As COVID-19 continues to dominate the ever-fluctuating Canadian economy, Statistics Canada said this week the economy lost 68,000 jobs in May, accounting for an unemployment rate of 8.1 per cent.
In line with this, the Canadian dollar dipped 0.01 per cent over the week to US$0.82/C$1.00
The S&P/TSX Composite Index, however, continues its year-to-date rally as the index rose 0.49 per cent over the five day trading period to 20,002.96 points as of 1:34 p.m. EDT on Friday.
Over the course of the week, our audience at The Market Herald was interested in a variety of stories in the technology and healthcare sectors.
Let’s take a closer look at what caught the attention of our audience this week.
Digimax Global announced on Tuesday (June 1) the introduction of Cryptohawk.Ai, which will allow its users to use the power of AI and machine learning for bigger cryptocurrency investment returns.
According to the company, the software’s AI-based predictions will help investors mitigate risk and stress while saving time when it comes to investing in cryptocurrencies like bitcoin and ethereum.
DigiMax Chief Technical Officer Thierry Hubert commented,
“Our complex AI engine has been drastically improved for CryptoHawk.ai compared to CryptoDivine. Upon rigorous back testing of our modulated CryptoHawk.ai model to the launch date of February 24, 2021, we demonstrated that CryptoHawk.ai reduced the number of alert notifications by almost half compared to CryptoDivine, while increasing the rate of return over and above the buy-and-hold strategy by 225% for BTC and 138% for ETH – substantially improving the performance over CryptoDivine. For reference, the buy-and-hold rates of return during this period were -21.82% for BTC and 68.36% for ETH.
While past performance cannot be a guarantee for future performance, if these results continue, investors can expect to see similar or better returns with many fewer alerts.”
Shares of Digimax Global were down 12.50 per cent over the week to C$0.18 as of 2:03 p.m. EDT on Friday (June 4).
PsyBio Therapeutics Corp. (TSXV:PSYB) announces first-quarter results, shareholder update and share buyback program
PsyBio Therapeutics announced on Wednesday (June 2) its Q1 2021 financial results, noting it had filed a patent application with the U.S. Patent and Trademark office (USPTO) Optimized Methods for the Production of Psilocybin and its Intermediates or Side Products.
This increases the number of patents in its portfolio to four pending provisional patents and one non-provisional patent with the USPTO.
Additionally, the company also revealed it has applied to have its shares listed on the OTCQX Best Market in addition to beginning its pilot scale-up of its proprietary biosynthetic formulation of psilocybin in collaboration with Albany Molecular Research Inc.
Shares of PsyBio Therapeutics are up 30.30 per cent over the week to $0.43 as of 1:47 p.m. EDT on Friday.
Sixth Wave Innovations (CSE:SIXW) moves closer to the rollout of its Affinity™ cannabinoid purification system
Sixth Wave Innovations announced on Wednesday the release of the Design for Manufacturing specifications for its Affinity cannabis purifications to Advanced Extraction Systems.
This will incorporate lessons learned to-date using two pilot systems, which will lead to the company notching its first Good Manufacturing Process (GMP) qualified system for production and delivery.
“We are very excited to start building our first production units and truly entering the cannabis industry. Taking the extra time to ensure that our Affinity™ System was thoroughly tested for deployment was a difficult but right decision. Barring unforeseen issues, we remain on a steady pace to satisfying our immediate customers’ needs and those of this growing industry,”Dr. Jonathan Gluckman, president and CEO of Sixth Wave, said in a press release.
Shares of Sixth Wave remain unchanged over the five day trading period at $0.30 as of 2:04 p.m. EDT on Friday.
EV Battery Tech announced Wednesday it had entered into an exclusive agreement with Fairwater, a Vancouver-based property developer.
Under the terms of the agreement, Fairwater will be allowed to use EV Battery Tech exclusively as its energy storage system and electric vehicle charging station provider for all of its current and upcoming projects.
“The opportunity to work with a strong partner that can take care of our energy needs as we move forward will be priceless as we expand,” Fairwater executive Ketan Ladva, said in a press release.
Shares of the company rose 4.08 per cent over the week to $0.26 s of 2:27 p.m. EDT on Friday.
BioMark Research announced on Tuesday it had received an $825,000 grant for lung cancer research.
According to the press release, the funds will help the company develop its liquid biopsy assay for early-stage lung cancer screening.
Rashid Ahmed Bux, BioMark’s CEO, commented,
“This is an important project for BioMark as it gears up for the introduction of lung cancer biomarkers that can be incorporated into a screening program across Canada, beginning in Quebec, and later globally.”
Shares of BioMark are down 2.47 per cent over the week to $0.40 as of 1:20 p.m. EDT on Friday.