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Stocks Surge in Canada With one Casino Company as a Winners

Certain Canadian stocks are thriving as revealed in the latest stock surges. Among them is Great Canadian Gaming Corp at +37.5%. The reason is the $2.1 billion purchase of the company by Apollo Glo0bal Management, a New York private equity giant.

Despite opposition, the deal is tight and obviously profitable for the casino owner. Great Canadian needed this boost after its stock had tanked due to casino closures at the onset of the pandemic.

Another winner is Martinrea International Inc. at +16.3%. The Ontario-based auto parts maker had reported good sales and profits in spite of earlier declines. The good news is that the company has new contracts from Ford, GM, and Fiat Chrysler to the tune of five billion. Martinrea describes this investment commitment as “probably the highest level of investments in our industry in Canada in over a decade.”

Next comes Telus Corp. at +3.8%. It is a telecom strategy entity based in Vancouver that boasts of being a leading global suppler of specialized corporate online services. In fact, Telus is part of moderating online content, a rapidly growing sector. Of note, it had $2.5 billion in acquisitions last year.

Now it is a major player in key German and U.S. markets. Proceeds are pending from a planned 2021 IPO of the online services unit, that will further scale up its high-margin business.

Not to be overlooked are the losers in the stock game like Canopy Growth Corp. down 5.3% and Altus Group Ltd, closing recently at -11.9%. Another loser is Enbridge Inc. down 0.4%.Apparently they all fell short of expectations for various reasons.

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Source: https://www.thestar.com/business/opinion/2020/11/16/stock-surges-and-setbacks-for-the-week-ending-on-nov-13.html

About the author

Stewart Muir

Stewart Muir

Stewart Muir is an experienced reporter in the field of nature, natural resources and arts. His hobby is watercolor painting and both professional and hobby-wise he is an expert.

He can be reached out at: muir.stewart@blog.ca

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