Lundin Gold April 2024 Corporate Presentation v4.pdf
Before the open February 8 2017
1.
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Overseas/Overnight Markets
U.S. stock index futures fell, taking a cue from European and Asian
markets, as worries over global growth prospects and the outcome of
Greece’s private-sector bond swap later this week weigh on sentiment.
There is no U.S. economic data on the docket today.
European stocks dropped, with banks and resource stocks among the
`largest detractors. A report released this morning showed a 0.3% Q/Q
contraction in the euro-area economy in Q4, confirming an initial estimate
published on February 15. Large declines in investment, exports and
consumer spending were to blame for the overall GDP contraction. Also
weighing on investors was a memo from the Institute of International
Finance that warned that a disorderly default would cause the euro zone
more than 1 trillion euros ($1.36 trillion) in damage, Reuters reported. The
report also stated that a default would likely force Italy and Spain to seek
aid to prevent being engulfed in the region’s debt crisis.
Private investors that have declared their participation in Greece’s debt
restructuring hold about 20% of the bonds involved in a swap, the creditors’
stering committee said yesterday. The goal of the swap, which runs
through March 8, is to reduce the amount of privately-held Greek debt by
53.5% and help secure Greece’s second rescue package.
Asian stocks fell sharply, with miners among the top declines, following
global markets lower on growth concerns. The Hang Seng shed 2.2%,
while the Shanghai Composite fell 1.4%. Japan’s Nikkei gave up a more
modest 0.6%.
North American Market Highlights & Headlines
Aecon Group Inc. (ARE-T) reported a 143% increase in quarterly earnings
on Monday as margins improved on lower costs. Aecon reported EPS of
$0.49, up from $0.20 a year ago. Revenue in the quarter was $790 million,
down from $841 million, and well shy of the $859 million consensus
estimate. Aecon's backlog stood at $2.39 billion at December 31, 2011.
Futures Market
Market Chg Last % Chg
S&P 500 -3 2,286 (0.12)
NASDAQ 0 5,177 (0.00)
Dow Jones -9 20,009 (0.04)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 42 15,499 0.27 1.38
Venture 1 827 0.08 8.48
Dow Jones 38 20,090 0.19 1.66
S&P 500 1 2,293 0.02 2.42
NASDAQ 11 5,674 0.19 5.41
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -8 11,541 (0.07) 0.52
FTSE -9 7,177 (0.13) 0.48
Stoxx 600 1 364 0.29 0.66
Nikkei 97 19,008 0.51 (0.56)
Hang Seng 154 23,485 0.66 6.75
Commodities
Chg Last % Chg Ytd Chg
Gold -$7.16 $1,228.25 (0.58) 6.59
Oil -$0.27 $52.74 (0.51) (3.51)
Natural Gas $0.05 $3.10 1.52 (16.84)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7593 CDN$ 1.3170
Yen 85.38 Yen 112.45
Euro 0.7116 Euro 0.9373
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.47 - 2.17
CAN 10-YR -0.04 1.66 (2.25) (3.84)
U.S. 3-MO 0.02 0.53 2.94 7.16
U.S. 10-YR -0.03 2.36 (1.38) (3.44)
All charts and data are sourced from
Bloomberg Finance L.P.
This publication is for distribution to Canadian
clients only.
Please refer to Appendix A of this report for
important disclosure information.
Overseas and Overnight Markets
U.S. stock index futures are pointing to a flat open as traders focused on a slew of
company earnings and the latest oil inventory data. Major companies scheduled to
report their earnings today include Allergan, GlaxoSmithKline, Time Warner and
Prudential Financial.
Asian stocks ended mixed as solid corporate earnings results helped offset investor
concerns over political risks in Europe and the United States. The Shanghai Composite
Index and Hang Seng Index closed near their 1 month highs led by financials stocks
while the Nikkei 225 was up 0.51%.
European stocks are mixed as investors digested a slew of corporate earnings results
and the euro extended losses. Political uncertainty in Europe and America continues to
dominate markets with investors rushing for gold and pressure mounting on the euro.
Company Headlines
BlackBerry Ltd.(BB-T) is opening up some of its secure messaging and file sharing
technology for developers to use in building apps, creating a new revenue stream for the
company as it works to boost sales. The Waterloo, Ontario-based company said the
software development kit it is releasing this month will include tools for building chat
apps. BlackBerry joins a crew of companies already offering similar services
including Twilio Inc., Bandwidth.com Inc., Nexmo Inc. and Plivo. The key differentiator
for BlackBerry though, will be its reputation for security.
Dow Chemical Co. (DOW-N) and DuPont Co. have offered to sell businesses to gain
approval from the European Union’s antitrust watchdog for their tie-up. The
merger, announced in December 2015, would unite the two giants, creating a business
with a combined market capitalization of roughly US$120 billion, before splitting into
three separate companies. It has faced delays as antitrust regulators sought reams of
information concerning the companies’ competing businesses in insecticides,
weedkillers and crop seeds. The companies have offered to dispose of a portion of
DuPont’s crop protection business and associated research and development, as well as
Dow’s acid copolymers and ionomers business.
Sanofi SA (SNY-N) has addressed all the manufacturing deficiencies at the French
plant where its new, promising rheumatoid arthritis treatment will be produced. In
October, the U.S. Food and Drug Administration rejected sarilumab, a treatment being
developed jointly by Sanofi and Regeneron Pharmaceuticals Inc., over deficiencies
found at the plant. The plant in Normandy, northern France, will also manufacture
Dupilumab, a new treatment for severe forms of eczema that is slated for U.S. regulatory
approval this year
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 8, 2017
2. Before the Open February 8, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - February 06 to February 10, 2017
Date/Time Event Period Consensus Actual Prior
02/06/2017 10:00 Bloomberg Nanos Confidence 3-Feb -- 57.3 56.1
02/07/2017 08:30 Int'l Merchandise Trade Dec 0.20b 0.92b 0.53b
02/07/2017 08:30 Building Permits MoM Dec -3.00% -6.60% -0.10%
02/07/2017 10:00 Ivey Purchasing Managers Index SA Jan -- 57.2 60.8
02/08/2017 08:15 Housing Starts Jan 200.0k 207.4 207.0k
02/09/2017 08:30 New Housing Price Index MoM Dec 0.20% -- 0.20%
02/09/2017 08:30 New Housing Price Index YoY Dec -- -- 3.00%
02/10/2017 08:30 Unemployment Rate Jan 6.90% -- 6.90%
02/10/2017 08:30 Net Change in Employment Jan -5.0k -- 46.1k
02/10/2017 08:30 Full Time Employment Change Jan -- -- 70.9
02/10/2017 08:30 Part Time Employment Change Jan -- -- -24.7
02/10/2017 08:30 Participation Rate Jan 65.8 -- 65.8
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Feb-16 Apr-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17
Leaders - Prior Session
Company Ticker % Change
West Fraser Timber Co Ltd WFT-T 5.66
Ivanhoe Mines Ltd IVN-T 5.65
Toromont Industries Ltd TIH-T 5.18
Alacer Gold Corp ASR-T 4.24
Interfor Corp IFP-T 4.04
Laggards - Prior Session
Company Ticker % Change
Asanko Gold Inc AKG-T -12.40
Ensign Energy Services Inc ESI-T -7.72
Bonavista Energy Corp BNP-T -5.65
NuVista Energy Ltd NVA-T -5.41
MEG Energy Corp MEG-T -5.07
Canadian Equity Upgrades
N/A
Canadian Equity Downgrades
Yamana Gold Cut to Hold at GMP
Heourx-Devtek Cut to Hold at Desjardins
Linamar Cut to Sell at Veritas Investment Research
Today's Earnings – Canada
ATS Automation Tooling Systems Inc $0.11, Intact Financial Corp $1.75, Valener Inc
$0.48, Home Capital Group Inc $1.01, Mullen Group Ltd $0.16, Atrium Mortgage
Investment Corp $0.25, Canfor Corp $0.35, Firan Technology Group Corp $0.04, Uni-
Select Inc $0.31, ARC Resources Ltd $0.13, Just Energy Group Inc $0.16, Canfor
Pulp Products Inc $0.29, Redknee Solutions Inc -$0.01, Suncor Energy Inc $0.30,
Prairie Provident Resources Inc -$0.03
3. Before the Open February 8, 2017
Page 3
Weekly U.S. Economic Calendar - February 06 to February 10, 2017
Date/Time Event Period Consensus Actual Prior
02/07/2017 08:30 Trade Balance Dec -$45.0b -$44.3b -$45.2b
02/07/2017 10:00 JOLTS Job Openings Dec 5569 5501 5522
02/07/2017 15:00 Consumer Credit Dec $20.000b $14.16b $24.532b
02/08/2017 07:00 MBA Mortgage Applications 3-Feb -- 2.30% -3.20%
02/09/2017 08:30 Initial Jobless Claims 4-Feb 249k -- 246k
02/09/2017 08:30 Continuing Claims 28-Jan 2065k -- 2064k
02/09/2017 09:45 Bloomberg Consumer Comfort 5-Feb -- -- 46.6
02/09/2017 10:00 Wholesale Trade Sales MoM Dec -- -- 0.40%
02/09/2017 10:00 Wholesale Inventories MoM Dec F 1.00% -- 1.00%
02/10/2017 08:30 Import Price Index MoM Jan 0.20% -- 0.40%
02/10/2017 08:30 Import Price Index ex Petroleum MoM Jan -- -- -0.20%
02/10/2017 08:30 Import Price Index YoY Jan 3.10% -- 1.80%
02/10/2017 10:00 U. of Mich. Sentiment Feb P 97.8 -- 98.5
02/10/2017 10:00 U. of Mich. Current Conditions Feb P -- -- 111.3
02/10/2017 10:00 U. of Mich. Expectations Feb P -- -- 90.3
02/10/2017 10:00 U. of Mich. 1 Yr Inflation Feb P -- -- 2.60%
02/10/2017 10:00 U. of Mich. 5-10 Yr Inflation Feb P -- -- 2.60%
02/10/2017 14:00 Monthly Budget Statement Jan $40.0b -- -$27.5b
02/10/2017 Revisions: Producer Price Index
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
Feb-16 Apr-16 Jun-16 Aug-16 Sep-16 Nov-16 Jan-17
Leaders - Prior Session
Company Ticker % Change
Centene Corp CNC-US 5.30
National Oilwell Varco Inc NOV-US 4.89
Emerson Electric Co EMR-US 4.48
Church & Dwight Co Inc CHD-US 4.00
TransDigm Group Inc TDG-US 2.57
Laggards - Prior Session
Company Ticker % Change
Michael Kors Holdings Ltd KORS UN -10.80
FMC Corp FMC UN -6.00
Newell Brands Inc NWL UN -5.67
Motorola Solutions Inc MSI UN -5.37
Vulcan Materials Co VMC UN -4.90
U.S. Equity Upgrades
National Oilwell Raised to Neutral at Credit Suisse
Fidelity National Raised to Outperform at Credit Suisse
U.S. Equity Downgrades
Mosaic Cut to Outperform at CLSA
Gilead Sciences Cut to Neutral at Citi
Today's Earnings – U.S.
Goodyear Tire & Rubber Co/The $0.87, Exelon Corp $0.45, Time Warner Inc $1.19,
Allergan PLC $3.75, Arch Coal Inc -$5.80, Carlyle Group LP/The $0.41, Cognizant
Technology Solutions Corp $0.86, GrubHub Inc $0.25, Axalta Coating Systems Ltd
$0.29, Voya Financial Inc $0.79, Humana Inc $2.05, Alaska Air Group Inc $1.42,
CenturyLink Inc $0.56, Equifax Inc $1.37, WGL Holdings Inc $1.28, Whole Foods
Market Inc $0.39, Prudential Financial Inc $2.31, Lions Gate Entertainment Corp
$0.19, Level 3 Communications Inc $0.44, CoreCivic Inc $0.62, FleetCor
Technologies Inc $1.87, Green Plains Inc $0.38, Imperva Inc $0.03, Zendesk Inc -
$0.06, Paycom Software Inc $0.13, Immunomedics Inc -$0.13, LifeLock Inc $0.41
Fortive Corp $0.67, Regeneron Pharmaceuticals Inc $3.05, Ironwood
Pharmaceuticals Inc -$0.21
4. Before the Open February 8, 2017
Page 4
Appendix A - Important Information
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Research Ratings
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it is a top pick in the Analyst’s sector.
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SPECULATIVE BUY: The stock’s total return is expected to exceed 30% over the next 12 months; however, there is material event risk
associated with the investment that could result in significant loss.
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5. Before the Open February 8, 2017
Page 5
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