Toronto's main market extended losses Tuesday as a slump among banks overpowered a rebound in commodity producers.
In corporate activity, A.G.F. Management (TSE:AGF.B) fell to 52-week low and was trading at C$8.10, down 16 percent, after the mutual fund and investment company said it plans to slash its dividend by nearly two thirds and that it is revisiting its capital-allocation strategy.
Baytex Energy (TSE:BTE) rose 4.5 percent to C$17.2. The heavy-crude producer slashed its dividend by more than half and reduced its capital budet by 30 percent from its original expectation, as crude oil prices tumbled to five-year lows.
Talisman Energy (TSE:TLM) jumped 13.5 percent to C$4.88 after the nation's fifth-largest independent petroleum producer said it had been approached by “a number of parties,” including Spain’s Repsol (OTCMKTS:REPYY), regarding various unspecified transactions. Back in July, Talisman and Repsol discussed possible transactions, though those talks later stalled.
In other stocks, Hudson's Bay (TSE:HBC) added 2.2 percent to C$24.02, reversing an earlier drop, as the department store operator reported a narrower loss from continuing operations in its third quarter as retail sales nearly doubled.
Moving to junior markets in Canada, ARHT Media (CVE:ART) said that Mexican billionaire Carlos Slim, one of the richest people in the world, has joined its board of advisors as the company looks to expand its human hologram business. Shares rallied almost 15 percent to to 47 Canadian cents. The company, though at an early stage, has managed to collect an impressive list of names to join its advisory board, which prior to today already consisted of Paul Anka, Larry King, Jason Bateman, Richard Bronson and Michael Buble.
RESAAS Services (CSE:RSS) said it has reached an impressive milestone, hitting 300,000 professional real estate users on its specialized social networking platform. The rate of growth secures the company as the largest and fastest growing professional real estate network, reaching the 300,000 user mark just 18 months after its commercial launch, RESAAS said.
Lower copper grades in the concentrate sold from its Ming mine in Newfoundland hit revenues and profits at Rambler Metals (CVE:RAB) (LON:RMM) in its latest quarter. Production dropped by 23% to 5,072 tonnes in the three months to October and was largely the result of a 4% drop in the copper head grade compared to a year earlier. Revenues for three months were C$12.3mln (£6.9mln) compared to C$16.7mln, while profits fell to C$465,000 from C$5.26mln.