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AGNICO EAGLE MINES LIMITED

(AEM)
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Agnico Eagle Mines : Toronto market hits 1-week low as technology shares tumble

09/28/2021 | 04:26pm EDT

(Adds investor quotes and details throughout; updates prices)

* TSX ends down 1.4%

* Posts its lowest closing level since Sept. 20

* Technology shares fall the most since last November

* Kirkland Lake Gold Ltd ends 7.4% lower

TORONTO, Sept 28 (Reuters) - Canada's main stock index on Tuesday fell to its lowest level in more than one week as rising global bond yields encouraged investors to sell the shares of technology companies in favor of sectors more sensitive to the economic outlook.

The Toronto Stock Exchange's S&P/TSX composite index ended down 289.28 points, or 1.4%, at 20,174.14, its lowest closing level since Sept. 20.

"Technology is taking the brunt of the down move in both Canada and the U.S.," said Mike Archibald, a portfolio manager at AGF Investments.

"You've seen a pretty significant move up in 10-year yields globally in the last several days and that's really driving a change in investor preferences to more economically sensitive parts of the market."

The information technology group lost 3.8%, its biggest decline since last November, as the U.S. 10-year yield climbed to its highest level since June at 1.567%.

Shares of Shopify Inc, the company with the highest market value on the TSX, ended 4.8% lower.

Higher yields reduce the value of future cash flows so they particularly hurt the shares of companies with high growth prospects.

Canada's benchmark stock index is down about 2% so far in September after seven consecutive monthly gains.

Kirkland Lake Gold Ltd fell 7.4% after Agnico Eagle Mines Ltd agreed to buy the miner in a stock deal valued at C$13.51 billion ($10.68 billion).

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.9%, while energy was nearly unchanged.

U.S. crude oil futures climbed to the highest level since July before settling down 0.2%. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Marguerita Choy)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AGNICO EAGLE MINES LIMITED -0.79% 57.43 Delayed Quote.0.00%
KIRKLAND LAKE GOLD LTD. -0.78% 56.91 Delayed Quote.9.05%
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Financials (USD)
Sales 2021 3 904 M - -
Net income 2021 684 M - -
Net Debt 2021 1 079 M - -
P/E ratio 2021 20,4x
Yield 2021 2,44%
Capitalization 14 017 M 14 017 M -
EV / Sales 2021 3,87x
EV / Sales 2022 3,50x
Nbr of Employees 6 210
Free-Float 99,6%
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Technical analysis trends AGNICO EAGLE MINES LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 57,43 $
Average target price 69,75 $
Spread / Average Target 21,5%
EPS Revisions
Managers and Directors
Sean Boyd Vice Chairman & Chief Executive Officer
Ammar Al-Joundi President
David Smith Chief Financial Officer & Senior VP-Finance
James D. Nasso Chairman
Lino Cafazzo Vice President-Information Technology
Sector and Competitors