While the TSX continues to underperform compared with its North American counterparts, other indexes are basking in recent success.
Wall Street markets just capped off a seven-session win streak, with the NASDAQ and S&P 500 scoring their longest positive run since 2021. The surge was fuelled by a big tech rally and a growing belief that the U.S. Federal Reserve is done raising interest rates.
Industrial stocks have also seen upward movement, with Bombardier Inc. (TSX: BBD, Forum) flying high.
The aviation company will bring its Global 7500 and Challenger 3500 aircraft to Dubai and showcase their defence capabilities.
The jets will be on display Nov. 13-17 during the Dubai Air Show in Dubai, UAE. Bombardier intends to have a strong presence at the show, with representatives from its sales and defence teams.
The Global 7500 aircraft possess a top speed of Mach 0.925 and a range of 7,700 nautical miles (14,260 km).
Source: Bombardier.
“The Middle East is an important market for Bombardier both for business jet customers as well as growing defence business,” Éric Martel, president and chief executive officer of Bombardier, said in a statement. “The Bombardier team on site will proudly showcase our impressive defence capabilities and the many multi-mission solutions we can flexibly tailor. We also look forward to showcasing our Challenger and Global platforms to business jets customers, who will benefit from our aircraft cutting-edge innovation, cabin design, performance, reliability and smooth ride.”
The defence sales team will be on hand to highlight Bombardier’s portfolio of aircraft platforms, including the Global 6500 jet. The Challenger and Global aircraft families provide a solution for urgent humanitarian assistance, VIP transportation, maritime patrol, electronic warfare, search and rescue and other tasks.
Crescent Point Energy Corp. (TSX:CPG, Forum) caught a lot of attention when it agreed to acquire Hammerhead Energy Inc. (TSX:HHRS,Forum) in a C$2.55 billion cash-and-stock deal.
The Calgary-based oil and gas company now holds the dominant position in the Montney oil fairway, one of North America’s largest unconventional petroleum plays. Crescent Point will acquire 424.9 square kilometres and 800 drilling locations in the area.
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Once the deal is closed by December 2023, Crescent Point will become Canada’s seventh-largest oil and gas exploration and production company by volume, with production expected to total more than 200,000 barrels of oil equivalent per day (boe/d). Crescent Point will increase its production in the Montney region by 56,000 boe/d in 2024, to 94,000 boe/d. The deal also includes taking on approximately C$455 million of Hammerhead’s net debt.
Each Hammerhead Share will be exchanged for C$15.50 of cash consideration and C$5.50 in value in the form of common shares of Crescent Point.
New Found Gold (TSX-V: NFG, Forum) has closed its bought deal public offering of 7,725,000 flow-through common shares for gross proceeds of C$56,006,250.
The agreement was signed between a syndicate of underwriters led by BMO Capital Markets and Canaccord Genuity Corp., which have agreed to buy the company’s shares at C$7.25 per share.
The company also noted that the offering included significant participation by existing shareholders, representing approximately 50 per cent of the issued shares.
After completion of the offering, the company will have approximately C$71.4 million in cash and marketable securities.
Source: New Found Gold Corp.
The top-performing gold stock will use the gross proceeds of the offering to incur eligible exploration expenses related to its Queensway project in Newfoundland and Labrador. At the project, New Found announced it has nearly completed the Keats Trench and has begun a detailed mapping and sampling program.
As always, look for undervalued stocks, and then strap yourselves in for what will be (in many cases) a long and wild ride. As these stocks rise and fall, Stockhouse remains your best destination to exchange information and ideas with other investors.
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