Market Movers Stornoway Diamond, Teck Resources, Bellatrix Exploration, and HudBay Minerals for Monday

NEW YORK, NY / ACCESSWIRE / August 30, 2016 / Stock markets in the U.S. and Canada were buoyed by the financial sector Monday after comments made by Federal Reserve Chairwoman Janet Yellen hinted at a potential interest rate hike. The S&P/TSX Composite Index posted a gain of 0.29 percent, while the S&P 500 Index rose 0.52 percent. The TSX’s financial sector saw a rise of 0.48 percent, while the materials and energy sector posted a gain of 1.20 percent and a decline of 0.24 percent, respectively.

“In light of the continued solid performance of the labour market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.” commented Yellen at the Fed’s annual monetary policy conference in Jackson Hole, Wyoming.

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Stornoway Diamond Corporation (TSX: SWY)

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Stornoway Diamond’s shares gained 2.73 percent to close at C$1.13 a share Monday. The stock traded between C$1.12 and C$1.14 on volume of 757,462 shares traded. The company reported a net income of C$5.8 million or C$0.01 per share for the second quarter of 2016. Cash, cash equivalents and short-term investments totaled C$137.4 million at the end of the second quarter. Shares of Stornoway Diamond have gained approximately 56.9 percent year-to-date and are up roughly 0.90 percent in the past month.

Teck Resources Ltd. (TSX: TCK.B)

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Teck Resources shares spiked 8.00 percent to close at C$22.41 a share Monday. The stock traded between C$20.66 and C$22.50 on volume of 5.15 million shares traded. Consensus of analysts covering this stock has average rating as “Hold” for the company. Analysts at RBC Capital Markets have recently downgraded the company’s rating to “sector perform” from “outperform”. RBC Capital Markets analyst Fraser Phillips has also raised Teck’s target to C$23.00 from C$16.00. “Teck should continue to benefit from the strong zinc market we are forecasting,” Phillips said. “However, we believe much of our positive 2016 zinc forecast is already discounted in the share price.” Shares of Teck Resources have gained approximately 320.0 percent year-to-date and are up roughly 7.7 percent in the past month.

Bellatrix Exploration Ltd. (TSX: BXE)

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Bellatrix Exploration’s shares gained 7.07 percent to close at C$1.06 a share Monday. The stock traded between C$0.98 and C$1.09 on volume of 984,766 shares traded. The company reported -$0.17 EPS for the second quarter of 2016, which fell short of analysts’ estimates of -$0.10. Revenues for the second quarter totaled C$48.29 million. Consensus of analysts has average rating as “Hold” for the company. Zacks Investment Research has recently downgraded the company’s rating to “sell” from “hold”. Shares of Bellatrix Exploration have fallen approximately 35.4 percent year-to-date and are down roughly 5.4 percent in the past month.

HudBay Minerals Inc. (TSX: HBM)

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HudBay Minerals’ shares gained 0.36 percent to close at C$5.65 a share Monday. The stock traded between C$5.59 and C$5.78 on volume of 1.03 million shares traded. Consensus of analysts covering this stock has average rating as “Buy” for the company. BMO Nesbitt Burns analyst Aleksandra Bukachev has recently downgraded the company’s rating to “market perform” from “outperform” concerning near term risks however has maintained a price target of C$7.50. Shares of HudBay Minerals have gained approximately 6.4 percent year-to-date, but have fallen roughly 13.2 percent in the past month.

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