September has just ended with a 4% drop in the main Toronto Stock Exchange index, while the Quebec stock that recorded the biggest increase of the month is also the one that shows the strongest growth so far in 2023.
The action of the ADF Group (Au Dragon Forgé) appreciated by 11% in September. The stock of this Terrebonne steel superstructure specialist has now gained 126% since January 1.
Velan (8%), Dollarama (7%), SNC-Lavalin (3%) and Metro (1%) also had a positive September in Toronto among Quebec titles.
Among the biggest Quebec losers on the Toronto Stock Exchange in September, we note Innergex (- 21%), Laurentian Bank (- 18%), BMTC (- 15%), MTY Group (- 2%), Savaria (- 12% ), Logistec (-11%) and Goodfellow (-10%).
The founder of Knight Therapeutics has just purchased more than $110,000 worth of shares in the Montreal pharmaceutical company. Jonathan Goodman purchased a block of 25,000 shares on September 22 at a price of $4.42 per share.
If restoring online banking services was long and painful at Laurentian Bank during the week, an even more difficult job awaits management from now on: regaining trust. The service outage over the past week has disrupted customers and employees. The cost of this outage will not be measured only in dollars. By management’s own admission, the event lasted far too long. This outage will in no way help the bank achieve its financial objectives, as some analysts doubted that the financial institution would be able to generate sufficient revenue growth in relation to its expenses.
The chairman of the board of directors of Innergex has just purchased a block of shares in the Quebec renewable energy producer. Daniel Lafrance purchased a block of 2,000 shares on September 22 at a unit price of $11.78. He has been a board member for 13 years.
Rogers Sugar announced Thursday that employees have initiated strike action at its Vancouver refinery. The situation will undoubtedly have an impact on the financial performance of the Montreal company. The extent of the consequences on the results will depend in particular on the duration of the strike. A prolonged shutdown of the refinery could have a significant impact on the ability to meet demand in addition to significantly reducing profit margins, albeit temporarily, comments analyst Michael Van Aelst of TD.
A senior executive at Fiera Capital purchased shares of the Montreal asset manager earlier this week. Gabriel Castiglio, managing director and chief executive officer of global legal affairs and corporate secretary, purchased a block of 10,000 shares on Monday at a price of $5.58 per share.
SNC-Lavalin stock (AtkinsRéalis) advanced to another 52-week high this week on the Toronto Stock Exchange.
On the other hand, the Quebec stocks of Cogeco, Rogers Sugar, Boralex, Nuvei, BCE, GDI, Pages Jaunes, Transcontinental, Innergex, Fiera Capital and PyroGenèse all slipped this week to a 52-week low.
