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
Canopy Growth (WEED.TO)
Market Cap ~ $797 million
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products. The company’s products include dried cannabis flower, extracts and concentrates, beverages, gummies, and vapes. It offers its products under the Tweed, 7ACRES, 7ACRES Craft Collective, DOJA, Ace Valley, Quatreau, Deep Space, First + Free, Surity Pro, Spectrum Therapeutics, Vert, Tokyo Smoke, Twd, Martha Stewart CBD, DNA Genetics, BioSteel, Storz & Bickel, This Works, HiWay, Simple Stash, Whisl, and Truverra brands.
Today the stock is up 41% on news that the Company is celebrating the German government’s passage of cannabis legalization.
The stock is on a rip and is breaking above the resistance around $7.00. A gap test is upcoming and a fill would lead to a breakout above $10.00.
IM Cannabis Corp (IMCC.CN)
Market Cap ~ $7 million
IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel and Germany. It offers cannabis flowers and strain-specific cannabis extracts under the IMC brand; and dried flower, pre-rolls, minis, and full spectrum extracts offerings under the WAGNERS and BLKMKT brands.
The stock is up 35% on no news.
It seems like this report will be cannabis heavy. The stock has an interesting pattern and a breakout is on watch. Traders and investors should watch for a close above $0.52.
Quantum Emotion Corp (QNC.V)
Market Cap ~ $20 million
Quantum eMotion Corp. engages in the development of cryptographic solutions based on quantum random number generators in Canada. It develops and markets encrypted data and communication solutions for financial, military, mobile, and internet telecommunication sectors.
The stock is up 26% on no news.
A bottoming pattern was confirmed with the major breakout above $0.07. Now the stock is forming its first higher low with a breakout above recent highs. The uptrend continues.
MediPharm Labs (LABS.TO)
Market Cap ~ $32 million
MediPharm Labs Corp., a pharmaceutical company, produces and sells pharmaceutical-quality cannabis oil and concentrates, and advanced derivative products in Canada and internationally. The company formulates, processes, packages, and distributes cannabis extracts and advanced cannabinoid-based products. It also provides GMP flower sourcing, packaging, and distribution services, as well as dried flower and pre-roll products.
The stock is up 23% on news the Company is set to report Full Year and Q4 2023 financial results before market open on Wednesday March 27th 2024.
Ranging and the stock is breaking out above the range. The next resistance comes in at $0.10.
Aurora Cannabis (ACB.TO)
Market Cap ~ $340 million
Aurora Cannabis Inc., together with its subsidiaries, produces, distributes, and sells cannabis and cannabis-derivative products in Canada and internationally. It operates through three segments: Canadian Cannabis, European Cannabis, and Plant Propagation. The company produces, distributes, and sells medical and consumer cannabis products in Canada. It is also involved in the distribution of wholesale medical cannabis in the European Union (EU); distribution of wholesale medical cannabis in various international markets, including Australia, the Caribbean, South America, and Israel; supply of propagated vegetables and ornamental plants in North America; and distribution and sale of hemp-derived cannabidiol (CBD) products.
The stock is up 19% on no news.
It looks like a double bottom pattern has been confirmed. The stock is breaking out above the $6.00 zone as well.
Top 5 Losers
Canacol Energy (CNE.TO)
Market Cap ~ $167 million
Canacol Energy Ltd operates as an oil and gas company in Colombia. It engages in the exploration and development of natural gas.
The stock is down 18% on news that the Company has reported net income of $86 million for the year ended December 31st 2023.
The stock is breaking below the range currently and has printed new all time record lows. See if the stock can close above $5.00 by the end of the day to avoid a breakdown.
NuGen Medical Devices (NGMD.V)
Market Cap ~ $23 million
NuGen Medical Devices Inc., a specialty medical device company, focuses on developing and commercializing novel drug delivery technologies in Europe, Asia, and internationally. It offers needle-free injection devices and systems for the administration of subcutaneous medication for various fields, including diabetes, semaglutide, and growth and fertility hormone, as well as DNA and conventional/pediatric vaccines. The company also offers InsuJet system that focus on servicing the diabetic community, as well as V5, V6, and V8 InsuJet injectors and sterile accessories.
The stock is down 14% on no news.
There has been an uptrend here with higher lows and higher highs but that is changing today with the gap down. Technically, the higher low still comes in at $0.11 so the uptrend can remain intact as long as it remains above this price level.
Bettermoo(d) Food Corporation (MOOO.CN)
Market Cap ~ $15 million
Bettermoo(d) Food Corporation operates as a food and beverage company in Canada. The company offers Moodrink, a vegan oat-based dairy alternative beverage; and Moofrais and Moobert, a vegan nut-based cheese alternative product. It sells products through online and in-store retail platforms.
The stock is down 10% on no news.
After confirming a false breakout, the stock continues its weakness as expected. Support comes in at the major psychological $1.00 zone.
SRG Mining (SRG.V)
Market Cap ~ $54 million
SRG Mining Inc., a Canadian-based mining company, engages in the exploration and development of mineral properties in Africa. The company primarily explores for graphite deposits. It holds interests in the Lola graphite project located in the Republic of Guinea, West Africa.
The stock is down 8% on no news.
The stock is breaking down and continues to head lower. The next support level comes in at $0.40.
Appia Rare Earths & Uranium (API.CN)
Market Cap ~ $16 million
Appia Rare Earths & Uranium Corp. engages in the acquisition, exploration, and development of mineral properties in Canada and Brazil. It primarily explores for rare earth elements (REE), uranium, and gallium deposits. The company owns 100% interests in the Elliot Lake property comprising 61 mining claims covering an area of approximately 13,008 hectares located in northern Ontario; and the Alces Lake property covering an area of 38,522.43 contiguous hectares, as well as the Eastside property that covers an area of 4,933 hectares; the Loranger property comprising 26,409 hectares; the North Wollaston property covering an area of 16,682 hectares; and Other side property comprising 27,291 hectares located in the Athabasca Basin area, northern Saskatchewan.
The stock is down 8% on no news.
The stock attempted a bottom here at support but is rolling over once again. A close below $0.11 confirms a breakdown and then the next support comes in around the $0.09 zone.
