viewCanadian Market Wrap

Tuesday's most followed in Canada including Scotiabank, Silver Wheaton, Imperial Metals, BlackBerry, Wajax, Transforce, Oncolytics, Asante Gold


Toronto's main market dropped to the weakest in more than a week on Tuesday, led by banks, as Bank of Nova Scotia  (TSE:BNS) reported a lower-than-estimated quarterly profit.

In corporate activity, Bank of Nova Scotia (TSE:BNS), the third-largest lender by assets, fell 1.8 percent to C$65.74, after reporting disappointing results.

Silver Wheaton (TSE:SLW) sank 6.2 percent to $24.94 after the world’s largest precious-metals finance firm agreed to buy $900 million worth of gold from a Vale SA mine in Brazil, expanding a supply agreement signed two years ago.

Imperial Metals (TSE:III) climbed 7.3 percent to C$13.31 on Tuesday after the company said its Red Chris mine trucked its first shipments of copper concentrate to the Port of Stewart in British Columbia, after announcing first production less than two weeks ago.

BlackBerry (TSE:BB) reversed earlier gains, dropping 1 percent to C$13.73 after introducing BlackBerry Leap, a 5-inch touch-screen device, for the lower end of the market in the erstwhile smartphone leader’s latest attempt to regain customers.

Wajax (TSE:WJX), a heavy-equipment firm, skidded 0.9 percent to C$24.28 after reporting lower fourth-quarter earnings, which it said were below its expectations. It also said it expects 2015 to be challenging, as customers continue to be affected by ongoing weakness in oil and other commodities.

TransForce (TSE:TFI) shed 4.8 percent to C$29.52 even after posting stronger fourth quarter earnings and revenue, boosted by acquisitions.

Oncolytics Biotech (TSE:ONC) (NASDAQ:ONCY) jumped as much as 29 percent this morning after announcing it has received an orphan drug designation from the U.S. FDA for Reolysin for the treatment of primary peritoneal cancers, its fourth such designation in less than a month.

Moving to junior markets in Canada, Asante Gold (CVE:ASE) has now signed a definitive option agreement with Goknet Mining Company to earn up to 100 percent of the Kubi gold project in Ghana, following receipt of conditional approval from the TSX Venture Exchange last month. 

Quick facts: Canadian Market Wrap

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