Latest Reports on Market Movers Air Canada, Canadian National Railway, ProMetic Life Sciences, and Tahoe Resources

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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Air Canada (TSX: AC)

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Air Canada’s shares gained 0.55 percent to close at C$9.16 a share Tuesday. The stock traded between C$9.03 and C$9.23 on volume of 1.35 million shares traded. The company reported adjusted net income of C$203 million, or C$0.72 per diluted share, for the second quarter of 2016, compared to adjusted net income of C$250 million, or C$0.85 per diluted share, in the second quarter of 2015. Air Canada uses Net adjusted income measure to assess overall financial performance where the effects of foreign exchange, financing income related to employee benefits and mark to market adjustments of derivatives and other financial instruments are omitted from its net income. Air Canada reported lower net income of C$186 million in second quarter compared to net income of C$296 million in same quarter in 2015, primarily due to higher cost. Shares of Air Canada have fallen approximately 10.3 percent year-to-date and have gained roughly 1.1 percent in the past month.

Canadian National Railway Company (TSX: CNR)

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Canadian National Railway’s shares declined 1.40 percent to close at C$83.90 a share Tuesday. The stock traded between C$83.50 and C$84.90 on volume of 1.61 million shares traded. The company reported net income was C$858 million for the second quarter of 2016, compared with net income of C$886 million for second-quarter 2015. Revenues decreased 9 percent year-over-year to C$2,842 million. Shares of Canadian National Railway have gained approximately 8.5 percent year-to-date and are up roughly 2.9 percent in the past month.

ProMetic Life Sciences Inc. (TSX: PLI)

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ProMetic Life Sciences’ shares increased 0.69 percent to close at C$2.90 a share Tuesday. The stock traded between C$2.86 and C$2.92 on volume of 919,004 shares traded. ProMetic expects to file its clinical trial application (CTA) for tympanic membrane perforations (TMP) in the fourth quarter 2016 and to initiate the clinical trial in Sweden in patients suffering from chronic tympanic membrane perforations in the first half of 2017. Shares of ProMetic Life Sciences have fallen approximately 13.7 percent year-to-date and have fallen roughly 6.5 percent in the past month.

Tahoe Resources Inc. (TSX: THO)

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Tahoe Resources’ shares gained 4.29 percent to close at C$18.98 a share Tuesday. The stock traded between C$18.35 and C$19.04 on volume of 1.26 million shares traded. The company reported record half-year production of 11.4 million ounces silver and 167,168 ounces gold in the first half of 2016. Tahoe resources also reported record revenue of $228.3 million in second quarter of 2016 and $360.4-million in the second half of 2016. Shares of Tahoe Resources have gained approximately 58.6 percent year-to-date, but have fallen roughly 5.9 percent in the past month.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Hemal K. Gandhi, a CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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