notes from CanaccordNova Chemicals (NCX : TSX : $38.50)
Net Change: 0.83, % Change: 2.20%, Volume: 822,908
Making a comeback. Nova Chemicals started to bounce back from recent
declines yesterday after the company announced that Janice Rennie is
returning to its Board of Directors, which Rennie previously served on from
1991-2004. While this is a positive development, we wonder if there might
be news coming from Nova's Corunna, Ontario facility that might also be
attracting new interest. Following an extended maintenance and
modernization outage, the plant was restarted on December 22, but then was
shut down again on December 28 for further compressor seal repairs. At that
time Nova indicated that it expected the plant to be shut down for 12-18
days (yesterday would be day-9). We suspect that considering the number of
difficulties the plant has had in recent months, news of a successful
return to production could help to improve sentiment towards the stock.