In Alec Baldwin’s famous monologue from “Coffee’s For Closers”, he says – “The good news is, you’re fired. The bad news is all you’ve got is just one week to regain your jobs.” – I think that sums up the current state of the markets well.

A day after posting its worst day since June 2020, Wall Street’s major indexes managed to keep their collective heads above water as red-hot inflation data fanned worries about how much and how long the Federal Reserve will hike interest rates.

An energy rally helped keep the TSX a higher-on-the-flat side this week along with health care, while metals and mining shares led the declining half of this market split. This of course has had people talking ….

Trading is healthy in the energy market and Tamarack Valley Energy (TSX:TVE, Forum) is moving ahead with its  a bought deal offering for gross proceeds of approximately $125.0 million.

The oil and gas exploration and production company has signed an agreement with a syndicate of underwriters led by RBC Capital Markets and National Bank Financial Inc. to purchase, for resale to the public, approximately 33 million common shares for $3.75 per share.

The net proceeds from the offering will be used to partially fund the acquisition of Deltastream Energy Corporation. If the acquisition is not completed, Tamarack may use the net proceeds to reduce indebtedness, fund future acquisitions and for general corporate purposes. 

Health care shares have, on average, performed well as of late, with high growth seen in new segments like telemedicine, medical devices and equipment, health insurance, diagnostics, clinical trials, and pharmaceuticals.

A popular name in this space among Bullboard posters is Therma Bright (TSXV:THRM, Forum), and its AcuVid COVID-19 Rapid Antigen Saliva Test.

Therma Bright stated it has continued to communicate with the U.S. Food and Drug Administration (FDA) regarding a EUA application for its rapid antigen saliva test.

The company has heard from the FDA that they have completed an initial review of the AcuVid EUA application and have asked for further details and questions to be addressed on the rapid saliva test solution.

The Therma Bright team is working closely with its strategic partners and suppliers to respond to the FDA’s questions comprehensively and clearly. Once this is complete, the company will resubmit its EUA application with all the additional documentation and tests requested by FDA reviewers, including details around transport and storage of RT PCR samples and additional data on external controls used.

People have been dealing with inflation, labour shortages, supply chain constraints, and rising energy costs impacting their portfolio. Many companies in metals and mining were under pressure over the last six to nine months, but a few are starting to ride the rebound.

Notable in the battery metals space, HPQ Silicon (TSXV:HPQ, Forum) has signed an MOU with Quebec Silica Resources (QTZ).

The MOU concerns the procurement of quartz material from Quebec Silica’s Charlevoix Silica Project for HPQ testing purposes.

Charlevoix represents a potential source of quartz feedstock for HPQ because of its proximity to an active silica mining operation (Sitec Canada) and the Silica Ridge Silica Project.

Under the terms of the MOU, Quebec Silica will supply HPQ with silica materials that meet specifications for testing its GEN3 PUREVAP Quartz Reduction Reactor, which seeks to transform quartz into high-purity silicon at reduced costs and carbon footprint.

If the quartz material provided generates finished products that are commercially valid, the parties will negotiate a definitive sourcing agreement.

The trading game is full of surprises – like a surprise long weekend for some coming up.

As trading ramps up in the autumn season, expect more attention and heated discussion on the Bullboards and make sure you’re up to date on what’s happening in the community.

Next week, more buzz from across the sectors and companies.

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