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    OGI   CA68620P1018

ORGANIGRAM HOLDINGS INC.

(OGI)
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Toronto stock index snaps four days of declines as energy shares rise

11/23/2021 | 04:37pm EST

* TSX ends up 33 points, or 0.15%, at 21,453.77

* Energy stocks jump after U.S says it will release oil from reserves

* OrganiGram up on earnings; financials extend gains

* Materials follow gold price lower

Nov 23 (Reuters) - Canada's main stock index rose on Tuesday, snapping its four-day losing streak as gains in energy shares on higher oil prices and OrganiGram Holdings Inc's upbeat results offset mining companies that followed gold prices lower.

The Toronto Stock Exchange's S&P/TSX composite index closed up 33 points, or 0.15%, at 21,453.77. The index is up 23.1% year to date.

The energy sector jumped 3.8% after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of expectations.

"It seems the oil price is reacting strongly to the U.S. front-running its release of barrels from the strategic reserve," said Steve Belisle, portfolio manager at Manulife Investment Management. That "is propping up the oil price and Canadian oil and gas stocks."

Further aiding sentiment was OrganiGram, which closed up 8.9% and was the largest percentage gainer on the index after the cannabis producer posted better-than-expected fourth-quarter revenue and forecast higher revenue for the subsequent quarter.

Financials, which account for about 30% of the Toronto market's value, extended gains for a second session, rising 0.5% and tracking U.S. bank stocks as investors priced in an early policy tightening by the Federal Reserve.

Belisle also attributed the gains in bank stocks to rising bond yields and bullish analyst previews for fourth-quarter earnings, which are reported next week.

Smaller lender Laurentian Bank of Canada bucked that trend, however, falling 4.6% to its lowest close since March after saying it expects to take an impairment charge that will reduce fourth-quarter after-tax earnings by C$163 million ($128.67 million).

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.1% as gold futures fell 1.25% to $1,783.5 an ounce..

Lundin Mining Corp shares ended the day down 3.3%, further hit by lower-than-expected production guidance for 2022 through 2024, and projected costs above analysts' estimates.

($1 = 1.2668 Canadian dollars) (Reporting by Nichola Saminather in Toronto and Amal S in Bengaluru; Editing by Vinay Dwivedi and Peter Cooney)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LAURENTIAN BANK OF CANADA 0.11% 43.88 Delayed Quote.9.24%
ORGANIGRAM HOLDINGS INC. 0.00% 2.07 Delayed Quote.-6.76%
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Analyst Recommendations on ORGANIGRAM HOLDINGS INC.
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Financials
Sales 2022 138 M 110 M 110 M
Net income 2022 -25,8 M -20,6 M -20,6 M
Net cash 2022 122 M 96,9 M 96,9 M
P/E ratio 2022 -28,1x
Yield 2022 -
Capitalization 713 M 568 M 568 M
EV / Sales 2022 4,29x
EV / Sales 2023 3,37x
Nbr of Employees 738
Free-Float 80,1%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 2,07 CAD
Average target price 3,35 CAD
Spread / Average Target 61,6%
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Managers and Directors
Beena G. Goldenberg Chief Executive Officer & Director
Derrick W. West Chief Financial Officer
Peter Amirault Executive Chairman
Nathalie Batten Vice President-Operations
Dexter D. S. John Independent Director
Sector and Competitors