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Toronto Stocks Continue Decline; Enerflex Falls on $1.5 Billion Merger with Exterran

01/24/2022 | 12:18pm

By Adriano Marchese

Canadian stocks continued their retreat Monday midday with the S&P/TSX Composite Index down 578.06 points in the session, in step with most global markets. All sectors were in the red, with technology services, process industries and producer manufacturing leading the decline. Enerflex Ltd. shares fell sharply after saying it would acquire Houston-based Exterran Corp in a US$1.5 billion combination.

Canada's S&P/TSX Composite Index fell 2.84% to 20035.26. The blue-chip S&P/TSX 60 declined 2.80% to 1218.74.

Enerflex shares fell 18% to C$6.49 after it said it would buy Exterran at a ratio of 1.021 Enerflex shares for each Exterran share, worth around US$6.38 based on Friday's closing price of C$7.90 (US$6.25) for each share.

Other market movers:

Shares in Fortuna Silver Mines Inc. fell 7.8% to C$4.28 after it said the company's operations in Burkina Faso continue as normal amid reports the country's president is being detained by the military.

Trevali Mining Corp. shares fell 13% to C$1.62 after it said it expects lower payable zinc production in 2022 after missing its guidance range in 2021.

Intermap Technologies Corp. stock was up 4.5% to C$0.66 a share after it said it received a contract with a European airline to provide elevation data for route planning operations.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

01-24-22 1218ET

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