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
Intrepid Metals (INTR.V)
Market Cap ~ $38 million
Intrepid Metals Corp. engages in the acquisition, exploration, and development of mineral properties. It explores for silver, copper, gold, lead, and zinc deposits.
The stock is up 14% on news the Company has intersected 05.20 meters of 1.17% Copper (1.42% CuEq) and 48.85 meters of 2.24% Copper (2.58% CuEq) Near Surface in Its Initial Drill Program at its Corral Copper Property in Arizona.
The stock is in an uptrend but has been ranging and finding it difficult to break above the $1.00 zone. The uptrend remains intact as long as the stock remains above $0.70. Waiting for the confirmed breakout is the safer bet.
IM Cannabis Corp (IMCC.CN)
Market Cap ~ $20 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 20% on news it will report Q1 2024 financial results on May 8th 2024.
A new uptrend could be in the cards. What is required is a confirmed daily close above the recent highs at $1.75. This would confirm the first higher low in a new uptrend.
Laurion Mineral Exploration (LME.V)
Market Cap ~ $116 million
Laurion Mineral Exploration Inc. engages in the acquisition, exploration, and development of mineral properties in Canada. It explores for gold, silver, zinc, copper, and other base metal deposits. The company’s flagship property is the Ishkoday property covering an area of 47 square kilometer located in Irwin, Pifher, Walters, and Elmhirst townships, Thunder Bay Mining Division.
The stock is up 18% on news of initial assay results of the 2024 drilling program.
A major support zone has been tested and the stock is seeing a strong bounce today at this support level. I would watch for a confirmed close above $0.50 for a move back to the $0.70s.
Emerita Resources (EMO.V)
Market Cap ~ $106 million
Emerita Resources Corp., a natural resource company, engages in the acquisition, exploration, and development of mineral properties in Spain. It primarily explores for gold, silver, zinc, and copper deposits.
The stock is up 15% on no news.
A decent looking chart showing the clear structure of a range. Watch for a close above the $0.45 zone for a move higher.
Cornish Metals (CUSN.V)
Market Cap ~ $102 million
Cornish Metals Inc. engages in the acquisition, evaluation, exploration, and development of mineral properties in the United Kingdom. The company primarily explores for tin, tungsten, zinc, silver, nickel, lithium, and copper deposits. Its flagship projects are the South Crofty project comprising an underground mine permission area that covers 1,490 hectares located in the Central Mining District of Cornwall, the United Kingdom.
The stock is up 11% on news of reporting positive PEA results for the South Crofty Tin Project.
The stock is testing a key resistance zone here. Watch for a confirmed daily close above $0.185 for a confirmed breakout.
Top 5 Losers
Canopy Growth (WEED.TO)
Market Cap ~ $1.32 billion
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.
The stock is down 29% on no news.
Some profit taking after a confirmed breakout yesterday. This zone is where buyers are expected to enter to keep the breakout momentum alive. A pullback is normal breakout behaviour. But a close below $14 would take out much of the momentum.
Aurora Cannabis (ACB.TO)
Market Cap ~ $540 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 down 21% on no news.
Very similar structure and game plan to Canopy Growth above. A breakout which is now retesting the breakout zone. A daily close below $9.80 would nullify the bullish momentum.
Sendero Resources (SEND.V)
Market Cap ~ $8.3 million
Sendero Resources Corp., through its subsidiary, operates as an exploration company in Argentina. It primarily explores for copper and gold. The company holds a 100% interest in the Peñas Negras project, it exhibits close geological similarities to neighboring deposits covering an area of 120 square kilometers located in Vicuna district of Argentina.
The stock is down 28% on news it has intersected 114m of 0.84 g/t Gold Equivalent Including 22m of 1.61 g/t Gold Equivalent at the Peñas Negras Project in the Vicuña District.
New all time record lows for the stock as it has failed to hold support at $0.16. Either the stock needs to close back above $0.16 to nullify the selling pressure, or wait for exhaustion to show with a longer range.
Red Pine Exploration (RPX.V)
Market Cap ~ $23 million
Red Pine Exploration Inc. engages in the acquisition, exploration, and development of mining properties in Canada. Its flagship project is the Wawa Gold Project that covers an area of 7,182 hectares located to the east of the Town of Wawa in northern Ontario.
The stock is down 41% after it has withdrawn previously announced assay results for the Wawa Gold Project pending further review.
The stock has tanked after this news and has formed new all time record lows. A huge gap to fill, but a daily close above $0.125 would be the first step to achieve for a reversal.
Tilray Brands (TLRY.TO)
Market Cap ~ $2.02 billion
Tilray Brands, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. The company operates through four segments: Cannabis Business, Distribution Business, Beverage Alcohol Business, and Wellness Business. It also offers medical and adult-use cannabis products; purchases and resells pharmaceutical and wellness products; and produces, markets, sells, and distributes beverage alcohol products, and hemp-based food and other wellness products.
The stock is down 20% on news of a subsidiary launching a range of wheat beer style brews.
All the Cannabis stocks popped on the DEA and US Federal movement towards rescheduling cannabis. The day after the news, cannabis stocks are pulling back as profits are being taken. $2.60 is the major support level here on Tilray. Watch to see if buyers can keep the price above this level.
