Latest Reports on Concordia International, D-Box Technologies, First Quantum Minerals and Enerflex
September 23rd, 2016 – After closing at a two week high on Wednesday, Canada’s main stock index continued to push higher Thursday alongside American markets after the U.S. Federal Reserve decided to leave rates unchanged. The S&P/TSX Composite Index increased 0.59 percent to close at 14,797.17, while the S&P/TSX Venture Composite Index posted a decline of 0.33 percent to close at 810.62. The Energy and Financials sectors posted gains of 1.42 percent and 0.71 percent, respectively, while the Materials sector posted a decline of 0.40 percent.
“The market has come to the conclusion that everything is fine: central banks are still there, supporting equity markets and keeping yields low,” said BNP Paribas Investment Partners investment strategist, Daniel Morris.
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Concordia International Corp. (TSX: CXR)
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Concordia International’s shares gained 8.03 percent to close at C$6.46 a share Thursday. The stock traded between C$5.80 and C$6.53 on volume of 1.46 million shares traded. The company has recently lowered its full-year 2016 guidance and expects revenues to be in the range of US$859 million to US$888 million from previous outlook of US$1.02 to US$1.06 billion. Concordia expects approximately 66 percent of its revenues to be generated outside the U.S. Concordia also announced suspension of dividends on the same day. Concordia stock corrected nearly 40% on August 12, the day of Announcement. Shares of Concordia International have fallen approximately 88.6 percent year-to-date and are down roughly 45.0 percent in the past month.
D-Box Technologies Inc. (TSX: DBO)
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D-Box Technologies shares gained 7.69 percent to close at C$0.70 a share Thursday. The stock traded between C$0.65 and C$0.70 on volume of 1.10 million shares traded. The company recently announced that will launch the first all D-Box theatre in China with Shanghai Bestar Cinemas Management Co. Ltd. On Thursday, D-Box Technologies announced the opening of the first motion-coding studio in Beijing, China. Shares of D-Box Technologies have gained approximately 91.8 percent year-to-date and have gained roughly 9.4 percent in the past month.
First Quantum Minerals Limited (TSX: FM)
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First Quantum Minerals’ shares increased 4.95 percent to close at C$11.03 a share Thursday. The stock traded between C$10.80 and C$11.14 on volume of 4.37 million shares traded. Analysts at Barclays PLC have recently lowered its price target on the stock to C$9.20 from C$10.00. Consensus has average “hold” rating for the company. The company reported earnings of $38 million ($0.06 per share) for the second quarter of 2016. Shares of First Quantum Minerals have gained approximately 112.9 percent year-to-date and have fallen roughly 7.6 percent in the past month.
Enerflex Ltd. (TSX: EFX)
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Enerflex’s shares gained 3.85 percent to close at C$14.03 a share Thursday. The stock traded between C$13.68 and C$14.06 on volume of 148,054 shares traded. On September 7th, the company closed its public offering of 8,952,750 common shares at a price of $12.85 per share. “The net proceeds of the offering will be used by the company to finance the balance of its 2016 and 2017 capital expenditure program, potential acquisitions that may be identified from time to time and for general working capital and corporate purposes.” Shares of Enerflex have gained approximately 5.6 percent year-to-date and are up roughly 6.9 percent in the past month.
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