As Canada continues its post-pandemic economic recovery, the government has started facing outward to address global issues such as access to vaccines and financial crises that arose out of the COVID-19 pandemic.
Yesterday, Bank of Canada Governor Tiff Macklem addressed the Council on Foreign Relations to speak about his vision for the international monetary and financial system.
Moving toward a more balanced system, said Governor Macklem, will give the global community a “financial system that can handle—even facilitate—the transitions to come, including the exit from exceptional monetary policy, the transition to net zero emissions and the potential digitalization of the international monetary system.”
According to the National Bank’s Weekly Economic Watch, released today, Canada’s unemployment rate is just 0.8 per cent below its pre-pandemic peak in February 2020.
As of 1:28 pm ET, the S&P/TSX Composite Index was up 14 points to 20,430 today and up over 335 points over the last five days.
The Canadian dollar also continues to improve, and currently is equal to nearly US$0.80/C$1.00.
This week’s top five stories span cryptocurrency, technology, mining, energy, and health care. Here’s a look at those stories.
HIVE (TSXV:HIVE) announces record quarterly revenue and earnings of $18.6M for Q1 F2022
On Monday, HIVE Blockchain Technologies announced its first-quarter financial results for the 2022 fiscal year, which included gross first-quarter revenue of $37.2 million, a 466 per cent increase year-over-year.
Quarterly net income was $18.6 million, up from $1.8 million a year earlier, and $4.3 million higher than the previous quarter.
Frank Holmes, Interim Executive Chairman of HIVE, commented on the company’s success.
“It’s been an incredible year for HIVE,” he said. “Despite the effects of COVID-19 and associated supply chain issues, we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity.”
HIVE Blockchain Stock price is currently own 0.54 per cent, trading at $3.68 per share as of 2:08 pm ET.
Therma Bright (TSXV:THRM) provides AcuVid™ update
Also on Monday, Therma Bright announced the progress it has made on its AcuVidTM COVID-19 Rapid Saliva Antigen Test in recent months.
In July, Therma Bright announced that it had applied for EUA approval from the US FDA to market the antigen test.
In the meantime, the company has ordered enough materials to manufacture the first batch of AcuVidTM tests in the United States. Therma Bright is working on securing manufacturing sites in other countries as it anticipates high demand for the test.
The company is working on securing initial orders from potential customers as it waits for regulatory approval.
Shares in Therma Bright are steady, trading at $0.39 per share as of 2:06 pm ET.
Constellation Software (TSX:CSU) division Lumine Group acquires Kansys software
In technology news, Lumine Group, a division of Constellation Software subsidiary Volaris Group, announced that it acquired modular billing provider Kansys.
Kansys provides modular billing subscription management, event intelligence and mediation software for communication service providers and tier-1 enterprise corporations.
Tony Garcia, Subscription Management Group Leader at Lumine Group, stated,
“We are excited to add Kansys and its Edge suite of products to complement our existing businesses while providing further mission-critical and high-value capabilities to our global tier-1 ecosystem of customers and partners.”
Lumine Group is a leading global acquirer of communications & media software businesses.
Shares in Constellation Software are currently down 0.97 per cent, trading at $2,096.79 per share as of 2:01 pm ET.
McEwen Mining (TSX:MUX) Q3 2021 production results
On Wednesday, McEwen Mining released its consolidated production results for the third quarter of 2021.
The company recorded 32,100 gold ounces and 792,000 silver ounces, or 42,900 gold equivalent ounces (GEO), comparing to the 30,400 GEOs from Q3 2020.
McEwen shifted its mining operations from the Fox mining camp to the Froome deposit, where commercial production was reached three months ahead of schedule on September 19, 2021.
Underground infrastructure at the Froome deposit is expected to reach full development by June 2022.
McEwen plans to release its operating costs for the third quarter in its 10-Q quarterly financial statements.
Shares in McEwen Mining Inc. are up 1.39 per cent, trading at $1.095 per share as of 2:17 pm ET.
Athabasca Oil Corporation (TSX:ATH) announces private placement
Our final top story of the week is Athabasca Oil’s announcement of a 350,000-unit private placement on Thursday.
Athabasca will use proceeds from the transaction, along with cash currently on-hand, to redeem its US$450 million aggregate principal amount senior secured second lien notes due February 24, 2022.
The company will also enter into an amended credit agreement with a syndicate of financial institutions that will provide for a $110 million reserves-based secured credit facility.
Shares in Athabasca Oil Corp. are up 4.26 per cent, trading at $0.98 per share as of 2:17 pm ET.
That’s all for our Top 5 stories this week. Tune in next week to hear what captured the attention of our Market Herald Canada investor audience.
