,000 boe/d. It plans to drill five new holes in the first 120 days of 2024. Its market cap is $75.57-million.

In the U.S., Novo Nordisk A/S’s parent company, Novo Holdings, has agreed to buy Catalent Inc. for $16.5-billion (U.S.), including debt. Upon completion, Novo Holdings will send three of Catalent’s plants to Novo Nordisk for $11-billion (U.S.). This will increase Novo’s production of Wegovy, the weight-loss drug. Catalent’s market cap is $9.85-billion (U.S.). Novo Nordisk’s market cap is 3.5 trillion Danish krone.

On February 1, 2024, Publicis Group SA ADR’s Publicis Health agreed to pay $350-million (U.S.) to settle claims that its advertising contributed to the opioid crisis. Publicis is barred from future marketing or sale of opioids. The settlement is not an admission of wrongdoing. New York Attorney General Letitia James says Publicis worked with Purdue Pharma from 2010 to 2019 and helped market OxyContin as well as Butrans and Hysingla. According to the attorney, Publicis created ads and brochures that promoted OxyContin as safe and unable to be abused. Publicis Group has a market cap $25.35-billion (U.S.).  

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