The Oyu Tolgoi project, Mongolian for Turquoise Hill, is considered one of the world's largest copper and gold porphyry deposits. Shares of Turquoise Hill soared this week after the Rio Tinto Group, offered to the mineral exploration company private.

Stock surges and setbacks for the week ending March 18, 2022.


Turquoise Hill Resources Inc. (+39.41%)

Shares of Turquoise Hill soared this week after the world’s second largest metals and mining corporation, Rio Tinto Group, offered to take the Montreal-based mineral exploration company private. Rio Tinto offered $2.7 billion to buy the remaining 49 per cent of the company it doesn’t already own, offering $34 per share for the roughly 99 million shares held by Turquoise Hill’s minority shareholders.

Nuvei Corp. (+29.27%)

Nuvei’s stock climbed significantly this week after announcing a partnership with Ledger, a cryptocurrency services provider, to accept more than 125 cryptocurrencies through its electronic payment processing system. The partnership marks the beginning of Nuvei’s foray into crypto — something sure to spark investor interest.

Shopify Inc. (+23.79%)

Amidst a months-long slump in tech stocks, Shopify rebounded on Wednesday along with other e-commerce companies in response to better macroeconomic factors in Asian markets. Promises from the Chinese government to boost economic growth and enact policies that benefit markets added to investor confidence for tech stocks that rely on east-Asian markets for a large chunk of their business.


Imperial Oil Ltd. (-6.35%)

Imperial Oil, one of Canada’s largest energy companies with a market capitalization of more than $30 billion, has rebounded strongly from its pandemic lows, swinging to a net profit of $813.3 million last year compared to a net loss of $1.15 billion the year prior. But oil prices dropped this week amid hopes that middle eastern countries could boost oil production while demand from Asian markets could drop as China reports new COVID-19 restrictions in major cities.

Cenovus Energy Inc. (-5.99%)

The same is true of Cenovus, which saw its share price fall this week along with the price of oil. But analysts are still bullish: many anticipate revenues will be overall higher for the integrated oil and natural gas firm in 2022, marking a major increase in sales over the past year.

SNC-Lavalin Group Inc. (-5.03%)

SNC-Lavalin felt the fallout of Omicron last quarter as absentee workers and supply chain struggles ground projects to a halt. The engineering firm reported a loss of almost $53 million in the quarter ended Dec. 31, leading analysts to call the financial results “weak” and “messy.”


Conversations are opinions of our readers and are subject to the Code of Conduct. The Star does not endorse these opinions.

More from The Star & Partners