Canada’s main stock index experienced a mixed week. On Monday, the index flatlined due to losses in the information technology and energy sectors, as investors remained cautious ahead of potential US tariffs. The telecom sector led gains on the TSX, while technology stocks were the biggest losers.
On Tuesday, the TSX closed higher, buoyed by strong bank earnings that outweighed the weakness in oil prices and mounting worries about U.S. President Donald Trump’s sabre-rattling. According to his statement on Monday, tariffs on Canada and Mexico remain “on time and on schedule” for March 4th following a 30-day pause.
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Wednesday saw the TSX rise again, driven by gains in tech stocks as markets awaited Nvidia’s quarterly results. Meanwhile, several Canadian banks reported strong Q1 profits, boosted by their wealth management divisions. U.S. stock indexes also rebounded after a four-day losing streak.
This week, Canada and Mexico are expected to ramp up negotiations to avoid 25 percent tariffs on their exports to the U.S. They aim to persuade President Donald Trump’s administration that their measures to enhance border security and reduce fentanyl trafficking are effective, ahead of the March 4th deadline.
Mining agreement terminated, deemed invalid
American Creek Resources (TSXV:AMK, Forum) recently announced the termination of its agreement with Cunningham Mining Ltd. The termination agreement, signed by both parties, included mutual releases and a payment of C$150,000 worth of tokens to American Creek, which will be transferred to a wallet allocated to the company and released in nine months.
The termination followed allegations from Cunningham that American Creek breached the Arrangement Agreement by failing to disclose information regarding a renewed and revised license of occupation from the Province of BC granted to Seabridge Gold Inc. The company disagrees with these allegations, stating that all relevant information was disclosed and discussed with Cunningham.
Canadian energy stock earns record funds in 2024
Tamarack Valley Energy (TSX:TVE, Forum) reported its financial and operating results for the year ended December 31st, 2024. The company exceeded expectations with annual production of 64,331 boe/d and achieved a new corporate record with adjusted funds flow of C$851 million. Tamarack’s continuous improvement initiatives and execution of its business plan have led to improved price margins, cost structure, and asset productivity, contributing to enhanced profitability.
The company delivered a total return to shareholders of approximately 21 per cent on a per-share basis during 2024, achieved through share buybacks, a base dividend increase, debt reduction, and production growth in its core Clearwater and Charlie Lake plays.
Tech stock signs contract with Norwegian aluminum and renewable energy provider
PyroGenesis (TSX:PYR, Forum), a sustainability technology company, signed a €1.63 million (C$2.4 million) plasma torch contract with Norwegian aluminum and renewable energy provider Norsk Hydro ASA. Norsk Hydro will test PyroGenesis’ plasma torch technology as a potential replacement for fossil fuel in its aluminum casthouse furnaces. The trial, set to take place at a test center in Sunndal, Norway, is part of Norsk Hydro’s broader goal of achieving net-zero emissions across its aluminum supply chain by 2050.
The project is one of the first in the world to use plasma to melt aluminum on an industrial scale, and Norsk Hydro plans to melt aluminum under the project at its Sunndal aluminum plant by 2026.
Investor corner
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