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    FM   CA3359341052

FIRST QUANTUM MINERALS LTD.

(FM)
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TSX climbs to record high as investors eye 'Santa Claus' rally

10/15/2021 | 04:38pm EST
FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

TORONTO (Reuters) - Canada's main stock index rose on Friday to a record high as oil prices climbed and investors cheered the move into a seasonally strong period for the market

The Toronto Stock Exchange's S&P/TSX composite index ended up 108.16 points, or 0.5%, at 20,928.10, eclipsing the record closing high it notched on Sept. 3.

For the week, it was up 2.5%, its biggest weekly advance since March.

"We are now entering the period that is very positive for equities and are probably going to see a Santa Clause rally between now and year end," said Irwin Michael, portfolio manager at ABC Funds, referring to the seasonal move that sometimes happens in stocks.

"The thing that is driving it right now are the recovery of oil and gas prices," Michael added.

U.S. crude oil futures settled 1.2% higher at $82.28 a barrel on forecasts of a supply deficit over the next few months, while the energy sector on the TSX touched its highest since May 2019, ending 0.2% higher.

Financials, which account for about 30% of the index's market value, gained 0.9% and industrials ended 0.6% higher.

After snapping a seven-month win streak in September, the Canadian equity index has gained 4.3% so far this month.

"It really feels like people got a little too bearish heading into earnings season and what we're seeing now is a bit of a short-covering rally in the market as first glimpses we've had of earnings have been okay," said Gregory Taylor, portfolio manager at Purpose Investments.

Big U.S. financial institutions reported strong earnings this week, setting a positive tone in markets after fears over surging commodity prices, supply chain issues and inflation dogged equities.

Gains on Friday were capped by a 0.9% slide in gold stocks as gold prices fell.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Alistair Bell)

By Fergal Smith


ę Reuters 2021
All news about FIRST QUANTUM MINERALS LTD.
12/03February Gold Contract Ends Up US$21.20; Settles at US$1,783.90 per Ounce
MT
12/03Gold Rises as the United States Added Fewer Jobs Than Expected in November
MT
12/02Gold Falls as the Dollar and Bond Yields Rise Following Fewer Than Expected Initial Job..
MT
12/02February Gold Contract Ends Down US$21.60; Settles at US$1,762.70 per Ounce
MT
12/02Gold Edges Down as the Dollar Weakens and Bond Yields Rise Following Fewer Than Expecte..
MT
12/01Gold Rises a the Dollar Steadies, Bond Yields Following Fed Chair Remarks
MT
12/01February Gold Contract Ends Up US$7.80; Settles at US$1,784.30 per Ounce
MT
12/01Gold Rises on a Lower Dollar Despite Concerns Over a More Hawkish Fed
MT
11/30Gold Ends Lower as Fed Chair's Remarks Overshadow Fears Over New Covid-19 Variant
MT
11/30February Gold Contract Ends Down US$8.70; Settles at US$1,776.50 per Ounce
MT
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Analyst Recommendations on FIRST QUANTUM MINERALS LTD.
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Financials (USD)
Sales 2021 7 261 M - -
Net income 2021 831 M - -
Net Debt 2021 5 846 M - -
P/E ratio 2021 17,0x
Yield 2021 0,09%
Capitalization 14 465 M 14 522 M -
EV / Sales 2021 2,80x
EV / Sales 2022 2,26x
Nbr of Employees 20 000
Free-Float 80,1%
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Technical analysis trends FIRST QUANTUM MINERALS LTD.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 21,00 $
Average target price 27,01 $
Spread / Average Target 28,6%
EPS Revisions
Managers and Directors
Philip K. R. Pascall Chairman & Chief Executive Officer
Geoffrey Clive Newall President & Director
Hannes Otto Meyer Chief Financial Officer
Tristan Pascall Chief Operating Officer
Andrew Bell Adams Independent Director
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