Canadian stocks opened on a positive note Monday morning, as rising oil and gold prices drove energy and precious metals mining stocks higher. At the time of writing, the TSX Composite Index is trading at 21,256 — up 40 points, or 0.2%, for the day. Interestingly, it’s the 14th consecutive session when the main Canadian index is trading on a positive note.
Now, let’s look at some TSX stocks making the biggest moves today.
Rogers Communications stock
Rogers Communications (TSX: RCI.B)(NYSE: RCI) stock fell by more than 6% today. The ongoing battle for control of the company intensified after the recent removal of Edward Rogers from the board. During the weekend, Edward Rogers apparently unsuccessfully tried to reclaim the chairmanship of the Rogers Communications’s board.
The ongoing control fight also prompted analysts to cut their ratings on Rogers stock. Earlier today, analysts at TD Securities and Canaccord Genuity cut their targets on the stock to $69 and $62 per share, respectively.
Restaurant Brands’s Q3 earnings
Restaurant Brands (TSX: QSR)(NYSE: QSR) reported its mixed Q3 results this morning. While the company managed to beat analysts’ earnings estimates by a narrow margin, its revenue for the quarter and comparable sales missed expectations.
In its latest earnings report, Restaurant Brands also highlighted supply chain pressures and labour challenges that are continuing to affect some of its restaurants. This could be one of the reasons why QSR stock was trading with about 3.6% losses this afternoon at $73.85 per share.
Cominar REIT stock popped 12%
The shares of Cominar Real Estate Investment Trust (TSX:CUF.UN) popped more than 12% today to $11.61 per share. These gains came after the company announced that it has agreed to be acquired by an investors group led by Canderel Real Estate Property in an all-cash deal worth $5.7B or $11.75 per unit.
After this acquisition deal, Montréal-based Groupe Mach will buy some of Cominar’s retail and office properties for about $1.5 billion as per the agreement.
Pretium Resources’s new gold exploration discovery
Pretium Resources (TSX:PVG)(NYSE:PVG) stock rose by 6.2% this afternoon to $14.86 per share. Earlier today, the company revealed “a new high-grade gold exploration discovery at the Golden Marmot Zone on its Brucejack Property in Northern British Columbia.”
The discovery of these new gold deposits could significantly boost Pretium Resources’s financial growth outlook. This could be the primary reason why PVG stock rallied today. On a year-to-date basis, the stock is still trading with only 2.3% gains.
More analysts raise target price on IAMGOLD stock
IAMGOLD (TSX: IMG)(NYSE: IAG) stock is continuing to be among the top TSX gainers this month. The stock rose by nearly 4% today, taking its month-to-date gains to more than 31%. This morning, Scotiabank raised its target price on IAMGOLD stock to about $3 per share from $2.75 per share earlier. This optimism came a couple of days after analysts at the National Bank of Canada also raised their targets on the stock to $4.5 per share last week.
Apart from these upgrades, the ongoing rally in precious metals prices is helping IAMGOLD stock inch up this month.
