Sherritt stock jumps on Cuba news

TORONTO — Shares in Toronto-based resource company Sherritt International Corp. (TSX:S), the largest foreign investor in Cuba, jumped almost 25 per cent Monday amid moves by the Obama administration to ease U.S. restrictions on the island.

TORONTO — Shares in Toronto-based resource company Sherritt International Corp. (TSX:S), the largest foreign investor in Cuba, jumped almost 25 per cent Monday amid moves by the Obama administration to ease U.S. restrictions on the island.

The White House said Monday it would allow Americans to make unlimited trips and money transfers to their families in Cuba, and eased other restrictions.

The announcement sent Sherritt’s stock soaring 79 cents or 24.5 per cent to close at $4.02 in heavy trading of 8.8 million shares on the Toronto Stock Exchange.

However, Obama is keeping the decades-old U.S. trade embargo against Cuba in place, arguing that the policy provides leverage to pressure the regime to free all political prisoners as a step toward normalized relations with the U.S.

Desjardins Securities analyst John Hughes said that even though Monday’s announcement has no impact on U.S. trade with Cuba, it is a “positive first step.”

He added that even if Obama doesn’t immediately move to loosen trade barriers, American investors are responding to the idea that they could soon find themselves free to invest in companies with Cuban assets.

Sherritt produces approximately two-thirds of Cuba’s oil and also owns a 50 per cent interest in the Moa nickel and cobalt joint venture, which includes mining, processing and refining operations.

Just Posted

Central Alberta Yogathon cancelled Saturday

Due to air quality concerns the fourth annual event will take place Sept. 15

City Hall Park construction begins next week

Construction to update Red Deer’s City Hall Park is set to begin… Continue reading

PHOTOS: Jazz at the Lake begins

The 16 annual event began Friday and runs until Sunday in Sylvan Lake

Photos: Lunchtime tunes on Alexander Way

Final concert of the summer

Clearwater regional firefighters in B.C.

Crew operating west of Prince George

WATCH: Feasting at Red Deer Ribfest this weekend

Ribfest runs until Sunday at Rotary Recreation Park

Thousands to attend funeral service for officers killed in Fredericton shooting

FREDERICTON — Hundreds of people have lined the route of a funeral… Continue reading

Calgary police officer seriously injured

CALGARY — The Calgary Police Service says one of its officers was… Continue reading

Canadians react to death of former UN secretary-general Kofi Annan at age 80

MONTREAL — Canadian politicians are adding their voices to the international reaction… Continue reading

‘Four of a dozen kids will not make it:’ Tina Fontaine’s family healing together

WINNIPEG — Melissa Stevenson was just starting her career 18 years ago… Continue reading

No winning ticket for Friday night’s $16 million Lotto Max jackpot

TORONTO — No winning ticket was sold for the $16 million jackpot… Continue reading

Hundreds of neo-Nazis march in Berlin, protected by police

BERLIN — Hundreds of neo-Nazis waving flags with the colours of the… Continue reading

Romanian trucker is Genoa bridge’s 43rd victim

GENOA, Italy — The Latest on the Italy bridge collapse (all times… Continue reading

1 dead, 6 injured after building collapse in Nigeria capital

ABUJA, Nigeria — An emergency response chief says one person is dead… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month