The week in Canadian markets is ending with the TSX set to snap its three-week winning streak.
The index is down by 0.60 per cent as of 12:15 pm EST and down by 2.2 per cent since Monday.
Today’s drop is due to uncertainty in the energy sector, which lost up to 2.02 per cent as oil slumps into its first down week in two months.
The commodity has been whipsawing against the conflict between the Kyiv government and Russian-backed separatists in eastern Ukraine. There are an estimated 150,000 Russian troops near Ukraine’s borders, though the Kremlin claims it has no plans to invade. The conflict zone experienced heavy artillery bombardment today as both sides laid blame on the other.
Crude managed to hit an eight-year high this week spurred on by soaring demand and tight supply. Refiners and other large-scale buyers eagerly await news surrounding Iran’s nuclear accord after a transatlantic security meeting in Munich this weekend.
While energy companies are flush with cash and primed to reward shareholders, everyday Canadians are venturing outside on spending sprees of their own. According to preliminary data from Statistics Canada, retail sales rose 2.4 per cent in January after declining 1.8 per cent in December, signaling a shift from services to goods as the country begins to lift pandemic restrictions.
Travel is also regaining a semblance of normalcy with Air Canada reporting a smaller-than-expected quarterly loss and $400M in advance ticket sales, which caused shares to jump over 4 per cent.
The company’s quarterly operating revenue was $2.73B, up more than 200 per cent from 2020, with Canadians increasingly willing to book holiday getaways in defiance of Omicron’s continued spread.
COVID-induced restlessness is, of course, still rampant, as anti-vaccine protests in Ottawa rage on despite ongoing arrests and Prime Minister Trudeau invoking the Emergencies Act to freeze assets tied to the demonstrations. The act also grants the government the right to ban public assemblies that threaten trade, critical infrastructure, individuals or property.
The Canadian Civil Liberties Association intends to take the government to court over its decision.
Our readers, well aware of the macro outlook, spent the week pouring over opportunities in commodities such as water, oil, fruit and innovations in animal-free protein. Let’s take a closer look.
Forward Water Technologies (TSXV:FWTC) announces partnership agreement with Mabarex
Forward Water Technologies (FWTC), a wastewater treatment company, has signed a sales partnership agreement with Mabarex.
Forward Water will provide laboratory, engineering and system support while Mabarex will identify commercial applications for its client base.
CEO Howie Honeyman sat down with Shoran Devi to discuss the partnership.
Forward Water Technologies (FWTC) is down by 8.57 per cent over the past week trading at $0.16 per share as of 12:48 pm EST.
Affinor Growers (CSE:AFI) signs wholesale distribution agreement
Affinor Growers (AFI) has signed a non-exclusive agreement with Berrymobile Fruit for the distribution of Affinor strawberries.
Berrymobile is a Vancouver-based distribution company that promotes fruit farmers in B.C.
CEO Nick Brusatore spoke with Shoran Devi about the agreement.
Affinor Growers (AFI) is up by 16.67 per cent over the past week trading at $0.035 per share as of 1:12 pm EST.
Cult Food Science (CSE:CULT) introduces Performance Scramble
Cult Food Science (CULT) portfolio company Fiction Foods has completed the formulation of its flagship food product, Performance Scramble.
Performance Scramble is a liquid chicken-egg replacement designed to enhance mental and physical performance.
Cult President Lejjy Gafour joined Dave Jackson to discuss the news.
Cult Food Science (CULT) is down by 29.4 per cent over the past week trading at $0.30 per share as of 12:54 pm EST.
Eat Well Group (CSE:EWG) closes $5M private placement
Eat Well Investment Group (EWG) has closed a $5M non-brokered private placement with Nurture Healthy Food LLP.
The company intends to use the proceeds for M&A and general working capital.
Eat Well CEO Marc Aneed sat down with Shoran Devi to discuss the news.
Eat Well Investment Group (EWG) is up by 21.5 per cent over the past week trading at $0.62 per share as of 12:48 pm EST.
Trillion Energy (CSE:TCF) engages Schlumberger for well engineering services
Trillion Energy (TCF) has signed an agreement with Schlumberger to provide well design services and drilling support for its SASB gas field.
Schlumberger will deliver initial engineering and planning services in Q2 in anticipation of drilling to commence in Q3.
CEO Art Halleran joined Dave Jackson to shed light on the news.
Trillion Energy (TCF) is up by 19.15 per cent over the past week trading at $0.28 per share as of 1:15 pm EST.
Tune in next Friday afternoon for your weekly market recap and top trending stories on The Market Herald Canada.