Barrick Gold is benefiting from increased copper production, although inflation has pushed up production costs. (Photo: 123RF)
News is essential
• Increase Barrick Gold’s profitability for copper production. Gold-bearer Barrick Gold posted a nearly 19% gain in second-quarter profits, benefiting from rising copper production, even as inflation pushed up production costs.
• US Senate passes climate, drug bill. The U.S. Senate on Sunday passed a $430 billion bill to fight climate change, lower drug prices and raise some corporate taxes, a major victory for President Joe Biden and one that Democrats hope will bolster their chances of retaining control of Congress in this election. year
• Pfizer spends US$5.4 billion to acquire Global Blood Therapeutics Pfizer Global will acquire Blood Therapeutics, a maker of blood disease drugs, in a US$5.4 billion deal as it seeks to bolster its offerings to counter a potential slowdown in demand from COVID-19 that analysts expect will result in a drop in new cases.
• Carlyle’s CEO resigns before his contract expires Private equity firm Carlyle Group announced Sunday that its chief executive, Kewsong Lee, 56, has resigned effective immediately, months before the scheduled end of his five-year contract.
• Berkshire Hathaway posted a loss of US$43.8B in the second quarter Falling US stock prices hurt Berkshire Hathaway’s second-quarter results badly, as billionaire Warren Buffett led the way on Saturday, announcing a US$43.8 billion loss.
(Re)read all market news
Trends before the opening
Canada’s major stock index futures are ahead, benefiting from rising gold prices.
Wall Street futures are gaining ground as investors await the release of inflation data this week.
European stocks rose on gains in mining and financials.
In Asian markets, the Japanese Nikkei ended the session in positive territory, buoyed by very strong corporate prospects, as Chinese stocks fell on fresh COVID-19 outbreaks and Sino-US tensions.
The value of the US dollar has fallen. Oil prices are falling due to global demand.
Follow the headlines
Barrick Gold: The gold miner gained nearly 19% in the second quarter, benefiting from an increase in its copper output, even as inflation pushed up production costs. Barrick maintained its cost guidance for the current year and said it is on track to meet its copper and gold production targets. The company produced 120 million pounds of copper in the second quarter, up 25% from a year earlier, while gold production rose slightly to 1.043 million ounces from 1.041 million ounces. Net income for the quarter was US$488 million, or US$0.27 per share, compared to US$411 million, or US$0.23 per share, a year earlier.
• Bank of Montreal: KBW cut its target price from C$160 to C$146 after the Wall Street Journal reported that the Federal Reserve and the Office of the Comptroller of the Currency were considering forcing major regional banks to hold more long-term debt that could absorb losses in the event. Economic downturn, especially for large regional banks seeking approval to enter into transactions.
• Heroux Devtek: National Bank of Canada cut its target price from C$25 to C$23 after it posted disappointing first-quarter results.
• Suncor Shakti: JPMorgan raised its target price to C$63 from C$56 after the company reported better-than-expected second-quarter earnings per share.
• Thoughtful Labs: ATB Capital Markets cut its price target from C$10 to C$9 to reflect the company’s third-quarter revenue target, which is expected to fall short of expectations.
• Uni-Select: TD Securities raised its target price to C$44 from C$43 after the company reported strong second-quarter results.
Key indicators on the agenda
No major indicators are expected today.
Publication of results
Barrick Gold: Q2 earnings per share are forecast at US$0.22
Capstone Copper: Q2 earnings per share are forecast at US$0.05
Galaxy Digital Holdings: A loss of CA$0.42 per share is forecast in Q2
Hadbay Minerals: Q2 earnings per share are forecast at US$0.12
WSP Global: Q2 earnings per forecast of CA$1.31
Ballard Power Systems: A loss of US$0.13 per share is forecast in Q2
Bausch Health Organizations: Q2 earnings per share are forecast at US$0.89
Converge Technology Solutions: Q2 earnings per forecast of CA$0.10
Kronos Group: A loss of US$0.06 per share is forecast in Q2
EQB: Q2 earnings per forecast of CA$2.18
Freehold Royalty: Q2 earnings per forecast of CA$0.39
Hydro One: Q2 earnings per forecast of CA$0.41
Kinaxis: Q2 earnings per share are forecast at US$0.15
Monday Gold: Q2 earnings per share are forecast at US$0.13
New: Q2 earnings per share forecast at US$0.47
Orla Mining: Q2 earnings per share are forecast at US$0.06
Osisco Gold Royalty: Q2 earnings per share forecast at 0.08
Superior Plus: A loss per share of CA$0.18 is forecast in Q2
Xenon Pharmaceuticals: A loss of US$0.48 per share is forecast in Q2
08:30 Galaxy Digital Holdings: Q2 earnings conference call
08:30 Power Corporation of Canada: Q2 earnings conference call
09:00 GDI Integrated Facility Services: Q2 earnings conference call
10:00 am Altus Group: Annual General Meeting of Shareholders
11:00 am Barrick Gold: Q2 earnings conference call
11:30 am Capstone Copper: Q2 earnings conference call
5:00 pm Curalif Holdings: Q2 earnings conference call
No major coupon separation expected today.
All analyst forecasts are based on I/B/E/S data from Refinitiv.