August 14, 2022

Stock surges and setbacks for the week ending Dec. 24, 2021

Stock surges and setbacks for the week ending Dec. 24, 2021 | The Star

“,”heading”:”https://www.thestar.com/”,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:”https://www.thestar.com/”,”type”:”html5mobile”,”textColor”:”https://www.thestar.com/”,”mobileImageUrl”:”https://www.thestar.com/”,”bgColor”:”https://www.thestar.com/”,”imageUrl”:”https://www.thestar.com/”,”registeredOnly”:false,”linkUrl”:”https://www.thestar.com/”,”aodaTitle”:”Hut 8 Mining stock chart”,”internalScroll”:false,”displayStyle”:”small-up”},{“text”:”Prices of bitcoin increased more than six per cent by end of day Thursday. This was complemented by an almost four per cent increase in the price of Ethereum. The gains in both cryptocurrencies boosted the share price of Hut 8, which is a bitcoin and Ethereum mining company headquartered in Toronto. Shares of Hut 8 increased almost 17 per cent by end of day Thursday. In its third-quarter fiscal 2021 results, the company reported revenues of $50 million, up from $6 million the prior year. Net income for the quarter surged to $23 million, up from a $900,338-net loss in 2020.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”ad”,”heading”:”ARTICLE CONTINUES BELOW”,”name”:”ArticleFirstBigBox”,”display”:”medium-down”,”pos”:”1″,”interstitial”:true,”sizes”:[[300,250]]},{“text”:”Dye & Durham Limited (DND.TO) +9.6%“,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“snippet”:”“,”heading”:”https://www.thestar.com/”,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:”https://www.thestar.com/”,”type”:”html5mobile”,”textColor”:”https://www.thestar.com/”,”mobileImageUrl”:”https://www.thestar.com/”,”bgColor”:”https://www.thestar.com/”,”imageUrl”:”https://www.thestar.com/”,”registeredOnly”:false,”linkUrl”:”https://www.thestar.com/”,”aodaTitle”:”Dye and Durham stock chart”,”internalScroll”:false,”displayStyle”:”small-up”},{“type”:”textBreakPoint”,”insertAt”:”contentMiddleBreakPoint”},{“text”:”Acquisition-centric Dye & Durham issued a press release on Tuesday announcing it would acquire Australia-based Link Administration Holdings in a $3.2 billion all-cash transaction. The deal also gives Dye & Durham a 43 per cent ownership stake in PEXA Group Limited. Investors pushed the share price up roughly 10 per cent by end of day Thursday. In its first quarter fiscal 2022 results, the company reported revenues of $113 million, up from $22 million in 2020. Net income for the quarter increased to $22 million, from a $15 million net loss in 2020, driven by the growth in the top line.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Suncor Energy Inc. (SU.TO) +8.2%“,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“snippet”:”“,”heading”:”https://www.thestar.com/”,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:”https://www.thestar.com/”,”type”:”html5mobile”,”textColor”:”https://www.thestar.com/”,”mobileImageUrl”:”https://www.thestar.com/”,”bgColor”:”https://www.thestar.com/”,”imageUrl”:”https://www.thestar.com/”,”registeredOnly”:false,”linkUrl”:”https://www.thestar.com/”,”aodaTitle”:”Suncor stock chart”,”internalScroll”:false,”displayStyle”:”small-up”},{“text”:”The price of West Texas Intermediate, an oil benchmark, increased from $68.61 (U.S.) on Monday to $73.79 on Thursday. Consequently, shares of Suncor increased almost eight per cent by end of day Thursday. Suncor is an integrated energy company with a focus on the Athabasca oilsands in Northern Alberta. In its third-quarter fiscal 2021 results, Suncor reported revenues of $10.2 billion, up from $6.5 billion the prior year. Overall net profit for the quarter was $877 million, up from a $12-million net loss in 2020.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”ad”,”heading”:”ARTICLE CONTINUES BELOW”,”name”:”ArticleSecondBigBox”,”display”:”medium-down”,”pos”:”2″,”interstitial”:true,”sizes”:[[300,250]]},{“text”:”Teck Resources Limited (TECK-B.TO) +6.2%“,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“snippet”:”“,”heading”:”https://www.thestar.com/”,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:”https://www.thestar.com/”,”type”:”html5mobile”,”textColor”:”https://www.thestar.com/”,”mobileImageUrl”:”https://www.thestar.com/”,”bgColor”:”https://www.thestar.com/”,”imageUrl”:”https://www.thestar.com/”,”registeredOnly”:false,”linkUrl”:”https://www.thestar.com/”,”aodaTitle”:”Teck Resources stock chart”,”internalScroll”:false,”displayStyle”:”small-up”},{“type”:”articleRelatedInlinePrimary”},{“text”:”Based in Vancouver, B.C., Teck Resources acquires, develops and produces natural resources around the world. Its segments include steelmaking coal, copper, zinc and energy, with the majority of its revenues coming from its coal division. In its third-quarter fiscal 2021 results, the company reported revenues of $4 billion, up from $2.3 billion the prior year. Overall net profit for the quarter surged to $840 million, from $25 million, driven by the growth in the top line. Investors pushed the share price up more than six per cent by Thursday.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”West Fraser Timber Co. Ltd. (WFG.TO) +4.3%“,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”stn-smart-player”},{“type”:”relatedStories”,”relatedStories”:[]},{“snippet”:”“,”heading”:”https://www.thestar.com/”,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:”https://www.thestar.com/”,”type”:”html5mobile”,”textColor”:”https://www.thestar.com/”,”mobileImageUrl”:”https://www.thestar.com/”,”bgColor”:”https://www.thestar.com/”,”imageUrl”:”https://www.thestar.com/”,”registeredOnly”:false,”linkUrl”:”https://www.thestar.com/”,”aodaTitle”:”West Fraser Timber stock chart”,”internalScroll”:false,”displayStyle”:”small-up”},{“text”:”Lumber prices fell from $1,044 (U.S.) on Monday to $1,005 on Tuesday, before climbing to $1,045 on Thursday. Despite the fluctuation in lumber prices, shares of West Fraser Timber increased throughout the week, in line with market-wide optimism due to subsiding fears of the new COVID-19 variant. Shares of West Fraser closed roughly four per cent higher on Thursday. In its third-quarter fiscal 2021 results, the company reported revenues of $2.4 billion, up from $1.3 billion the prior year. Net income increased to $460 million, from $262 million driven by the growth in the top line.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Bank of Montreal (BMO.TO) +2.9%“,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”slimcut”},{“snippet”:”“,”heading”:”https://www.thestar.com/”,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:”https://www.thestar.com/”,”type”:”html5mobile”,”textColor”:”https://www.thestar.com/”,”mobileImageUrl”:”https://www.thestar.com/”,”bgColor”:”https://www.thestar.com/”,”imageUrl”:”https://www.thestar.com/”,”registeredOnly”:false,”linkUrl”:”https://www.thestar.com/”,”aodaTitle”:”Bank of Montreal stock chart”,”internalScroll”:false,”displayStyle”:”small-up”},{“type”:”textBreakPoint”,”insertAt”:”contentEndBreakPoint”},{“text”:”BMO made waves on Monday when it announced it would acquire Bank of the West and its subsidiaries from BNP Paribas. BMO will acquire the San Francisco-based bank for $16.3 billion (U.S.) which adds nearly 1.8 million customers and more than 500 branches to BMOs portfolio. In its fiscal 2021 results, BMO reported total revenues of $27.2 billion (CAD), up from $25.2 billion the prior year. Overall net income increased to $7.8 billion, from $5.1 billion in 2020. Investors pushed the share price up almost three per cent by end of day Thursday.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”cta”,”buttonText”:”Sign Up Now”,”buttonLink”:”/emails.html?nsrc=article-inline-covid”,”description”:”Never miss the latest news from the Star, including up-to-date coronavirus coverage, with our email newsletters”,”title”:”Get the latest in your inbox”},{“text”:”Chen Liu is a freelance contributor to the Star’s Business section. Reach him via email: thestarchenliu@gmail.com“,”author”:{“author”:”Chen Liu”,”photo”:{“origImageSize”:”3776×6720″,”lastmodified”:2700061000,”url”:”/content/dam/thestar/columnist_logos/Liu_Chen_logo2021.jpg”,”sizes”:{“1:1”:{“small”:”https://images.thestar.com/X4DIQYCT7w8p2NA1TmyJBiOnEW4=/100×100/smart/https://www.thestar.com/content/dam/thestar/columnist_logos/Liu_Chen_logo2021.jpg”},”3:2″:{“small”:”https://images.thestar.com/ft-fEJ5iq2b5SDfzVnNzftXkVLA=/114×76/smart/https://www.thestar.com/content/dam/thestar/columnist_logos/Liu_Chen_logo2021.jpg”,”medium”:”https://images.thestar.com/FRUa9JVkIAqjL1bqZey_k5zX12Q=/330×220/smart/https://www.thestar.com/content/dam/thestar/columnist_logos/Liu_Chen_logo2021.jpg”,”large”:”https://images.thestar.com/u9DKJXebJ8dx0xVwicwUNp-YI5I=/690×460/smart/https://www.thestar.com/content/dam/thestar/columnist_logos/Liu_Chen_logo2021.jpg”},”21:9″:{“large”:”https://images.thestar.com/Cs1tarwfDnBY4e0UlOD9teTh7Ps=/1080×460/smart/https://www.thestar.com/content/dam/thestar/columnist_logos/Liu_Chen_logo2021.jpg”}}},”location”:”https://www.thestar.com/”,”tag”:”liu_chen”,”credit”:”Special to the Star”,”email”:”thestarchenliu@gmail.com”},”authorPageUrl”:”https://www.thestar.com/authors.liu_chen.html”,”type”:”endnote”,”isLast”:true},{“type”:”articleRelatedFooter”},{“type”:”related_topics”,”tags”:[“tsx”]},{“type”:”shareBar”},{“type”:”trustbar”},{“type”:”conversations”}],”assetTags”:[“athabasca_oil_sands”,”weeks_winners_losers”,”arc_cov_economy”,”economy”,”liu_chen”,”economy_of_canada”,”covid_19″,”teck_resources”,”stocks”,”suncor_energy”,”nicrt2″,”winners_and_losers”,”sunoco_lp”,”s_p_tsx_60″,”fis”,”business”,”finance”,”opinion”,”coronavirus”,”trust_opinion”,”InHouseArticle_thestar”,”kmi1″,”smg2_business”,”companies”,”tsx”,”smg_opinion”],”seoKeywords”:”coronavirus,economy,smg_opinion,InHouseArticle_thestar,Arc cov economy,trust_opinion,business,Opinion,weeks winners/losers,TSX,KMI1,stocks,NICRT2,Winners and Losers,smg2_business,COVID-19″,”excludeInRecommendations”:false,”promo”:[],”tier”:”tier1″,”related”:{“pubdays”:0,”strategy”:0},”personalizationMetadata”:{“subsection”:”Opinion”,”description”:”Stock surges and setbacks for the week ending Dec. 24, 2021″,”hasImage”:true,”section”:”Business”,”asset_id”:”83424ced-b71e-4bd6-9350-b3a2e411c951″,”title”:”Gains in bitcoin and Ethereum boost the share price of Toronto-based cryptocurrency mining company Hut 8. 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Prices of bitcoin increased more than six per cent by end of day Thursday, complemented by an almost four per cent increase in the price of Ethereum. The gains in both cryptocurrencies boosted the share price of Hut 8 almost 17 per cent by end of day Thursday.

Stock surges and setbacks for the week ending Dec. 24, 2021

Winners

Hut 8 Mining Corp. (HUT.TO) +17.2%

Prices of bitcoin increased more than six per cent by end of day Thursday. This was complemented by an almost four per cent increase in the price of Ethereum. The gains in both cryptocurrencies boosted the share price of Hut 8, which is a bitcoin and Ethereum mining company headquartered in Toronto. Shares of Hut 8 increased almost 17 per cent by end of day Thursday. In its third-quarter fiscal 2021 results, the company reported revenues of $50 million, up from $6 million the prior year. Net income for the quarter surged to $23 million, up from a $900,338-net loss in 2020.

Dye & Durham Limited (DND.TO) +9.6%

Acquisition-centric Dye & Durham issued a press release on Tuesday announcing it would acquire Australia-based Link Administration Holdings in a $3.2 billion all-cash transaction. The deal also gives Dye & Durham a 43 per cent ownership stake in PEXA Group Limited. Investors pushed the share price up roughly 10 per cent by end of day Thursday. In its first quarter fiscal 2022 results, the company reported revenues of $113 million, up from $22 million in 2020. Net income for the quarter increased to $22 million, from a $15 million net loss in 2020, driven by the growth in the top line.

Suncor Energy Inc. (SU.TO) +8.2%

The price of West Texas Intermediate, an oil benchmark, increased from $68.61 (U.S.) on Monday to $73.79 on Thursday. Consequently, shares of Suncor increased almost eight per cent by end of day Thursday. Suncor is an integrated energy company with a focus on the Athabasca oilsands in Northern Alberta. In its third-quarter fiscal 2021 results, Suncor reported revenues of $10.2 billion, up from $6.5 billion the prior year. Overall net profit for the quarter was $877 million, up from a $12-million net loss in 2020.

Teck Resources Limited (TECK-B.TO) +6.2%

Based in Vancouver, B.C., Teck Resources acquires, develops and produces natural resources around the world. Its segments include steelmaking coal, copper, zinc and energy, with the majority of its revenues coming from its coal division. In its third-quarter fiscal 2021 results, the company reported revenues of $4 billion, up from $2.3 billion the prior year. Overall net profit for the quarter surged to $840 million, from $25 million, driven by the growth in the top line. Investors pushed the share price up more than six per cent by Thursday.

West Fraser Timber Co. Ltd. (WFG.TO) +4.3%

Lumber prices fell from $1,044 (U.S.) on Monday to $1,005 on Tuesday, before climbing to $1,045 on Thursday. Despite the fluctuation in lumber prices, shares of West Fraser Timber increased throughout the week, in line with market-wide optimism due to subsiding fears of the new COVID-19 variant. Shares of West Fraser closed roughly four per cent higher on Thursday. In its third-quarter fiscal 2021 results, the company reported revenues of $2.4 billion, up from $1.3 billion the prior year. Net income increased to $460 million, from $262 million driven by the growth in the top line.

Bank of Montreal (BMO.TO) +2.9%

BMO made waves on Monday when it announced it would acquire Bank of the West and its subsidiaries from BNP Paribas. BMO will acquire the San Francisco-based bank for $16.3 billion (U.S.) which adds nearly 1.8 million customers and more than 500 branches to BMOs portfolio. In its fiscal 2021 results, BMO reported total revenues of $27.2 billion (CAD), up from $25.2 billion the prior year. Overall net income increased to $7.8 billion, from $5.1 billion in 2020. Investors pushed the share price up almost three per cent by end of day Thursday.

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