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
Metasphere Labs (LABZ.NE)
Market Cap ~ $50 million
Metasphere Labs Inc., a digital agency, engages in the design, development, and sale of non-fungible tokens (NFTs) in Canada and internationally. The company offers 3D digital assets for existing NFT communities; NFT minting services; merchandise sales; utility services; and advertising and sponsorship services, as well as creates digital assets, such as additional clothing for avatars or tools to be used by the avatars within the House of Kibaa (HOK) origins metaverse. It also offers NFT marketing, development and minting, NFT community growth and moderation, brand design and management, smart contracts and legal, and metaverse integration services.
The stock is up 21% on news regarding its leadership in bitcoin-based decentralized identity solutions amid significant industry developments.
The stock has been printing new all time record highs day after day and now we are testing the psychological $2.00 zone. There is a gap at $1.70 to watch for in case of a pullback, but the major support comes in around the $1.00 zone.
Digihost Technology (DGHI.V)
Market Cap ~ $66 million
Digihost Technology Inc. operates as a blockchain technology company in the United States and Canada. The company operates through Cryptocurrency Mining, Sales of Energy, and Colocation Services segments.
The stock is up 20% on no news.
The stock is breaking above the current lower high here at $2.10. A confirmed close is what bulls want to see but so far so good setting up for a move next week.
Goodness Growth (GDNS.CN)
Market Cap ~ $107 million
Goodness Growth Holdings, Inc. operates as a cannabis company in the United States. The company cultivates, manufactures, processes, and distributes medical and adult-use cannabis products. It sells cannabis products through its network of Green Goods and other Goodness Growth branded retail dispensaries and third-party dispensaries in Maryland, Minnesota, and New York.
The stock is up 15% on news it has filed an application with the Supreme Court of British Columbia for summary determination in its ongoing litigation with Verano Holdings, Inc.
Personally, I am a fan of this type of market structure. You are clearly seeing a basing and the beginning of a new uptrend. The stock recently broke out above $0.60 which adds more bullishness to this move.
Avanti Gold (AGC.CN)
Market Cap ~ $7 million
Avanti Gold Corp. operates as a mineral exploration company. It engages in the exploration of gold properties. The company holds agreement to acquire a 100% interest in the Black Dog Lake gold property, which comprises various contiguous mineral claims covering 1,319.4 hectares located in the James Bay region of Quebec; holds 100% interest in the Wing Shear property that comprises various claim units covering 7,000 hectares situated northeast of Gander, Newfoundland and Labrador; and holds interest in Misisi Gold Project located in the Fizi territory of South Kivu province in the Democratic Republic of the Congo.
The stock is up 15% on news it has appointed the esteemed Sir Samuel Jonah as a Director and Chairman of the Board of the Company. Sir Samuel Jonah, former president of AngloGold Ashanti and a distinguished leader renowned for his groundbreaking contributions to the mining sector in Africa, brings a wealth of experience that will help propel the growth of the Company.
The stock has been in a long downtrend and today’s news is giving it a decent pop. Watch for a confirmation of the range to break with a nice close above $0.16. This would set us up for a new uptrend.
Fireweed Metals (FWZ.V)
Market Cap ~ $174 million
Fireweed Metals Corp. engages in the acquisition and exploration of mineral assets in Canada. It explores for zinc, lead, and silver, as well as gallium and germanium deposits. The company owns an interest in the Macmillan Pass project located in Yukon, Canada; and the Gayna River project situated in Northwest Territories, Canada. It also has an option to acquire 100% interest in the Mactung Tungsten project that covers an area of 37.6 square kilometers located in Yukon and Northwest Territories, Canada.
The stock is up 14% on news of management changes.
The stock is in a range with support coming in at $1.00 and resistance at $1.30. Just be patient and await the break.
Top 5 Losers
Open Text Corporation (OTEX.TO)
Market Cap ~ $11.17 billion
Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.
The stock is down 15% on Q3 fiscal 2024 results.
A major gap down on earnings. Yikes. It has a large gap it has to recover from. Watch to see if the stock bases here to indicate selling exhaustion. Support does come in at $38.
POET Technologies (PTK.V)
Market Cap ~ $139 million
POET Technologies Inc. designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. The company offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques. It also develops photonic integrated components.
The stock is down 9% on news of a CAD $10 million single institutional investor financing for 3,258,390 common shares of the Company at a combined price of CAD$3.069 per common share and accompanying warrant.
A very nice breakout above $2.00. The stock could pullback here to retest before continuing higher. Watch this critical zone going forward.
Colabor Group (GCL.TO)
Market Cap ~ $110 million
Colabor Group Inc., together with its subsidiaries, markets and distributes food and food-related products in Canada. It operates in two segments, Distribution and Wholesale. The Distribution segment offers frozen products, dry staples, dairy products, meat, seafood, fruits and vegetables, disposables, and sanitation products, as well as fish products.
The stock is down 10% on news of Q1 2024 results.
A breakdown below $1.15. Some support comes in around the $1.00. A close below this would see a move down to $0.80.
Kraken Energy (UUSA.CN)
Market Cap ~ $5.7 million
Kraken Energy Corp. engages in the acquisition and exploration of mineral properties in North America. The company primarily explores for uranium deposits. Its 100% owned flagship project is the Apex Uranium Property covering an area of approximately 3,906 hectares located in Lander County, Nevada.
The stock is down 8% on no news.
A double bottom could be in the works. The stock must hold above $0.10 to keep this reversal pattern intact.
Therma Bright (THRM.V)
Market Cap ~ $3.2 million
Therma Bright Inc. acquires, develops, manufactures, and markets proprietary healthcare and medical devices focused on respiratory diseases, vascular health, and consumer medical devices for consumer and institutional marketplace. The company’s products include AcuVid, an antigen and antibody rapid screening test for COVID-19; InterceptCS, a cold sore prevention system, which provides controlled topical heat without the risk of burning the skin; Benepod, a hot and cold contrast therapy device for pain relief without pain relieving medication; Venowave, a medical compression pump designed to treat and alleviate the symptoms associated with poor circulation; and TherOZap, a thermal therapy insect device that reduces the inflammatory response, as well as relieves the symptoms of pain, itching, and inflammation associated with insect bites and stings.
The stock is down 33% on no news.
The stock continues its downtrend and actually dipped below $0.01. It is trying to recover above $0.015 but sellers are stepping in here. Closing above this level would be positive as it would close above the current lower high.
