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  • Writer's pictureLucas Friesen

Market Summary: January 23, 2024

The TSX was up today by 110.29 points.

A Federal Court ruled that the Canadian government’s choice to use the Emergencies Act to respond to the 2022 Freedom Convoy was a violation of the Charter. Justice Richard Mosely decided the Freedom Convoy threat was not a threat to national security, as defined as the justification for using the Emergencies Act. The government has promised to appeal this decision.

Perseus Mining Ltd. produced 128,773 ounces of gold in its fiscal Q2 ended December 31, 2023. In calendar year 2023, the company produced 528,486 oz Au. The sale of its gold gave the company notional cashflow in calendar year 2023 of $492-million (U.S.). In its fiscal 2024, the company expects to produce between 491,000 and 517,000 oz Au. Perseus has a market cap of $2.15-billion.

Algoma Steel Group Inc. has contained the effluviant leak at its coke-making plant. The company is also making a repair plan for the plant with a third party engineering group. The company had to shut down blast furnace operations temporarily to deal with the coke-making problem over the weekend. However, upon resuming blast furnace operations, issues arose and the blast furnace is currently off line. The company expects to resume production within two weeks. It expects impact on shipments. The company’s plate/strip mill and cold mill operations are unaffected, and the electric arc furnace construction continues. The company thinks it will source third party coke from suppliers to augment coke production. Algoma has a market cap of $1.18-billion.

Silvercrest Metals Inc. sold 59,200 oz Au and 5.62 million oz Ag (10.25 million silver equivalent) in fiscal 2023, which was ahead of its guidance of 9.8 million to 10.2 million oz AgEq. These sales generated the company $245.1-million in revenue. The company has a market cap of $1.15-billion.

Gran Tierra Energy Inc. plans to produce between 32,000 and 35,000 barrels of oil per day and spend between $210-million (U.S.) and $240-milion (U.S.) in 2024. The company has 90 million barrels of oil equivalent of proved reserves, as of 2023 year-end. It has 207 million barrels of oil equivalent in probable plus possible reserves, as of 2023 year-end. The company has a market cap of $214.62-million.

FPX Nickel Corp. and Sumitomo Metal Mining Co. Ltd., a subsidiary of Sumitomo Metal Mining Canada Ltd., have closed their investment deal. Sumitomo has acquired 30.1 million shares of FPX at 48 cents per share for gross proceeds to FPX of $14.45-million. Sumitomo now owns 9.9% of FPX’s shares. FPX has a market cap of $86.3-million.

In the U.S., Netflix Inc. and WWE, owned by TKO Group Holdings Inc., which is a spinout of Endeavor Group Holdings Inc., struck a deal in which, starting January, 2025, Netflix will have the exclusive rights to stream WWE’s Monday Night Raw in the U.S., Canada, Latin America and the U.K. Netflix will also have international rights to stream Smackdown, NXT and premium live events like Wrestlemania. The deal is for 10 years and is valued at over $5-billion (U.S.). Netflix also released its Q4 results. The company had revenue of $8.8-billion (U.S.) in the quarter and net profits of $938-million (U.S.). This misses the company’s net profit forecast of $956-million (U.S.). Scott Stuber, the film chairman at Netflix, is leaving in March to start a new company. In the nominations released today, Netflix’s movies were nominated for 18 Oscars. TKO Group has a market cap of $6.35-billion (U.S.). Endeavor has a market cap of $17.17-billion (U.S.). Netflix has a market cap of $212.59-billion (U.S.)

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