In the words of Bob Dylan, the times they are a-changin’.
It appears that Canadian equities are going through a renaissance with respect to the oil and gas sector. Last night, the latest changes to the S&P/TSX Composite Index were announced, with the majority of additions to the space being in the energy sector, while tech names which have fueled much of the market in recent years were the biggest losers.
Collectively, a total of six names were replaced in the index, of which at least two were viewed previously as huge capital market successes in the Canadian markets. The most notable deletion from the index is that of Well Health (TSX: WELL), whom evidently did not make the cut as a result of its cratering share price. Hut 8 Mining (TSX: HUT) also was given the boot, after having been added just this past December.
The six names to be removed from the index include:
- Cascades Inc (TSX: CAS)
- Docebo Inc (TSX: DCBO)
- Hut 8 Mining (TSX: HUT)
- Lion Electric (TSX: LEV)
- Martinrea International (TSX: MRE)
- Well Health (TSX: WELL)
Martinrea International is the longest serving member to get the boot from the composite, having been first added in June 2012. Cascades meanwhile had served on the index since June 2017. Both Well Health and Docebo were added in September 2021, while Hut 8 and Lion Electric tie for the shortest terms served on the index, having both been added in December.
With six deletions from the index, that means that a total of six new additions were made, including:
- Athabasca Oil (TSX: ATH)
- Definity Financial Corp (TSX: DFY)
- Filo Mining (TSX: FIL)
- Precision Drilling (TSX: PD)
- Pason Systems (TSX: PSI)
- Spartan Delta (TSX: SDE)
Of the six new additions, only Filo Mining, a materials firm, and Definity Financial, a financials firm, are not involved within the energy sector. Of the four energy firms, Precision Drilling sees its return to the index after being removed in September 2019, while the other three appear to be first time members of the index.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
Ontario Opening Doors to Video Based Telemedicine and Digital Practices
In a news release earlier this month from the Province of Ontario, an announcement slid...