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
Akumin Inc. (AKU.TO)
Market Cap ~ $41 million
Akumin Inc. provides outpatient diagnostic imaging services in the United States. It operates in two segments, Radiology and Oncology.
The stock is up 120% and is reacting to news releases on Friday. Akumin Inc. Reaches Agreement with Stonepeak to Become a Private Company. The contemplated transaction will result in the existing Stonepeak Note, totaling approximately $470 million, being cancelled and converted into Common Shares of the Company. In addition, Stonepeak will invest $130 million in new money into the Company as a capital contribution. As part of the transaction, Akumin’s existing common stockholders will receive a total of $25 million in cash as well as certain contingent value rights (“CVRs”) for their shares.
A good example of market structure. After a long downtrend, the stock began to range indicating the exhaustion of selling pressure. Now the stock has broken out of this range with the reaction to the news released on Friday. The next resistance comes in around the $0.60 zone.
Core Assets Corp. (CC.CN)
Market Cap ~ $14 million
Core Assets Corp., an exploration stage company, engages in the acquisition, exploration, development, and evaluation of mineral resource properties. The company primarily explores for copper, cobalt, silver, and gold deposits.
The stock is up 30.7% on no news, but five days ago, the Company announced a CAD $3 million non-brokered private placement with strategic investment from Crescat Capital. The Offering will consist of up to 8,333,334 units at a price of $0.12 per Unit for gross proceeds of up to $1,000,000 and up to 14,285,715 flow-through units at a price of $0.14 per FT Unit for gross proceeds of up to $2,000,000.
The stock recently hit 52 week lows at $0.11. Here, the stock printed an engulfing candle indicating the presence of buyers. Today’s price action is follow through of that engulfing candle and the stock is now testing a major resistance zone at $0.20. Bulls want to see a breakout above this level.
Grand Portage Resources (GPG.V)
Market Cap ~ $25 million
Grande Portage Resources Ltd., an exploration stage company, explores for, and develops natural resource properties in the United States. It primarily explores for gold deposits.
The stock is up 31.4% on no news. Their latest news of results of an interim drilling program came out last month on September 14th 2023.
Today’s pop has occurred while the stock remains in a range. $0.16 to the bottom side as support and $0.22 as topside resistance.
Contact Gold (C.V)
Market Cap ~ $7 million
Contact Gold Corp., a gold exploration company, engages in the acquisition, exploration, and development of mineral properties in Canada and the United States. The company primarily explores for gold deposits.
The stock is up 33.3% on the release of SEDI reports indicating insider buying:
The technical levels are clear on this one. The stock has been ranging after printing record lows at $0.01, and today’s price action keeps that range in play. We are about to test a trendline here so we should watch to see if we can get a strong breakout green candle with big volume. $0.03 is the key resistance zone.
Mason Graphite (LLG.V)
Market Cap ~ $44 million
Mason Graphite Inc., a mining and processing company, engages in the extraction, processing, and development of graphite deposits in Canada.
The stock is up 24% on no news.
The price action is intriguing. The stock is now attempting once again to breakout above a trendline. A trendline which has acted as resistance since Spring of this year. Watch for a strong green candle close above this trendline by the end of the day to trigger a breakout.
Top 5 Losers
XORTX Therapeutics (XRTX.V)
Market Cap ~ $10 million
XORTX Therapeutics Inc., a late stage clinical pharmaceutical company, engages in the development and commercialization of therapies to treat progressive kidney diseases, diabetes, insulin resistance, metabolic syndrome, diabetes, diabetic nephropathy, and infection.
The stock is down 35.96% on no news, but eleven days ago, the Company announced that Institutional Shareholder Services Inc. (“ISS”) has recommended that the Company’s shareholders vote FOR the proposed share consolidation resolution at XORTX’s special meeting of shareholders.
To me, this looks like a technical reaction. This stock was a top gainer last week running up to $1.10. This was our resistance zone and is where longs would take some profits.
Red Light Holland Corp (TRIP.C)
Market Cap ~ $19 million
Red Light Holland Corp. engages in the production, cultivation, and sale of functional mushrooms and mushroom home grow kits to the recreational market in the Netherlands. It is also involved in the selection, distribution, and export of truffles, cannabidiol products, cannabis seeds, headshop products, cannabis bake house muffins, cookies, and cakes.
The stock is down 23% on no news.
A substantial breakdown as the stock is now printing new all time record lows. The stock would need to close back above $0.07 to nullify the downtrend.
Enthusiast Gaming Holdings (EGLX.TO)
Market Cap ~ $53 million
Enthusiast Gaming Holdings Inc., an integrated gaming entertainment company, engages in the media, content, entertainment, and esports businesses in Canada, the United States, England and Wales, and internationally.
The stock is down 17.8% on news it has notified the Nasdaq Stock Market LLC (“Nasdaq”) of its intention to voluntarily delist its common shares (“Shares”) from Nasdaq.
This breakdown has also seen the stock print new all time record lows. A recovery above $0.41 is required to nullify the downtrend.
Wallbridge Mining Company (WM.TO)
Market Cap ~ $89 million
Wallbridge Mining Company Limited engages in the acquisition, exploration, discovery, development, and production of gold properties. The company also explores for copper and nickel deposits, as well as platinum group metals.
The stock is down 13.6% on no news.
Quite the significant breakdown in play as the stock is crumbling below major support which has held since Fall of 2022. The next support level comes in around $0.05.
Mountain Province Diamonds Inc (MPVD.TO)
Market Cap ~ $57 million
Mountain Province Diamonds Inc. focuses on the mining and marketing of rough diamonds worldwide. Its primary asset is its 49% interest in the Gahcho Kué diamond mine comprising mining leases covering an area of 5,216 hectares; and holds a 100% interest in the Kennady North project consisting of 22 federal leases and 97 claims covering an area of 113,000 hectares located in the Northwest Territories, Canada.
The stock is down 14.3% on no news. Seventeen days ago, the Company announced operational highlights for Q3 2023:
- 877,617 ore tonnes treated, an 8% increase relative to Q3 2022, (Q3 2022: 816,201 tonnes treated)
- 1,326,160 carats recovered, 9% lower than the comparable quarter (Q3 2022: 1,451,455 carats)
- Average grade of 1.51 carats per tonne, a 15% decrease relative to Q3 2022 (1.78 carats per tonne)
- 887,695 ore tonnes mined, a 34% decrease relative to last year’s comparable quarter (Q3 2022: 1,345,654 ore tonnes mined)
The stock keeps declining but is approaching a major support zone at $0.25. Watch to see if buyers can step in to defend this zone and perhaps exhaust the selling pressure.
