(MENAFN- ProactiveInvestors) Toronto's main market seesawed as oil stretched losses and investors awaited the outcome of a eurozone finance ministers meeting where a debt deal for Greece will be discussed.
In corporate activity () an oil and natural gas explorer focused on Western Canada jumped 15 percent to C$3.21 after Baupost Group LLC reported an about 11 percent stake in the company in a regulatory filing.
() a Canadian fuel-cell maker surged 61 percent to C$3.43 after reaching a deal worth about $80 million with Volkswagen Group to transfer certain automotive-related fuel cell intellectual property and for a two-year extension of an engineering-services contract.
TransGlobe Energy (TSE:TGL) a Canadian oil producer focused on Egypt fell 0.75 percent to C$3.95 after saying it has written down the value of its assets in Yemen to zero due to their “deteriorating risk profile” which will result in a charge of about $51.5 million in the fourth quarter. It also said 2014 year-end proved plus probable reserves are 26% lower than a year earlier due to reclassifications negative technical revisions and production.
(TSE:K) stumbled 7.9 percent to C$3.75 after Canada’s third-biggest producer of the metal said it will not go ahead with a $1.6 billion expansion of its Tasiast mine in Mauritania because of the weak gold price.
FirstService (TSE:FSV) jumped 8.5 percent to $71.93 after saying its board approved a plan to split into two separate publicly traded companies.
() rose 1.8 percent to C$90.61 after it said it has agreed to buy Canadian Direct Insurance from () for C$197 million boosting its direct-to-consumer operations.
(TSE:AC) plunged 10 percent to C$11.92 after Canada's biggest airline reported a wider loss in the fourth quarter missing market expectations as a weaker loonie ramped up expenses.
(TSE:CP) (NYSE:CP) warned that despite its best efforts to reach a settlement it has been provided with official notice from Teamsters Canada Rail union of plans to strike as early as midnight on February 15. The group represents more than 3000 active locomotive engineers and conductors at CP which operates in six provinces and 13 U.S. states. The Canadian railway which reported a higher-than-expected profit in the fourth quarter as its operating ratio improved separately said that its CFO Bart Demosky is stepping down effective May 31st. Shares fell 0.8 percent to C$234.61.
TransCanada (TSE:TRP) the country’s second-biggest pipeline operator rebuffed the U.S. Environmental Protection Agency’s conclusion that its Keystone XL pipeline would help increase the rate of oil sands production even at lower oil prices and raise greenhouse gas emissions. In a letter to the State Department released today chief executive officer Russ Girling said the EPA’s conclusion isn’t supported by the environmental review conducted for the proposed $8 billion project. Shares edged up 0.5 percent to C$58.33.
Moving to junior markets in Canada Enertopia Corporation (OTCBB:ENRT) (CSE:TOP) says it is launching the first product of its new sexual health line at the upcoming Vancouver Wellness Show to be held this weekend at the Vancouver Convention Centre.
() expects to be handed back both of its gold licences in Mongolia as no other bidders emerged in the recent tender. The explorer had seen both permits held by its Golden Grouse subsidiary annulled along with 104 others in Mongolia due to government concerns over the way they were issued.
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