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Today's TSX Market Movers: Pan American Silver, Linamar, Fortuna Silver

Stock Markets Aug 11, 2022 16:50
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By Ketki Saxena 

Investing.com -- The TSX closed the day at 19,991.88 points, up 0.53% in the day’s trading and outperforming Wall Street as the Canadian Index was buoyed upbeat earnings, and surging crude prices as the typically bearish International Energy Agency raised its outlook for 2022 oil demand, and OPEC+ hinted at output cuts. 

Here’s a look at the top Canadian Stocks Moving Markets Today 

-15.81% Pan American Silver, as it reported a net loss of  $0.83 per share, dramatically lower than analyst expectations for the $0.38 loss per share. Profits were pressured largely by suspended operations on a key mine, and a related $100 million impairment charge pre-tax. Operational cash flow also fell dramatically to $20.8 million from $87.1 million in the same period last year.

+10.62%: ​​Linamar Corp: as sales soared to $1.98 billion, up from $1.58 billion for the same quarter last year on increased market share and higher pricing while non-adjusted profits saw a modest dip in part on higher input costs. Adjusted net earnings were $109.3 million, or $1.68 per share, up from $106.9 million or $1.63 per share in the previous year. 

-9.95% Fortuna Silver  as it missed estimates on earnings and as net income fell dramatically to $1.7 million compared to $16.2 million in Q2 2021. Net income was mainly driven by lower sales at its San Jose operations due to declining silver prices, corresponding negative concentrate sales adjustments, and lower production. In it’s forward guidance, the company also indicated higher input costs to be a dominating force on its financials for the second half of the year. 

+ 10.30% Element Fleet Management (TSX:EFN) Corp as Second quarter net revenue grew 22.4% over last year, Element’s highest quarterly revenue on record. The company also raised full-year 2022 results guidance to indicate net revenue will grow 10-12%, AOI 13-17%, adjusted EPS 22-27% and FCF per share 21-26% over full-year 2021 results. 

+9.70% Bausch Health (TSX:BHC) Companies Inc. as the company announced yesterday that it will appeal a patent-decision to the U.S. Court of Appeals for the Federal Circuit, and that it expects an appeal decision to issue within 12 to 18 months. The Quebec based company is embroiled in dispute with Salix Pharmaceuticals, and recently received an unfavorable ruling from the U.S. District Court of Delaware in its patent dispute. 

Today's TSX Market Movers: Pan American Silver, Linamar, Fortuna Silver
 

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