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  • Writer's pictureLucas Friesen

Market Summary: February 6, 2024

The TSX rose 85.85 points today.


BCE Inc.’s Bell will now offer Bell Operator Connect for Microsoft Teams to Canadian businesses. Bell Operator Connect allows for high-quality voice calling through Teams without additional phone equipment. BCE will also use Microsoft 365 as its cloud. BCE has a market cap of $48.77-billion.


Sun Life Financial Inc.’s Sun Life U.S. has partnered with Somatus, which will provide care to Sun Life’s stop-loss members with late-stage kidney and heart disease at no additional cost to the stop-loss clients. Sun Life has a market cap of $41.23-billion.


FirstService Corp. earned $147.02-million (U.S.) on revenue of $4.33-billion (U.S.) in 2023. The company earned $145-million (U.S.) on revenue of $3.74-billion (U.S.) in 2022. As of December 31, 2023, the company had assets and liabilities of $3.63-billion (U.S.), an increase from $2.77-billion (U.S.) a year earlier. At the end of 2023, the company had $206.87-million (U.S.) in cash and equivalents, an increase from $159.34-million (U.S.) a year earlier. FirstService has a market cap of $9.89-billion.


TMX Group Ltd. earned $388.2-million on revenue of $1.19-billion in 2023. It earned $581.8-million on revenue of $1.11-billion in 2022. At the end of 2023, TMX had assets and liabilities of $64.33-million, an increase from $55.98-million a year earlier. At the end of 2023, the company had $301.1-million in cash and equivalents, a decrease from $375.7-million a year earlier. TMX has a market cap of $9.39-billion.


Champion Iron Ltd. is facing a strike at its Bloom Lake mine. Unionized employees represent 63% of Bloom Lake’s workers and they voted against Champion’s proposed terms for a new collective bargaining agreement and voted in favour of a strike. This allows Syndicat des Metallos, which represents the unionized workers, to initiate a strike at any time during the continuing CBA discussions. Operations at Bloom Lake have not yet been impacted. Champion has a market cap of $3.61-billion.


International Petroleum Corp. had a net result of $172.97-million (U.S.) on revenue of $853.9-million (U.S.) in 2023. It had a net result of $337.72-million (U.S.) on revenue of $1.12-billion (U.S.) in 2022. In 2024, it expects to produce between 46,000 and 48,000 barrels of oil equivalent per day. Its 2024 capital and decommissioning expenditure budget is $437-million (U.S.). Its market cap is $1.72-billion.


Vanstar Mining Resources Inc.’s shareholders approved Iamgold Corp.’s acquisition of the company. Under the deal, Iamgold will issue 0.2008 of an Iamgold share for each Vanstar share. The deal values Vanstar at $0.69 per share. Vanstar will now seek approval from the Superior Court of Quebec on February 9, 2024. Vanstar has a market cap of $37.92-million. Iamgold has a market cap of $1.6-billion.


Aya Gold & Silver Inc. has arranged a $67.5-million bought deal offering of 6.58 million shares at $10.25 per share. The company plans to use the proceeds to develop Boumadine and explore Zgounder. It expects to close the offering on February 14, 2024. The company has a market cap of $1.31-billion.


Precision Drilling Corp. earned $289.24-million on revenue of $1.93-billion in 2023. The company lost $32.29-million on revenue of $1.61-billion in 2022. As of December 31, 2023, the company has $145.23-million in working capital, an increase from $60.64-million a year earlier. In 2024, Precision plans to reduce its debt by $150-million to $200-million. The company has a market cap of $1.2-billion.


Saturn Oil & Gas Inc. expects to produce between 26,500 and 27,500 boe/d and spend $146-million in development capital in 2024. The company has also arranged a $50-million bought deal private placement of 22.2 million shares at $2.25 per share. Saturn has a market cap of $316.41-million.

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