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  • Writer's pictureLucas Friesen

Market Summary: March 1, 2024

Happy Friday. Here is your market summary for March 1, 2024. The TSX rose 188.74 points today.


Canadian National Railway Co. has signed a tentative three-year collective deal with the United Steelworkers Local 2004. This union represents approximately 2,500 CN employees that are primarily responsible for track maintenance in Canada. Market cap: $113.43B.


SNC-Lavalin Group Inc., doing business as AtkinsRéalis, earned $287.2M on revenue of $8.63B in 2023. It earned $9.8M on revenue of $7.54B in 2022. It expects its nuclear organic revenue to grow by 12% to 15% in 2024. It will pay a dividend of $0.02 per share on March 29. Market cap: $8.96B.


Quebecor Inc. has noted that its company chair, Brian Mulroney, has died. Mr. Mulroney sat on Quebecor’s board for over 20 years. He was the 18th prime minister of Canada. Market cap: $4.91B.


Boralex Inc. has $6.57B in assets and liabilities. It earned $115M on revenue of $1B in 2023. It earned $8M on revenue of $923M in 2022. It has $472M in cash and equivalents. Market cap: $3.01B.


Canadian Western Bank has $42.69B in assets and liabilities. It earned $93.93M on revenue of $289.99M in the quarter ended Jan. 31, 2024. It earned $100.37M on revenue of $272.89M in the quarter ended Jan. 31, 2023. It has $39.02M in cash and equivalents. It will pay a dividend of $0.34 per common share on March 21. Market cap: $2.74B.


Parex Resources Inc. has $2.41B (U.S.) in assets and liabilities. It earned $459.3M (U.S.) on revenue of $1.16B (U.S.) in 2023. It earned $611.36M (U.S.) on revenue of $1.31B (U.S.) in 2022. It has $143.9M (U.S.) in cash, equivalents and restricted cash. It expects to produce between 54,000 and 60,000 barrels of oil equivalent per day in 2024. It expects to spend between $390M (U.S.) and $430M (U.S.) in capital expenditures in 2024. It has 168,625 million barrels of oil equivalent in proved plus probable reserves. It will pay a dividend of $0.375 per share on March 28. Market cap: $2.12B.


Martinrea International Inc. has $3.98B in assets and liabilities. It earned $153.66M on sales of $5.34B in 2023. It earned $132.83M on sales of $4.75B in 2022. It has $186.8M in cash and equivalents. It expects sales of $5B to $5.3B in 2024.  It will pay a dividend of $0.05 per share on April 15. Market cap: $953.32M.


McEwen Mining Inc. has $654.68M (U.S.) in assets and liabilities. It earned $54.73M (U.S.) on revenue of $166.23M (U.S.) in 2023. It lost $81.07M (U.S.) on revenue of $110.41M (U.S.) in 2022. It has $27.51M (U.S.) in cash, equivalents and restricted cash. It produced 154,600 ounces of gold equivalent in 2023. It expects to produce between 80,000 and 85,000 ounces of gold equivalent ounces at its 100% owned mines in 2024. It also expects production between 50,000 and 60,000 gold equivalent ounces at the San José mine, which it has a 49% interest in. Market cap: $457.31M.


The Reddit brand logo. A red circle with a white, smiling robot in the middle.

In the U.S., The Wall Street Journal has reported that Reddit is looking at a $6.5B (U.S.) valuation for its IPO. It plans to list its shares in the range of $31 (U.S.) to $34 (U.S.) per share. In its most recent financing round in 2021, Reddit valued itself at $10B (U.S.). Reddit plans to give individual investors and its most loyal users a chance to buy shares in the IPO. It will also allow employees to sell shares in the IPO. The company posted a net loss of $90.8M (U.S.) in 2023 and is working its way toward becoming profitable. It plans to list on the New York Stock Exchange.

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