With only two trading sessions remaining in October, the Quebec stocks that stood out the most on the Toronto Stock Exchange were those of two companies that received purchase offers during the month.
OpSens And H2O Innovation are two companies in the Quebec region whose shares are up some 60% in October. Also up in October, but more modestly, Guru (+12%), Stella-Jones (+10%), Lassonde (+ 6%) and Couche-Tard (+ 6%) show notable appreciations.
In contrast, Montreal biotech Therapeutic Repairs is the big loser in Quebec this month. Its stock, which trades on the NASDAQ, has fallen 73% since the beginning of October. In Toronto, Theratechnologies (- 53%), Velan (- 49%) and Deckchair (- 23%) are also going through a difficult month.
An administrator of ADF Group purchased $100,000 worth of shares in the steel superstructure specialist from Terrebonne in the middle of the week. Jean Rochette purchased a total of 20,000 shares during Wednesday’s session. This is the first time he has purchased ADF shares on the market since joining the board two years ago.
Although PyroGenesis still had a few weeks to hope that its stock price would return above the US$1 mark in order to comply with NASDAQ rules, and although a reverse stock split could help raise its share price, The Montreal-based industrial plasma process technology company intends to withdraw its shares from the NASDAQ and only retain its listing in Toronto. Management estimates the annual costs of maintaining a dual listing to be more than $2 million and anticipates a substantial increase in expenses in the future due to increasing compliance and regulatory requirements.
Stocks of renewable energy producers are trading at ‘absurdly low’ levels, while these companies are considered defensive due to their low correlation to the broader market (lower beta), says asset manager Montrealer Palos. “A normalization of the valuation of these companies could easily lead to an increase of 40% or more compared to the current level,” underlines Gestion Palos in its weekly financial letter published this week. “Let us not forget that this sector has always been considered a safe haven due to its predictable returns which generally remain sustainable, even in turbulent times. » Stressing that patience is required, Palos claims to have recently increased its holdings in Boralex, Innergex And Northland Power.
The action of the Montreal asset manager Fiera Capital fell mid-week to a low not seen since the financial crisis. The stock market decline thus pushed the dividend yield to 20% on Wednesday. The pressure on the stock came after the publication of the updated assets under management earlier this week. The drop in assets under management further fuels fears surrounding the flight of assets linked to the departure two years ago of a star Fiera manager who decided to strike out on his own during the pandemic.
Two administrators at Velan have just purchased shares of the Montreal manufacturer of industrial valves. Suzanne Blanchet and Dahra Granovsky each purchased blocks of 3,000 shares around ten days ago. Suzanne Blanchet has been a member of the board of directors since 2021 while Dahra Granovsky has been on the board since 2019. The plan to sell Velan to an American company fell through this fall.
ECB received a boost from Canaccord earlier this week. Analyst Aravinda Galappatthige is now offering to buy the shares of the Montreal telecommunications company which will present its most recent quarterly performance next Thursday. Only 5 out of 18 analysts recommend buying.
A senior manager of Transcontinental has just purchased a block of shares in the Montreal company specializing in flexible packaging and printing. Sam Bendavid, head of development and procurement, purchased 3,000 shares on October 20 at a unit price of $10.45.
Quebec titles of Nuvei, Bank National, Savaria, Saputo, Fiera Capital, Boralex, Innergex, Bank Laurentian, Air Canada, Cogeco Communications And PyroGenesis all slipped this week to a 52-week low on the Toronto Stock Exchange.
On the other hand, that of H2O Innovation hit a 52-week high on the TSX this week.