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  • Writer's pictureLucas Friesen

Market Summary: January 16, 2024

The TSX closed down 6.18 points today. In the U.S., the Dow Jones Industrial Index dropped 231.86 points. Yesterday, the annual meeting of the World Economic Forum began in Davos, Switzerland. Last night, Donald Trump won the Iowa caucuses with the largest margin in the history of the Republican presidential nominating contest. Vivek Ramaswamy and Asa Hutchinson have dropped out of the Republic nomination race. The Iowa caucuses are the first step to being named the Republican candidate for the 2024 U.S. election. The next state the candidate hopefuls will focus on is New Hampshire.

Goodfood Market Corp. shares rose 10.3% to $0.32 after it released its fiscal Q1 2024 results, where the company lost $1.97-million on net sales of $40.45-million. In fiscal Q1 2023, Goodfood lost $11.7-million on net sales of $47.14-million. Goodfood has approximately 77 million shares issued.

Parex Resources Inc. shares dopped 15.7% to $21.69 per share after the company, last night, announced its 2024 capital expenditure budget of $410-millino (U.S.). This capex budget is approximately 15% lower than its 2023 budget. However, the company does plan to produce 57,000 barrels of oil equivalent per day in 2024, which is a 5% year-over-year increase. The company announced Tuesday afternoon that it is planning to buy back up to 10.19 million shares. Parex has approximately 103 million shares outstanding.

Enerflex Ltd. released its preliminary financial results for 2023. The company expects to report 2023 capex of approximately $110-million (U.S.), which is below its guidance range of $120- to $140-million (U.S.). The company says this is because it repaid approximately $120-millin (U.S.) of debt in Q4. Enerflex expects capex of between $90- and $110-million (U.S.) in 2024. Enerflex has approximately 124 million shares issued and is trading at $6.41 per share.

Kenorland Minerals Ltd.’s shares rose 23.3% to $0.74 per share on news that the company signed a definitive agreement with Sumitomo Metal Mining Canada Ltd. to exchange its 20% interest in the Frotet project in Quebec for a 4% net smelter return royalty on minerals extracted from the project. Kenorland has approximately 63 million shares issued.

This week, Thomson Reuters Corp. has already acquired 53.81% of Pagero Group AB. Now, the company will also acquire World Business Media Ltd., a subscription-based provider of editorial coverage for the insurance and reinsurance industries. Thomson Reuters has approximately 453 million shares issued and is trading at $199.13 per share.

Ivanhoe Mines Ltd. and Gecamines, the state-owned mining company in the Democratic Republic of the Congo, have agreed to restart the Kipushi mine. The company expects first production from this mine to be in Q2 2024. Ivanhoe has approximately 1.2 billion shares issued and is trading at $13.59 per share.

In the U.S., a judged blocked the planned acquisition of Spirit Airlines by JetBlue Airways. On the news, Spirit Airlines shares dropped 47.09% to $7.92 (U.S.) per share. Spirit has approximately 109 million shares outstanding. JetBlue shares went up 4.91% to $5.13 (U.S.) per share. JetBlue has approximately 333 million shares outstanding. Last year, the U.S. Department of Justice sued to prevent the acquisition. The judge agreed with the Justice Department, stating, “The elimination of Spirit would harm cost-conscious travelers who rely on Sprit’s low fares.”

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