Latest Reports on Market Movers Enbridge, Alacer Gold, Fortress Paper, and Surge Energy

NEW YORK, NY / ACCESSWIRE / September 7, 2016 / Canada’s main stock index inched higher Tuesday as gains from mining stocks offset losses from financial and industrial groups. The S&P/TSX Composite Index eked out a 0.12 percent gain to close at 14,812.99, while the S&P/TSX Venture Composite Index gained 1.78 percent to close at 825.38. The materials sector was the largest gainer with a 1.77 percent gain, while financials posted a loss of 0.43 percent.

“The wind is coming out of the sails for financials based on the consensus that the rate hike is going to be delayed,” said Justin Wiggs, managing director in equity trading at Stifel Nicolaus, according to The Wall Street Journal.

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Enbridge Inc. (TSX: ENB)

Get Your Up-To-Date Enbridge Research Report at www.rdinvesting.com/company/ENB.

Enbridge’s shares spiked 3.85 percent to close at C$55.30 a share Tuesday. The stock traded between C$53.00 and C$56.83 on volume of 13.70 million shares traded. The company has announced that it has acquired Houston-based Spectra Energy in an all-stock deal worth approximately C$37 billion ($28 billion U.S.). The merger creates the largest energy infrastructure company in North America, with an enterprise value of approximately C$165-billion ($127-billion U.S.). “The combination of Enbridge and Spectra Energy creates what we believe will be the best, most diversified energy infrastructure company in North America, if not the world.” commented Greg Ebel, President and CEO of Spectra Energy. Shares of Enbridge have gained approximately 20.2 percent year-to-date and are up roughly 1.6 percent in the past month.

Alacer Gold Corp. (TSX: ASR)

Get Your Up-To-Date Alacer Gold Research Report at www.rdinvesting.com/company/ASR.

Alacer Gold’s shares jumped 7.26 percent to close at C$3.40 a share Tuesday. The stock traded between C$3.19 and C$3.41 on volume of 1.30 million shares traded. The company reported gold production of 30,047 ounces for the second quarter of 2016. Attributable gold production totaled 24,038 ounces for the second quarter. Shares of Alacer Gold have gained approximately 37.7 percent year-to-date and have gained roughly 3.7 percent in the past month.

Fortress Paper Ltd. (TSX: FTP)

Get Your Up-To-Date Fortress Paper Research Report at www.rdinvesting.com/company/FTP.

Fortress Paper’s shares increased 7.39 percent to close at C$4.94 a share Tuesday. The stock traded between C$4.60 and C$4.94 on volume of 949,856 shares traded. The company reported that the Toronto Stock Exchange has accepted its notice of intention to buy back up to a maximum of 1,065,289 of its 14,813,014 outstanding common shares. Shares of Fortress Paper have fallen approximately 1.2fto percent year-to-date, but have rallied roughly 27.3 percent in the past month.

Surge Energy Inc. (TSX: SGY)

Get Your Up-To-Date Surge Energy Research Report at www.rdinvesting.com/company/SGY.

Surge Energy’s shares gained 3.45 percent to close at C$2.40 a share Tuesday. The stock traded between C$2.32 and C$2.41 on volume of 1.17 million shares traded. The company recently announced preliminary guidance for 2017 where it expects to product on average more than 13,650 barrels (81 percent liquid) of oil equivalent per day. 2017 production exit rate is expected to be 14,150 barrels (82 percent liquid) of oil equivalent per day. Surge also announced an upward revision to Company’s previously announced 2016 production exit rate estimate from 13,000 to 13,500 barrels of oil equivalent per day. Shares of Surge Energy have gained approximately 13.7 percent year-to-date and are up roughly 1.3 percent in the past month.

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