By John Kipphoff
Jan. 21 (Bloomberg) -- Shares of the following companies may have unusual fluctuations in Canadian trading today. Stock symbols are in parentheses and prices are from yesterday’s close.
The Standard & Poor’s/TSX Composite Index dropped 3.8 percent to 8,504.93.
Bio-Extraction Inc. (BXI CN): The producer of protein extracts and animal feeds from oilseeds was rated “buy” in new coverage by Lawrence Casse at Loewen, Ondaatje, McCutcheon Ltd. The Toronto-based analyst set a 12-month share-price target of C$1.10. The shares fell 5.6 percent to 42 cents.
Brampton Brick Ltd. (BBL/A CN): The brick manufacturer said it will write down the value of its landscape products business in the fourth quarter by C$6.7 million ($5.3 million), because of economic conditions in its Ontario and Michigan markets. The move will cut net income by about C$6 million, or 55 cents a share, Brampton Brick said in a statement carried on Marketwire. The shares dropped 4.6 percent to C$5.25.
Centamin Egypt Ltd. (CEE CN): The gold explorer drawn to the Egypt by a 3,000-year-old map agreed to sell 92.3 million shares at C$0.65 apiece, raising C$60 million to fund the development of its Sukari Gold Project. The share offering price is 12 percent less than yesterday’s close. The shares rose 1.4 percent to 74 cents.
InterOil Corp. (IOL CN): The developer of Papua New Guinea’s first liquefied natural gas facility will be removed from the S&P/TSX after the close of trading on Jan. 27, S&P said in a statement. InterOil shares fell 13 percent to C$22.13 after saying that it decided to delist from the Toronto Stock Exchange to reduce the burden of maintaining multiple listings.
Kinross Gold Corp. (K CN): Canada’s third-largest producer of the precious metal plans to raise as much as $414.6 million in a share sale to help pay for recent acquisitions. The company agreed to sell more than 24 million shares, assuming the underwriters exercise an overallotment option, for about $17.25 apiece. The shares rose 5.1 percent to C$23.11.
Precision Drilling Trust (PD-U CN): Canada’s largest oil and gas drilling services company cut its cash distribution to 4 cents per unit from 13 cents on declining rig demand. Precision said the distribution decrease reflects focus on balance-sheet strength and a debt-reduction program. The shares fell 7.7 percent to C$7.52.
Suncor Energy Inc. (SU CN): The second-largest oil-sands producer was cut to “outperform” from “strong buy” by Justin Bouchard at Raymond James & Associates. The Calgary-based analyst cited Suncor’s deferral yesterday of its oilsands expansion projects and higher-than-expected costs per barrel of production as a reason for the downgrade, according to a note to clients today. The shares dropped 16 percent to C$22.10.
TMX Group Inc. (X CN): The owner of the Toronto Stock Exchange was raised to “neutral” from “sell” by John Aiken at Dundee Securities. Fourth-quarter earnings later this month may be much better than estimated because trading has been elevated due to market volatility and financial companies’ shares sales, the Toronto-based analyst said in a note to clients today. The shares fell 2.8 percent to C$28.90.
Viterra Inc. (VT CN): Canada’s largest grain handler reported more than twice the per-share profit for the fourth- quarter than analysts estimated, according to data compiled by Bloomberg. The shares fell 4 percent to C$8.20.
Westjet Airlines Ltd. (WJA CN): Canada’s second-biggest carrier was cut to “neutral” from “buy” by Merrill Lynch & Co. analyst Michael Linenberg. The stock is close to Merrill’s 12-month target of C$15 and it is “prudent to take a step back” given concerns about the economic outlook, the New York- based analyst wrote in a note to clients today. WestJet rose 1 percent to C$14.23.
Linenberg also lowered his price target on Air Canada (AC/B CN), the nation’s largest airline, to C$4.50 from C$7. Air Canada added 3.8 percent to C$2.47.
To contact the reporter on this story: John Kipphoff in Montreal at jkipphoff@bloomberg.net.
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