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    DND   CA2674881040

DYE & DURHAM LIMITED

(DND)
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Toronto index hits 1-week high as easing Omicron concerns lift energy stocks

12/07/2021 | 09:54am EST

Dec 7 (Reuters) - Canada's main stock index hit a one-week high on Tuesday, underpinned by gains in energy shares, as concerns around the Omicron coronavirus variant eased.

At 9:40 a.m. ET (14:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 266.07 points, or 1.28%, at 21,127.17, extending previous session's gains.

The energy sector climbed 2.9% with oil prices rising for a second day as concerns over the impact of the Omicron coronavirus variant on global fuel demand eased.

"People referred to this period as a Santa Claus Rally and I see some of that taking place now as we hit the end of the year and investors who were heavy in cash, or who missed the market might feel compelled to invest money," said Irwin Michael, a portfolio manager at ABC Funds.

Adding to gains were Toronto-listed technology stocks , up 2.7%, tracking gains in U.S. tech-heavy Nasdaq index.

Following a volatile start to December marked by concerns about the Omicron coronavirus variant and a hawkish outlook from the United States Federal Reserve, the benchmark index has gained ground this week as investors believe the recent sell-off was overdone. Among individual shares, Enbridge Inc gained 1.9% after the pipeline operator forecast higher core earnings in 2022 and announced a share repurchase of up to C$1.5 billion ($1.18 billion), betting on rising demand for oil and gas.

On the economic front, Canada posted a trade surplus of C$2.09 billion ($1.65 billion) in October, the largest in almost 10 years, Statistics Canada said.

HIGHLIGHTS

Dye & Durham Ltd was the biggest percentage gainer on the index after multiple brokerages raised the price target on the IT service provider's stock.

The TSX posted two new 52-week highs and no new low.

Across Canadian issues, there were seven new 52-week highs and seven new lows, with total volume of 48.42 million shares. (Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DYE & DURHAM LIMITED -3.33% 34 Delayed Quote.-24.24%
ENBRIDGE INC. 0.40% 52.51 Delayed Quote.6.27%
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Analyst Recommendations on DYE & DURHAM LIMITED
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Financials
Sales 2022 507 M 398 M 398 M
Net income 2022 38,2 M 30,0 M 30,0 M
Net Debt 2022 901 M 708 M 708 M
P/E ratio 2022 77,3x
Yield 2022 0,22%
Capitalization 2 339 M 1 840 M 1 838 M
EV / Sales 2022 6,39x
EV / Sales 2023 4,40x
Nbr of Employees 138
Free-Float -
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Technical analysis trends DYE & DURHAM LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 34,00 CAD
Average target price 64,40 CAD
Spread / Average Target 89,4%
EPS Revisions
Managers and Directors
Matthew W. Proud Chief Executive Officer & Director
Avjit Kamboj Chief Financial Officer
Brian L. Derksen Chairman
Conor Maguire Chief Information Officer
Eric Tong Chief Operating Officer
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