BHP Continuing To Progress Discussions With Wyloo Metals – Quick Facts

Oil Extends Gains After OPEC+ Decision

Oil extended overnight gains after OPEC+ agreed to stick to their existing policy of monthly oil output increases but left room for quick adjustments if the Omicron variant hits demand.

Benchmark Brent crude futures for February delivery climbed 2.7 percent to $71.55 a barrel while WTI crude futures for January settlement were up 2.5 percent at $68.14.

Investors turned bullish after OPEC and its allies, collectively known as OPEC+, decided to stick to their plant to increase output by 400,000 barrels per day in January, in a sign of the group’s belief in firm market fundamentals.

A statement from OPEC+ noted the meeting would “remain in session” so producers could “make immediate adjustments if required.”

The alliance said in a communique following a meeting on Thursday that it stood ready to reconvene “pending further developments of the pandemic, and [to] continue to monitor the market closely and make immediate adjustments if required.”

Market jitters over the emergence of Omicron Covid-19 variant also faded after scientists in South Africa said most cases of the new Covid-19 strain appeared to be mild in general.

Elsewhere in the United States, all three people with confirmed cases have had mild symptoms, helping cement the view that the new Covid-19 variant will not be as deadly as earlier stains.

Covid Deaths Fall By 10 % In A Fortnight In US

Amid a surge in Covid infections in the United States, deaths due to the pandemic fell by 10 percent in the last two weeks. The weekly average was 1,066, as per latest data provided by the New York Times.

The seven-day average of cases increased by 20 percent in a fortnight, to 92,221.

With 34544 new cases reporting on Wednesday, the total number of Covid infections in the United States rose to 48,126,574, as per the latest data from Johns Hopkins University.

An additional 395 Covid deaths on the same day took the total number of people who died due to the pandemic to 775,797.

New York reported the most number of cases – 6,762 – while Pennsylvania recorded most Covid deaths – 146.

The lower metrics are attributed to reporting delays on holidays. Many states did not report data on Thanksgiving Day.

38,799,986 people have so far recovered from the disease in the country.

454,447,737 vaccine doses have been administered so far nationally.

Elsewhere in the world, Germany crossed 100,000 deaths from Covid-19 Thursday, prompting Chancellor Angela Merkel to call it “a very sad day”. She called for more restrictions.

Germany is the fifth European country to pass that mark, after Russia, the United Kingdom, Italy and France.

Cases have surged by 79 percent in two weeks. It marks the highest average since the start of the pandemic in the country.

Covid deaths have increased by 60 percent there.

Bank of Montreal Reports Rise In Q4 Profit

Bank of Montreal (BMO.TO) reported earnings for its fourth quarter that increased from last year

The company’s earnings came in at C$2.16 billion, or C$3.23 per share. This compares with C$1.58 billion, or C$2.37 per share, in last year’s fourth quarter.

Excluding items, Bank of Montreal reported adjusted earnings of C$2.23 billion or C$3.33 per share for the period.

The company’s revenue for the quarter rose 9.7% to C$6.57 billion from C$5.99 billion last year.

Bank of Montreal earnings at a glance:

-Earnings (Q4): C$2.16 Bln. vs. C$1.58 Bln. last year.
-EPS (Q4): C$3.23 vs. C$2.37 last year.
-Revenue (Q4): C$6.57 Bln vs. C$5.99 Bln last year.

Pre-market Movers: DOCU, ESPR, NAPA, LGVN, OLLI…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.00 A.M. ET).

In the Green

The Duckhorn Portfolio, Inc. (NAPA) is up over 28% at $24.00
Longeveron Inc. (LGVN) is up over 28% at $23.20
Marvell Technology, Inc. (MRVL) is up over 19% at $84.93
BIOLASE, Inc. (BIOL) is up over 16% at $0.48
Smartsheet Inc. (SMAR) is up over 15% at $70.60
Celyad Oncology SA (CYAD) is up over 12% at $4.02
890 5th Avenue Partners, Inc. (ENFA) is up over 11% at $11
ReNew Energy Global plc (RNW) is up over 10% at $8.90
Petros Pharmaceuticals, Inc. (PTPI) is up over 10% at $2.85
Zillow Group, Inc. (Z) is up over 9% at $59.35
Marpai, Inc. (MRAI) is up over 8% at $4.80
ReTo Eco-Solutions, Inc. (RETO) is up over 6% at $0.80
Syros Pharmaceuticals, Inc. (SYRS) is up over 5% at $4.04

In the Red

DocuSign, Inc. (DOCU) is down over 31% at $160.47
Esperion Therapeutics, Inc. (ESPR) is down over 30% at $6.20
Ollie’s Bargain Outlet Holdings, Inc. (OLLI) is down over 22% at $48.88
Smith & Wesson Brands, Inc. (SWBI) is down over 18% at $18.77
Asana, Inc. (ASAN) is down over 14% at $78
Pioneer Power Solutions, Inc. (PPSI) is down over 10% at $7.58
Valneva SE (VALN) is down over 8% at $57.33
Arbutus Biopharma Corporation (ABUS) is down over 3% at $4.14

BHP Continuing To Progress Discussions With Wyloo Metals – Quick Facts

BHP announced Friday that it is progressing discussions with Wyloo Metals Pty Ltd. regarding Wyloo Metals’ potential support of BHP’s C$0.75 per share offer to acquire Noront Resources Ltd. (NOT.V).

To allow more time for those discussions to progress, BHP is extending the expiry of its offer from 7:00 p.m. (Toronto Time) on December 14, 2021 to 7:00 p.m. (Toronto Time) on January 14, 2022. The earliest time BHP will acquire Noront shares under its Offer will be at the new expiry time.

In conjunction with the extension of the expiry time, BHP and Noront also announced that they have amended the Support Agreement, relating to Noront’s support of the Offer in order to extend the outside date in that agreement from December 14, 2021 to January 21, 2022.

The Outside Date is relevant because, among other things, if the Offeror has not acquired shares under the Offer by the Outside Date, both Noront and the Offeror become permitted to terminate the Support Agreement.

While BHP and Wyloo Metals are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP, there is no assurance that any agreement will be reached between BHP and Wyloo Metals.