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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery lost $1.40 to $54.19 on the New York Merc, while Brent for March lost $1.35 to $60.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.75 to WTI, up from a discount of $22.75. Natural gas for February lost three cents to $1.89. The TSX energy index lost a fraction to close at 139.00.
U.S.-focused shale producer EnCana Corp. (ECA) lost 23 cents to $4.96 on 30.5 million shares. Today is the day it was kicked out of the S&P/TSX Composite Index, following its decision to move its headquarters to Denver from Calgary. With over 80 per cent of its production, 75 per cent of its revenue, 70 per cent of its proven reserves and now its headquarters being located south of the border, EnCana no longer meets the criteria for inclusion in the indexes. Soon it will also no longer be known as EnCana. In addition to moving, the company is rebranding as Ovintiv Inc. and rolling back its shares 1 for 5, effective Monday. The goal behind the reorganization is to gain greater access to wealthier investors in the United States. Ideally, Ovintiv will get itself added to U.S. index funds, but this process will take time. In the nearer term, funds tracking Canadian indexes are selling the stock, while U.S. counterparts are not hurrying to buy.
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