(MENAFN- ProactiveInvestors) Toronto's main market fluctuated Friday as gains among energy and material producers following a rally in commodity prices helped offset negative sentiment following unexpected contraction in economic growth.
In corporate activity () owner of the largest stake in closely held Syncrude Canada jumped 17 percent to C$7.62. The Calgary-based company said it would further slash its dividend and capital spending budget in response to the sharp drop in oil prices and a rising debt load.
TransCanada (TSE:TRP) the country’s second-biggest pipeline operator fluctuated between gains and losses. The U.S. Senate passed legislation approving the Calgary-based company’s Keystone XL pipeline moving the Republican-controlled Congress a step closer to a showdown with President Barack Obama over the long-stalled project.
() a specialty pharmaceutical company slumped 41.6 percent to C$5.26 after unveiling results of a Phase 2 clinical trial conducted in Germany to compared safety and efficacy of its WF10 therapy for the treatment of allergic rhinitis.
Valeant Pharmaceuticals (NYSE:VRX) () said it has reached a deal to acquire the worldwide rights to cancer vaccine Provenge and some other assets from bankrupt drug maker Dendreon for $296 million. The deal is subject to bankruptcy court approval as well as higher offers with Valeant to serve as the "stalking horse bidder" under a court-supervised sales process. Shares of Valeant edged up 0.8 percent to C$205.21.
() has implemented a restructuring plan which includes the stepping down of its current CEO and a reduction in staff at its Perth office following a review of its operations.
Despite the decline in metal prices (TSE:GPR)(NYSE MKT:GPL) said it has increased the measured and indicated resource at its Guanajuato mine complex (GMC) by 37 percent and is committed to further bolstering resources hiking up its drilling budget at the site this year. Shares increased 3.5 percent to 88 Canadian cents.
Moving to junior markets in Canada () (OTC:MDLNF) is suspending gas production temporarily in Western Canada as a result of the shutdown of a third-party processing plant but it said drilling is heating up at its prized operations in Argentina where oil prices are still strong.
Enertopia (CSE:TOP) has closed the first tranche of its private placement announced back in November raising C$99900. Enertopia said the new funds will be used for general working capital as well as for opportunities in the medical marijuana and health and wellness industries.
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