Banro, Corel, Sprott May Move: Canadian Equity Market Preview

By John Kipphoff

Sept. 11 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading tomorrow. Stock symbols are in parentheses, and share prices are from the last close in Toronto.

The Standard & Poor's/TSX Composite Index rose 2.9 percent to 12,497.15.

Banro Corp. (BAA CN): The company planning to build a gold mine in the Democratic Republic of Congo agreed to sell 11 million units at $1.75 (C$1.88) each to a group of brokerages including CIBC World Markets. The deal will raise $19.25 million, Toronto-based Banro said in a statement on Marketwire. The shares dropped 17 percent and have fallen 85 percent this year.

Corel Corp. (CRE CN): The maker of WordPerfect software will reduce its workforce by 90 employees, or about 8 percent. The move will lead to the company booking costs of $2.8 million (C$3 million) in the fourth quarter, Ottawa-based Corel said in a statement on Business Wire.

The company also said that no agreement has been reached in talks with a third party about a sale of Corel, first disclosed Aug. 20. The shares rose 5.9 percent to C$11.92 on Sept. 4.

Sprott Inc. (SII CN): The Canadian hedge fund manager that went public in May expects to record net inflows in the third quarter even as stock prices decline, Chief Executive Officer Eric Sprott said. The shares gained 4.5 percent to C$4.85. They've dropped 52 percent since of Toronto-based Sprott first sold stock at C$10 in May.

To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.