Energy stocks slid on lower crude oil prices of late, keeping Canada’s resource-heavy main stock index on the lower side over the past few days, though the TSX has been pushing a rebound of late.
This week, the Bank of Canada delivered another supersized but expected 75-basis-point rate hike.
Markets on both sides of the border have sustained an equities selloff that began in August following moves from the U.S. Federal Reserve, which continued this week in the face of signs of an economic slowdown in Europe and China, as well as actions by major central banks to stamp out inflation. However, recent data highlighted strength in U.S. economy, pushing growth stocks higher.
Meanwhile, the tech-heavy NASDAQ led gains on Wall Street after a seven-session losing streak that was its first since November 2016.
PyroGenesis Canada Inc. (TSX:PYR, Forum) made news this week when its joint venture partner completed primary residue testing from an operational Drosrite facility.
The joint venture, with a leading residue processor, intends to build and operate plants around the globe to transform dross residue into marketable chemical and metallurgical products, including aluminum sulfate and ammonium sulfate.
Results confirm that residue from PyroGenesis’ Drosrite metal recovery system is of high quality – for both alumina and aluminum nitrides – and fit for processing.
The system has been shown to recover up to an industry-leading 98 per cent of the aluminum metal fraction in dross, with no salt or other contaminants, returning it directly back to production.
Markets await the fallout from today’s Euro Central Bank meeting and energy price developments are in focus as Russia has conditioned a resumption of North Stream 1 gas flows.
Trillion Energy International (CSE:TCF, Forum) announced that the Uranus rig is slated to depart for the South Akcakoca Sub-Basin Gas Field in the Black Sea today, arriving on Sunday, September 11.
Its multi-well development program includes seven natural gas production wells set to come online during a time when acute natural gas shortages are menacing Europe and Turkey.
Trillion Energy’s CEO, Arthur Halleran commented on the news.
“As investors have been eagerly anticipating and requesting daily updates on the rig mobilization for our drilling program; I have been personally keeping on top of the rig status on a daily basis. I am confident the September 8th departure date will allow us the time to have the necessary rig repairs identified and completed.”
He added that as Trillion is now able to sell its natural gas production for US$30.68/mcf; and with the news of Russia shutting off all natural gas supply from the Nord-Stream pipeline until sanctions are lifted, the company expects further upward price pressure on natural gas to occur over the winter.
“With the drilling rig arriving September 11th, the first new gas production is expected around the end of October, 2022 which will capture the high gas prices.”
While it seems that all anyone around the Market Herald’s British Columbian base of operations can talk about when it comes to cannabis is the ongoing BCGEU strike and its impact on buying product, internationally, the market looks promising.
According to an Allied Market Research report this week, the global cannabis market is projected to reach US$148.9 Billion by 2031.
Just in time for this news, Lifeist Welness’ (TSXV:LFST, Forum) cannabis business unit, CannMart Labs, has introduced a second new product category to market.
The first new product in the new category, in-house branded Roilty Wedding Shatter, has shipped to retailers in Saskatchewan. It is a key part of CannMart’s focus on higher margin revenue streams with the goal to improve profitability. Lab produces Shatter through its’ state-of-the-art BHO extraction facility.
CannMart continues to execute on its growth strategies and is launching live resin vapes, a third product category, this September. This product has also received purchase orders in Saskatchewan.
Labs’ fourth product category, THCa diamonds, is executing its R&D phase, with purchase orders from provincial buyers anticipated in the fiscal Q4 2022. THCa diamonds are sought after within the cannabis concentrates segment, as being the purest form of THC. It can achieve a 99.9 per cent potency. Next week is already shaping up to be lively, and we will have you covered. From the latest trending news, topics, and Bullboard discussions, we’ll be here to give you an insight into the investor community.
