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  • Writer's pictureLucas Friesen

Market Summary: January 8, 2024

The TSX was up 137 points to start the week.

CIBC arranged a $1.25-billion public offering of 5.3% debentures due January 16, 2034. The bank trades at $64.06 and has approximately 931 million shares issued.

Constellation Software Inc.’s company, N. Harris Computer Corp., has acquired Medhost Inc., a company that works in the sectors of electronic health records and health care IT. Constellation trades at $3,437.14 per share and has approximately 21 million shares issued.

AltaGas Ltd. has closed a $400-million offering of 4.672% notes maturing January 8, 2029. The company will use the proceeds to pay off debts and for working capital. AltaGas trades at $28.34 per share and has approximately 294 million shares issued.

Northern Dynasty Minerals Ltd. dropped 35% to $0.335 per share on news that the U.S. Supreme Court will not review the Environmental Protection Agency’s veto of the company’s principal asset, the Pebble project in Alaska. Northern Dynasty has approximately 538 million shares issued.

Enthusiast Gaming Holdings Inc. dropped 13% to $0.26 per share on news that the company’s CEO, Nick Brien, has resigned. The company has appointed Adrian Montgomery as its interim CEO. Mr. Montgomery was the company’s CEO until March, 2023. Enthusiast has approximately 154 million shares issued and is trading near its 52-week low of $0.20.

Wonderfi Technologies Inc. dropped 8.5% to $0.27 per share on news that the company is expecting to have revenue of $13-million in Q4 2023. The company is in the cryptocurrency space and has approximately 648 million shares issued. Wonderfi’s performance today contrasts with the main cryptocurrency market, as Bitcoin rose $2,805 (U.S.) to $46,735 (U.S.) per Bitcoin.

Farmers Edge Inc. rose 34% to $0.335 per share when it resumed trading after being halted at open. Fairfax Financial Holdings Ltd. increased its bid to buy all the common shares of Farmers Edge to $0.35 per share, payable in cash. As such, the company has signed a letter of intent to sell all its shares (approximately 42 million shares) to Fairfax.

American Eagle Gold Corp. shares jumped 43% to $0.395 per share on drilling results from its NAK project in British Columbia. The company drilled 606 metres of 0.74% copper equivalent at the project and, within that result, found 302 m of 1.09% CuEq. Teck Resources owns 19.9% of American Eagle. The company has approximately 109 million shares issued.

Lara Exploration Ltd. shares increased by 37% to $0.74 per share on news that Simon Ingram will be the company’s new president and CEO, as well as a director of the company. Dr. Ingram co-founded Reservoir Capital and Reservoir Minerals. Him and his Reservoir team received the 2016 Thayer Lindsley Award for their discovery at the Cukaru Peki deposit in Serbia with their joint-venture partner, Freeport-McMoRan. Lara has approximately 45 million shares issued.

Defi Technologies Inc.’s shares increased by 10% to $0.74 per share on news that its subsidiary, Valour Inc., has assets under management of $530.9-million as of January 2, 2024. The company also announced that it has changed its auditor. Defi has been on a tear and is currently trading near its 52-week high of $0.80 (and far away from its 52-week low of $0.065).  The company has approximately 276 million shares issued. Defi is a cryptotechnology company and its subsidiary, Valour, issues exchange-traded products (that is, cryptocurrencies).

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