Toronto's main market dropped on Thursday, halting a four-session winning streak, as sluggish U.S. economic data and weaker gold prices nudged down banks and miners.
In corporate activity, Hudson's Bay Co. (TSE:HBC), a middle-market Canadian department store chain, tumbled 3.9% to C$18.09 after posting 67% drop in fourth-quarter profit, weakened by higher expenses.
Reitmans (TSE:RET) jumped 5.3% to C$6.10 afte reporting its year-end results, posting a net loss of $2.57 million in its fourth quarter as it continues to work at reducing costs and improving efficiencies across all of its banners. The clothing retailer also launched a review of its head office, resulting in layoffs that accounted for severance costs of approximately $1.7 million, which will have an impact on its fiscal 2014 results. Once the layoffs are finished, Reitmans projects annualized savings of $6 million by January 31, 2015.
WestJet (TSE:WJA) advanced 1.6% to C$25.36 after the company reported a March load factor of 84%, down from 86.1% in the same month last year. The company's first quarter load factor was also the second highest in its history, as it flew over 300,000 additional guests in the first quarter compared to last year.
Urthecast Corp. (TSE:UR), developer of high-definition streaming video and imaging of Earth from space, jumped 6.3% to C$2.18 after releasing its first picture from a new camera on the International Space Station.
In the materials sector, Vancouver-based Goldcorp (TSE:G) said it is extending its takeover offer for Osisko Mining (TSE:OSK) until 5 p.m. on April 15. The announcement came a day after a rival offer from Toronto-based Yamana Gold Inc. (TSE:YRI), which wants to buy a half-share of Osisko's mining assets with support from Osisko's board of directors and two of Canada's largest pension funds. Shares of Goldcorp were down 2.2% at C$27.00 on Thursday.
Asanko Gold (TSE:AKG) (NYSE MKT:AKG) said it has made two key contractor appointments for the construction phase of its flagship project in Ghana, beginning the phase 1 process at the mine. The company said it has appointed South Africa-based DRA as the engineering, procurement, construction and management contractor, as well as Knight Peisold as the tailings storage facility design contractor.
Canarc Resource Corp. (TSE:CCM)(OTCBB:CRCUF) said Thursday it has closed the second tranche of its C$2 million private placement financing announced in February. The second tranche was made up of 900 million units at 10 Canadian cents apiece, for $900,000 in proceeds, which followed the first $1.06 million tranche last month.
Moving to junior markets in Canada, Largo Resources (CVE:LGO) provided Thursday an update on the commissioning process underway at its Maracas vanadium project in Brazil, saying that it has completed two targets this week. The company told investors that it has completed the wet commissioning process on both the leaching system and evaporation plant. It last week also made the first two blasts at its Gulcari "A" deposit.
Global Cobalt (CVE:GCO) has begun trading on the OTC Bulletin Board, boosting the company's exposure to the U.S. markets. The junior company, which is developing the Karakul cobalt project in Russia, began trading on the OTC yesterday under the symbol "GLBCF".
Blackbird Energy Inc. (CVE:BBI), which is focused on southwest Saskatchewan and Alberta, advanced to the highest in two weeks after saying it has increased its land position at Montney in the Greater Karr Area of Alberta.
After securing approval from the FDA for its VMS heart analysis system last month, VentriPoint Diagnostics (CVE:VPT) is now focused on marketing the device and broadening its applications, the company said Wednesday. The company, whose diagnostic system was cleared by the FDA in March for right ventricle assessment in adult patients with pulmonary arterial hypertension (PAH), reported that it has completed two studies to help expand the device's applications, one in PAH and one in congential heart disease.
RESAAS Services (CSE:RSS) says it has added Vancouver-based Coldwell Banker Westburn Realty, the fourth largest Coldwell Banker brokerage in Canada based on sales volume, to its social networking platform for real estate professionals. Reported by Proactive Investors 8 hours ago.
In corporate activity, Hudson's Bay Co. (TSE:HBC), a middle-market Canadian department store chain, tumbled 3.9% to C$18.09 after posting 67% drop in fourth-quarter profit, weakened by higher expenses.
Reitmans (TSE:RET) jumped 5.3% to C$6.10 afte reporting its year-end results, posting a net loss of $2.57 million in its fourth quarter as it continues to work at reducing costs and improving efficiencies across all of its banners. The clothing retailer also launched a review of its head office, resulting in layoffs that accounted for severance costs of approximately $1.7 million, which will have an impact on its fiscal 2014 results. Once the layoffs are finished, Reitmans projects annualized savings of $6 million by January 31, 2015.
WestJet (TSE:WJA) advanced 1.6% to C$25.36 after the company reported a March load factor of 84%, down from 86.1% in the same month last year. The company's first quarter load factor was also the second highest in its history, as it flew over 300,000 additional guests in the first quarter compared to last year.
Urthecast Corp. (TSE:UR), developer of high-definition streaming video and imaging of Earth from space, jumped 6.3% to C$2.18 after releasing its first picture from a new camera on the International Space Station.
In the materials sector, Vancouver-based Goldcorp (TSE:G) said it is extending its takeover offer for Osisko Mining (TSE:OSK) until 5 p.m. on April 15. The announcement came a day after a rival offer from Toronto-based Yamana Gold Inc. (TSE:YRI), which wants to buy a half-share of Osisko's mining assets with support from Osisko's board of directors and two of Canada's largest pension funds. Shares of Goldcorp were down 2.2% at C$27.00 on Thursday.
Asanko Gold (TSE:AKG) (NYSE MKT:AKG) said it has made two key contractor appointments for the construction phase of its flagship project in Ghana, beginning the phase 1 process at the mine. The company said it has appointed South Africa-based DRA as the engineering, procurement, construction and management contractor, as well as Knight Peisold as the tailings storage facility design contractor.
Canarc Resource Corp. (TSE:CCM)(OTCBB:CRCUF) said Thursday it has closed the second tranche of its C$2 million private placement financing announced in February. The second tranche was made up of 900 million units at 10 Canadian cents apiece, for $900,000 in proceeds, which followed the first $1.06 million tranche last month.
Moving to junior markets in Canada, Largo Resources (CVE:LGO) provided Thursday an update on the commissioning process underway at its Maracas vanadium project in Brazil, saying that it has completed two targets this week. The company told investors that it has completed the wet commissioning process on both the leaching system and evaporation plant. It last week also made the first two blasts at its Gulcari "A" deposit.
Global Cobalt (CVE:GCO) has begun trading on the OTC Bulletin Board, boosting the company's exposure to the U.S. markets. The junior company, which is developing the Karakul cobalt project in Russia, began trading on the OTC yesterday under the symbol "GLBCF".
Blackbird Energy Inc. (CVE:BBI), which is focused on southwest Saskatchewan and Alberta, advanced to the highest in two weeks after saying it has increased its land position at Montney in the Greater Karr Area of Alberta.
After securing approval from the FDA for its VMS heart analysis system last month, VentriPoint Diagnostics (CVE:VPT) is now focused on marketing the device and broadening its applications, the company said Wednesday. The company, whose diagnostic system was cleared by the FDA in March for right ventricle assessment in adult patients with pulmonary arterial hypertension (PAH), reported that it has completed two studies to help expand the device's applications, one in PAH and one in congential heart disease.
RESAAS Services (CSE:RSS) says it has added Vancouver-based Coldwell Banker Westburn Realty, the fourth largest Coldwell Banker brokerage in Canada based on sales volume, to its social networking platform for real estate professionals. Reported by Proactive Investors 8 hours ago.