Brenda O’Farrell
Investing.com – Shares of two of Canada’s biggest companies are making moves in the markets on Monday, a day that is seeing moderate activity due to the U.S. exchanges being closed for the Martin Luther King Jr. holiday in the States.
SNC-Lavalin and Bombardier Inc . are both making gains.
Shares of SNC-Lavalin Group Inc . (TSX:SNC) jumped as the markets opened based on an announcement from the company before the opening bell that it has won a contract from Al Dhafra Petroleum, a joint venture between ADNOC and the Korea National Oil Corporation and GS Energy.
According to the terms of the nine-month contract, SNC-Lavalin will provide front-end engineering and design services for the second phase of the Haliba field in Al Dhafra’s concession area.
Shares of SNC-Lavalin spiked to $31.58 shortly after the open, gaining from last Friday’s close of $31.06, before settling back to $31.32 at 1.p.m. Eastern, a 0.84% gain so far for the day.
Shares of Bombardier Inc (TSX:BBDb) were up about 7% at 1 p.m. Eastern as the beleaguered plane and train manufacturer struggles to stabilize after suffering its largest one-day drop in the company’s history last week. Bombardier stock plummeted 32% last Thursday after the Montreal-based company announced it was cutting its financial estimates for 2019 and could pull out of a joint venture with Airbus SE – a move that has sparked speculation the company could split apart.