This week, Canada’s main stock index, the TSX, hit another record high, supported by strong retail sales data and positive investor sentiment. However, the index quickly fell from grace following U.S. President-elect Donald Trump’s announcement of significant tariffs on major U.S. trading partners, including Canada.
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This move has negatively impacted investor confidence, causing a ripple effect across the markets. Despite the broader market turbulence, several TSX-listed companies have made headlines this week. Here’s a closer look at three stocks that investors should keep an eye on:
Canopy Growth (TSX:WEED, Forum), a leading global cannabis company, announced that board member Luc Mongeau will take over as CEO effective January 6, 2025. Mongeau, a Harvard Business School graduate, has a robust background in consumer-packaged goods, with notable tenures as CEO of ESolutions Furniture, President of Weston Foods, and President of Mars Petcare North America.
Since joining Canopy’s board in early 2023, Mongeau has been instrumental in steering the company towards asset-light expansion and near-term profitability. Canopy Growth is known for its diverse portfolio of brands, including Doja, Wana, Jetty Extracts, and Tweed.
PyroGenesis (TSX:PYR, Forum), an industrial company focused on decarbonizing heavy industry, has secured a C$2.8 million payment under its C$25 million aluminum recovery contract with Radian Oil and Gas Services Company.
The contract involves the manufacture and delivery of seven Drosrite aluminum dross recovery systems to its Saudi client. Three of these systems are already operational at the Ma’aden aluminum plant in Ras Al-Khair, Saudi Arabia, the largest vertically integrated aluminum complex in the world. PyroGenesis’ Drosrite technology offers 98 per cent aluminum recovery, significantly higher than traditional methods, while reducing operating expenses by 50 per cent.
Paramount Resources (TSX:POU, Forum) announced a significant purchase and sale agreement with Ovintiv, where Ovintiv will acquire Paramount’s Karr, Wapiti, and Zama properties for C$3.32 billion in cash. The transaction includes approximately 170 net sections of Montney lands with substantial reserves and essential infrastructure.
This sale is can better allow Paramount to focus on developing its Duvernay assets at Willesden Green and Kaybob North, which have significant growth potential. The transaction is expected to close in Q1 2025, pending regulatory approvals.
Stocks to the thankful for
As the U.S. markets experience a shorter trading week due to Thanksgiving, the TSX might see a bit of a reprieve from the recent volatility. Investors should stay informed about market developments to ensure their portfolios remain well-positioned. Keeping an eye on key stocks like Canopy Growth, PyroGenesis, and Paramount Resources can provide valuable insights into potential investment opportunities.
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(Top image generated with AI.)