In this summary report, we will take a quick look at the top 5 gainers and losers up or down double digits on the Canadian stock markets.
Here is a summary of the intraday action of assets:
Top 5 Gainers
Spark Power Group Inc (SPG.TO)
Market Cap ~ $72 million
Spark Power Group Inc. provides electrical contracting, operations, and maintenance services, as well as energy sustainability solutions in Canada and the United States
The stock is up 61.2% on no news. However, on Friday, the Company announced it entered into an arrangement agreement with Generator-Spark Canada Buyer Inc., an affiliate of American Pacific Group, LP, pursuant to which the Purchaser will acquire all of the issued and outstanding common shares of Spark Power for a price of $0.825 per Share in an all-cash transaction valued at approximately $140 million (including assumed debt).
A big gap as we have the buyout price at $0.825. What comes next? A transaction close is expected in December 2023 after a Shareholder’s meeting.
Galantas Gold Corporation (GAL.V)
Market Cap ~ $26 million
Galantas Gold Corporation engages in the acquisition, exploration, and development of gold properties primarily in Omagh, Northern Ireland. It primarily explores for gold, silver, and lead deposits. The company owns and operates a producing open-pit gold mine near Omagh.
The stock is up 12.5% on news of results from the fifth exploration drill hole at the Gairloch Project in Scotland. Galantas Gold Drills 34.25 Metres at 1.87 Grams/Tonne Gold, 1.17% Copper, 1.20% Zinc and 131 Grams/Tonne Cobalt.
The current trend of the stock is clearly down, but the stock could be turning given today’s positive fundamental news. The $0.25 zone is the key resistance bulls will need to take out.
Tearlach Resources Limited (TEA.V)
Market Cap ~$7.9 million
Tearlach Resources Limited engages in the acquisition, exploration, and of lithium projects in Canada and the United States. The company holds 100% interest in the Pakwan Extension Claim block property comprising 23 cell claims located in Ontario.
The stock is up 12.5% on no news. Six days ago, the Company announced it had discovered beryl and Nb-ta-oxide pegmatities on its Georgina Properties.
The stock is bouncing after printing 52 week lows at $0.07. For upside momentum, the stock would need to close above this upcoming downtrend line. Bulls should watch for a close above $0.10.
Freeman Gold Corp (FMAN.V)
Market Cap ~ $19 million
Freeman Gold Corp. engages in the exploration and evaluation of mineral properties in Canada. It holds a 100% interest in the Lemhi gold project comprising 10 patented mining claims.
The stock is up 11.5% on news of its maiden Preliminary Economic Assessment (PEA) on the Company’s 100% owned Lemhi Gold Project located in Idaho, USA. The PEA outlines a high-grade, low-cost, open pit operation with an average annual production of 80,100 ounces of gold (“Au”) in the first eight years.
Now this is a technical set up that would be making reversal traders lick their lips. The stock has completed is downtrend, showed signs of downtrend exhaustion with a range, and could be about to break the range. This would result in a new uptrend. Watch for a strong daily candle close above $0.145.
Bettermoo(d) Food Corporation (MOOO.C)
Market Cap ~ $26 million
Bettermoo(d) Food Corporation operates as a beverage company in Canada. The company focuses on developing and delivering beverages through online and in-store retail platforms. It offers Moodrink, a plant-based dairy alternative beverage.
The stock is up 11.3% on no news, but on Friday, the Company announced it inked an essential retail distribution agreement with United Natural Foods Canada. This strategic alliance signifies a remarkable leap forward for bettermoo(d), as it will enable the Company through UNFI Canada to tap into a vast network of over 5,000 retailers throughout Canada, and get MoodrinkTM onto grocery shelves.
In recent days, the stock has been making a move towards the major resistance zone at $3.50. Today’s price action is taking place in the major resistance zone. Bulls should watch for the breakout.
Top 5 Losers
Orford Mining Corporation (ORM.V)
Market Cap ~ $8 million
Orford Mining Corporation, a mineral resource company, primarily focuses on the acquisition, exploration, and evaluation of base and precious metal assets in Canada. The company explores for gold, copper, zinc, nickel, lithium, platinum, palladium, and cobalt. It owns 100% interests in Qiqavik gold exploration property comprising 946 mining claims covering an area of 38,717 hectares located in Nunavik, Quebec.
The stock is down 42.9% on results from its 2023 exploration program on the Qiqavik gold belt property.
The market does not like the news and the stock is breaking below a major support zone. The stock is printing new 52 week lows here at $0.04.
Montero Mining and Exploration (MON.V)
Market Cap ~ $6.4 million
Montero Mining and Exploration Ltd., together with its subsidiaries, engages in the acquisition, evaluation, exploration, and development of mineral properties in Chile.
The stock is down 28.3% on no news. The message board on CEO.CA is quite active.
The stock has been on a nice recent run up, but today’s gap down price action is taking us below the previous higher low of $0.20. The next major support comes in at the $0.125 zone.
Winshear Gold Corp (WINS.V)
Market Cap ~ $15 million
Winshear Gold Corp., a junior gold exploration company, engages in the identification, acquisition, exploration, and development of mineral properties. The company holds 100% interest in the Gaban gold project that consists of 41 concessions covering an area of 15,629 hectares located in the Puno Orogenic Gold Belt in south eastern Peru.
The stock is down 25.5% on news that is has concluded the settlement agreement with the United Republic of Tanzania in relation to is dispute regarding the Company’s SMP Gold Project. The Parties agreed on an amount of US$30,000,000 to settle the case and terminate the arbitration proceedings. Funds were received by the Company today, October 16th, 2023. After payment of funding and legal costs, the net amount to Winshear is approximately C$25,275,000 (US$18,500,000).
Another stock making a drop after structurally printing higher lows and higher highs in recent weeks. The stock is testing support at $0.20. A daily close today below $0.20 would see a further drop down to $0.14.
Gensource Potash Corporation (GSP.V)
Market Cap ~ $44 million
Gensource Potash Corporation, together with its subsidiaries, operates as a fertilizer development company in Canada. The company focuses on potash development activities.
The stock is down 13% on no news.
The price action shows the stock is in its range phase. The lower portion of this range is being tested with today’s drop.
Canada Carbon (CCB.V)
Market Cap ~ $6 million
Canada Carbon Inc. engages in the acquisition, exploration, and evaluation of natural resource properties in Canada. The company primarily explores for graphite deposits.
The stock is down 12.5% on no news.
With today’s price action, the stock is testing near the lower support level of this range.
