Rogers location at Yonge-Dundas Square had employees fielding complaints from customers during a Canada-wide service outage. July, 8, 2022.

Stock surges and setbacks for the week ending July 8, 2022

WINNERS

Resolute Forest Products Inc. (RFP-T) +58.32%

Richmond, B.C.-based paper and pulp manufacturer Paper Excellence Group struck a deal to buy another pulp company, Montréal-based Resolute Forest Products, through its U.S. unit Domtar. The deal, valued at about $2.7 billion (U.S.), is Paper Excellence’s second billion-dollar acquisition in the past year. Patrick Loulou, Paper Excellence’s chief strategy officer, says Resolute Forest Products is an ideal fit for the company’s long-term growth strategy.

WonderFi Technologies (WNDR) +11.34%

The Vancouver-based firm stands tall among the trading platforms going bankrupt amid a dramatic fall in cryptocurrency prices. WonderFi Technologies, which began listing its shares on the Toronto Stock Exchange on June 22, closed its acquisition of Canadian cryptocurrency platform Coinberry for around $38.5 million last week.

Postmedia Network Canada Corp. (PNC-A) +30.00%

The Toronto-based media conglomerate posted a net loss of $16.8 million in the third quarter, down from $8.7 million in the year prior. Postmedia’s losses were partially buoyed by an 8.9 per cent increase in digital revenue. Digital advertising growth, according to Postmedia CEO Andrew MacLeod, is critical to the conglomerate’s future.

LOSERS

Canadian Tire Corporation Ltd. (CTC-A) -23.56%

Personal shopping data, collected through its Triangle Rewards loyalty program, helped Canadian Tire grow its retail revenue by 15.9 per cent compared to the year prior. But decades-high inflation and a looming recession could cut into consumer spending on non-essential items such as home improvement items and appliances.

Voyager Digital Ltd. (VOYG) -42.24%

The weather may be warm, but cryptocurrency winter is in full swing. Voyager Digital filed for Chapter 11 bankruptcy last Wednesday, just one week after it suspended withdrawals on the platform. As a result, account holders are also at risk of not getting all of their tokens back.

Soon after the announcement, shares of the embattled New York-based cryptocurrency brokerage and lender were halted from trading on the Toronto Stock Exchange.

Rogers Communications Inc. (RCI. B) -0.23%

Shares of the telecom giant slid 1.17 per cent as the Rogers network experienced a nationwide outage on Friday that affected Rogers’ wireless, cable and internet customers. It comes as Rogers’ proposed $26 billion merger with Shaw Communications drags on over anti-competition concerns from the Canadian Radio-television and Telecommunications Commission.

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