As investors await the October 26 announcement of interest rates by the Bank of Canada, the Canadian economy keeps creating confusion in the minds of watchers of events.
A look at the market in comparison with other major economies of the world points to an economy that is getting better after a period of tough times. For example, the Canadian economy has been experiencing a decline in inflation in recent months. It dropped from 8.1 per cent in June to 7.6 per cent in July; in August, it dropped further to 7.0 per cent. Then in September, it dropped to 6.9 per cent.
Curiously, according to Statistics Canada, which released the latest September figures, prices of food items continued to soar across the country in September. Foods bought from grocery stores in September rose in price by 11.4 per cent to a new 41-year high.
The agency observed that food prices have surpassed the overall inflation rate for 10 consecutive months. In September, Canadians paid more for meat (7.6 per cent), dairy (9.7 per cent), bakery goods (14.8 per cent) and fresh vegetables (11.8 per cent).
StatCan said that the causes of the continued hike in food prices are unfavourable weather, higher prices on agricultural inputs such as fertilizer and natural gas, and continued disruption from Russia’s invasion of Ukraine.
On another breath, data released a week ago by the Canadian Real Estate Association showed that Canadian home prices dropped for the seventh consecutive month in September. With that, home prices have now declined almost nine per cent since the peak, with the rising cost of borrowing discouraging people from buying houses.
At the stock market, the impressive outing of the index this Friday has blunted the ding-ding movement of the index this week, pushing the five-day performance of the index up by 2.65 per cent at 2.00 p.m. ET. In the last month, the index was down by 1.79 per cent, while in the past three months, it was down by 0.90 per cent.
Given these conflicting messages, members of our investor community seem to have continued to diversify their interests in different fields, ranging from technology, finance, energy and health. But they paid more attention to the tech and energy sectors this week.
Trillion Energy (CSE:TCF) announces TD and logging results for the South Akçakoca 2 gas well
Trillion Energy International (TCF) announced preliminary gas indications from its South Akçakoca 2 well.
On October 15, South Akcakoca 2 reached 2,826 metres total depth (TD), which is 1,543.6 metres true vertical depth (TVD). This gas well is the first of the company’s multi-well program on its 49 per cent owned SASB gas field, Black Sea, Turkiye.
The logging while drilling (“LWD”) results suggest there are 32.0 metres of potential natural gas pay within 5 sands in the Akcakoca Member (SASB production zone), with two sands greater than 10 metres of gas pay each. In addition, the LWD identified gas sands also had natural gas detected at surface in the mud logging.
Arthur Halleran, CEO of Trillion, sat down with Sabrina Cuthbert to discuss the news.
Trillion Energy International Inc was up 13.10 per cent in the past five days, trading at C$0.48 at 2:12 p.m. ET.
Datametrex (TSXV:DM) announces EV update and additional purchase order from Bitnine Global
Datametrex (DM) announced a C$410,000 purchase order from Silicon Valley’s Bitnine Global.
Bitnine is a global leader in graph database business solutions that both improve outcomes and evolve with the existing marketplace.
The client will incorporate Datametrex’s artificial intelligence services into its operations.
The news follows a $1.6-million purchase order from Bitnine announced on October 14.
Datametrex views the order as a validation of its land and expansion strategy, as well as an endorsement of the quality of its AI offering.
Datametrex is also announcing that its subsidiary, Datametrex Electric Vehicle Solutions, is working to offer its mobile EV services to the RV industry.
CEO Marshall Gunter joined Sabrina Cuthbert to discuss the purchase order and new business initiative.
Datametrex AI Ltd. was up 11.11 per cent in the past five days, trading at C$ 0.01 at 1:55 p.m. ET.
Noble Mineral Exploration (TSXV:NOB) provides project updates
Noble Mineral Exploration (NOB) has provided progress updates for a number of its active projects.
Drill crews have completed drilling on the Nagagami Niobium and Rare Earth Property
Drilling has been completed on the company’s Nagagami Project near Hearst, Ontario. A total of 1302 metres were drilled in two holes.
The Calder Township drill program has been completed. A total of two holes were drilled for a total of 865 meters.
The airborne survey on the Boulder Project is in progress. Preliminary results should be received shortly.
Vance White, CEO of Noble Mineral Exploration, sat down with Sabrina Cuthbert to discuss the update.
Noble Mineral Exploration Inc. was unchanged at C$0.055 at 1.56 p.m. ET.
Nextech AR Solutions (CSE:NTAR) (OTCQB:NEXCF) announces $6.7M 3D model purchase order
Nextech AR Solutions Corp. (NTAR) received its single largest purchaser order of $6.7 million from a Nasdaq 100 technology company.
The 3D models related to this $6.7 million order are to be delivered in the calendar year 2023. With the previously announced $700,000 3D model order to be delivered in Q4 2022, the total new orders recently announced equals $7.4 million.
Nextech AR CEO Evan Gappelberg sat down with Sabrina Cuthbert to discuss the news.
Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals.
Nextech Ar Solutions Corp. was up 19.48 per cent within the week, trading at C$0.92 at 2:06 p.m. ET.
SQI Diagnostics (SQD) received Health Canada Interim Order authorization for its Rapid Acute Lung Injury Diagnostic (RALI-Dx) IL-6 Severity Triage Test.
RALI-Dx is the first interleukin-6 (IL-6) diagnostic test approved in Canada, and its turnaround time of less than an hour is developed to fill an important and unmet public health need.
SQI Diagnostics CEO Andrew Morris sat down with Daniella Atkinson to discuss the news.
The Severity Triage test is intended to play a vital role in clarifying COVID-19 patient risk. By testing for the presence of the key bio-marker IL-6, RALI-Dx helps identify which patients are most at risk of a severe inflammatory response from cytokine storms, which is associated with the worst patient outcomes.
SQI Diagnostics Inc. was up 30.00 per cent in the past five days, trading at C$0.13 at 1:09 p.m. ET.
Keep a date with us next week when we will bring you another edition of the Weekly Market Movers.
