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

Break-in at Red Deer business

Social media reports confirm a business break and enter in Red Deer… Continue reading

‘Rough waters’: Spill raises new questions about fast-growing N.L. oil industry

ST. JOHN’S, N.L. — Newfoundland and Labrador’s ambitious plans to dramatically expand… Continue reading

Trudeau rules out snap election call, national ballot slated for Oct. 21

OTTAWA — Prime Minister Justin Trudeau says there will be no early… Continue reading

Canadian firm says it has found largest diamond ever unearthed in North America

YELLOWKNIFE — A Canadian mining firm says it has unearthed the largest… Continue reading

Man from Olds killed in collision near Sundre

A 39-year-old man from Olds was killed in a collision near Sundre… Continue reading

WATCH: More than 100 protest UN migration pact, carbon tax in Red Deer

Chants of “Trudeau must go” echoed through the streets of downtown Red… Continue reading

Baloo the cat is back at home after being mistakenly shipped to Montreal

HALIFAX — Much to the relief of his loving family, Baloo the… Continue reading

‘It’s what we do’: Famous Newfoundlanders help replace veteran’s stolen guitar

ST. JOHN’S, N.L. — Two famous Newfoundlanders stepped in to help an… Continue reading

Quebec’s anti-corruption unit blames media coverage for recruiting troubles

MONTREAL — Seven years after it was created, Quebec’s anti-corruption unit is… Continue reading

Former PQ cabinet minister poised to become next Bloc Quebecois leader

MONTREAL — It appears likely that Yves-Francois Blanchet, a former Parti Quebecois… Continue reading

J&J hammered by report it knew of asbestos in baby powder

NEW YORK — Johnson & Johnson on Friday forcefully denied a media… Continue reading

Police want direct talk with missing Colorado woman’s fiance

DENVER — An official leading the search for a missing Colorado woman… Continue reading

Death of 7-year-old on border raises questions

WASHINGTON — Just 7 years old, Jakelin Amei Rosmery Caal Maquin was… Continue reading

Tkachuk’s goal in 3rd gives Flames 2-1 win over Wild

ST. PAUL, Minn. — Matthew Tkachuk scored the go-ahead goal midway through… Continue reading

Most Read