A roundup of some of the North American equities making moves in both directions today
On the rise
Energy stocks rose on Friday as oil prices surged as much as $3 a barrel after the U.S. killing of Iran’s top military commander in an air strike in Iraq ratcheted up tensions between Washington and Tehran.
Brent crude ended the session up 3.6 per cent or $2.35 at $68.60 a barrel, off the session peak of $69.50, the highest level since the mid-September attack on Saudi oil facilities.
West Texas Intermediate (WTI) crude settled up $1.87 or 3.1 per cent at $63.05 a barrel. The session high was $64.09 a barrel, its highest since April 2019.
In Toronto, Encana Corp. (ECA-T), Cenovus Energy Inc. (CVE-T) and Canadian Natural Resources (CNQ-T) finished higher by 0.7 per cent, 0.5 per cent and 0.8 per cent, respectively.
Tesla Inc. (TSLA-Q) jumped 2.9 per cent after it beat Wall Street estimates for vehicle deliveries in its fourth quarter on Friday and met the low-end of its full-year delivery goal, boosted by higher demand for its mass-produced Model 3 sedans.
Tesla said it delivered 112,000 vehicles in the fourth quarter, including 92,550 Model 3 sedans and 19,450 Model S/X SUVs, which was above expectations of 104,960 vehicles, according to IBES data from Refinitiv.
In total, the Silicon Valley carmaker delivered approximately 367,500 vehicles during all of 2019. The company had set a target to deliver 360,000 to 400,000 vehicles in 2019 and in October said it was “highly confident” about exceeding the low end of its delivery goal.
See also: Recent deadly crashes raise new questions about Tesla’s Autopilot
Cott Corp. (BCB-T) was 1.1 per cent higher in the wake of the premarket announcement that wholly-owned subsidiary Eden Springs has acquired the Watercooler Gigant business of Leylines B.V.
“Watercooler Gigant has a strong reputation for quality service across its e-commerce platforms and shares our commitment to organic growth,” said Eden Springs Continental Europe president Antonio Alarcon. “We are excited to welcome the Watercooler Gigant customers to the Eden Springs family, and look forward to providing them with even more products and services.”
On the decline
TSX-listed gold stocks closing mixed on Friday despite investors sought out perceived safe havens following a U.S. air strike in Iraq that killed a top Iranian commander.
Spot gold rose 1.3 per cent to $1,548.94 per ounce, having risen to $1,553.20 earlier in the session, its highest since Sept. 5.
U.S. gold futures settled 1.5 per cent higher at $1,552.40.
Yamana Gold Inc. (YRI-T) slid 1 per cent, while Alamos Gold Inc. (AGI-T) was down 1.2 per cent. Detour Gold Corp. (DGC-T) also gave back early gains and lost 0.8 per cent.
Barrick Gold Corp. (ABX-T) gained 0.5 per cent.
Spin Master Corp. (TOY-T) fell 0.5 per cent after announcing before the bell a partnership with Rubik’s Cube to launch Perplexus Puzzles in a deal brokered by The Smiley Company, master licensee for Rubik’s.
They will develop a co-branded Rubik’s x Perplexus range, which will feature 3-D ball-in-a-maze puzzle and labyrinth toy.
Toronto-based CCL Industries Inc. (CCL.B-T) dipped 0.2 per cent on the premarket announcment that it has signed a binding agreement to acquire Polish BOPP film producer Flexpol Sp. Z.o.o. for an estimated $22.0-million on a debt/cash free basis.
Exxon Mobil Corp. (XOM-N) declined 0.8 per cent after revealing it expects a gain of US$3.4-billion to US$3.6-billion from the sale of its Norwegian oil and gas production assets to significantly lift results for the fourth quarter, according to a regulatory filing on Friday.
The gain from the sale of the assets to Var Energi AS is also expected to offset lower margins in the company’s refining and chemicals operations.
Results from the company’s oil production business are expected to be largely flat compared to the third quarter, it said in the filing.
North American airlines fell on Friday as higher oil prices raised concerns about future profitability.
Air Canada (AC-T) slid over 3.4 per cent amid those worries and in the wake of an equity analyst downgraded its stock.
South of the border, American Airlines Group Inc. (AAL-Q) was 5 per cent lower and Delta Air Lines Inc. (DAL-N) dipped 1.7 per cent.
First Quantum Minerals Ltd. (FM-T) was down 6.4 per cent after Reuters reported it is weighing investment of around $1-billion to lift output at Africa’s biggest copper mine in Zambia.
The investment would add a decade of life and head off production declines at the Kansanshi copper mine, increasing annual production to 300,000 tonnes over time from an expected 235,000 tonnes last year, according to a company presentation given to Zambian government officials.
But securing board approval, which would be needed over the coming year, is likely to be complicated by disputes between miners and the Zambian government over taxes and assets, according to analysts and miners with knowledge of the country.
With files from Reuters
David Leeder