Barrick Mining : Exane Bnp Paribas Raises To Outperform From Neutral, Raises Target Price To $50 From $34.5

By Robb M. Stewart

Shares on Canada's main exchange retreated under the weight of lower commodity prices, countering an advance by the country's major lenders as Bank of Nova Scotia kicked off earnings season on a bright note.

In midday trading, the Toronto Stock Exchange's S&P/TSX Composite Index was 0.5% lower at 30957.68. Mining and technology-services stocks led broad losses.

Market heavily-weight Constellation Software dragged on the market, losing 0.5%. Shopify rose 5.4% after it reported sales on its platform jumped 27% compared with last year to $14.6 billion during the Black Friday to Cyber Monday weekend.

The blue-chip S&P/TSX 60 was 0.3% weaker at 1819.77.

Tracking weakness in prices for gold, copper, oil and other resources, Barrick Mining shed 4.2%, Agnico Eagle Mines lost 3.1%, Canadian Natural Resources shed 1.5% and Athabasca Oil was off 1%.

Bank of Nova Scotia's advance helped lead shares of the Big Six banks higher. The stock rose 2% after it forecast strong earnings growth in the year ahead after adjusted per-share earnings for the final quarter of fiscal 2025 came in stronger than expected. The rest of the banks are set to turn in their fourth-quarter results in the next few days.

Other market movers:

Laurentian Bank of Canada shares rallied 18% to C$39.91 after it reached a deal to be broken up and sold to alternative lender Fairstone Bank and National Bank of Canada. National Bank was up 1.2% at C$170.05.

Shares of AltaGas ticked up 0.1% to C$43.40 after the energy-infrastructure company bumped up its annual dividend by 6% and forecast earnings and cash flow growth from both its utilities and midtream operations in the coming year.

Goeasy slumped 6.3% to C$128.5 after the company said Chief Executive Dan Rees will step down for health reasons. He will be succeeded by Patrick Ens, currently president of the consumer lender's easyfinancial arm.

Write to Robb M. Stewart at robb.stewart@wsj.com

0818 ET - Barrick's board and management clearly are looking at ways to optimize the mix of the miner's assets, which hold out the promise of increased valuation multiples and a reduction in Barrick's valuation discount to its peers, says Raymond James' Brian MacArthur. The company is considering splitting its premier North American gold assets from the global operations, with a new company listed via an IPO of a small minority interest. MacArthur notes the exploration of an IPO is complementary to Barrick board's ongoing operational review. Raymond James lifts its target on the shares $3 to C$45. The stock last closed in New York at $42.33. (robb.stewart@wsj.com)

0813 ET - Barrick Mining's exploration of a spin-out of its North American gold assets promises to be value-generating for shareholders, and could represent relative upside of 15%-20% on its current share price, RBC Capital Markets' Josh Wolfson reckons. The miner is considering an IPO of the assets, which make up about 60% of its current value. Wolfson notes Barrick's shares have historically traded at a substantial discount to the sum-of-its-parts valuation, in part due to above-average geopolitical risk exposure, where as "NewCo" would likely trade at the upper end of sector values. He forecasts NewCo would maintain a total net asset value at spot prices of $46.5 billion and would generate attributable production of 2 million gold ounces a year, ranking it as a top 5 global gold producer by value. (robb.stewart@wsj.com)

0425 ET - Orsted is showing signs of operational normalization following two complex years with impairments, U.S. stop-work orders and inflationary pressures, Equita analyst Daniele De Florentis writes. The company is making progress on its U.S. pipeline, with the Revolution Wind project back under construction after the stop imposed by the U.S. government, and the Sunrise Wind project is moving toward expected start of production in the second half of 2027. Around 20 gigawatts of global auctions next year raise the visibility of political commitment to offshore wind and could increase Orsted's growth opportunities. With a gradually more visible global pipeline and attractive valuation, Equita starts coverage on the stock with a buy rating and a 184 Danish kroner target price. (dominic.chopping@wsj.com)

0327 ET - European indexes open mixed as investors digest big movements in cryptocurrencies and Japanese government bonds overnight. The Spanish IBEX 35 is the biggest mover out of the blocks, with the index jumping 0.3% at open. Germany's DAX and Italy's FTSE MIB are also up, with both rising 0.15%. However, the U.K.'s premier FTSE 100 index is down 0.04%, while France's CAC 40 drops 0.14%. The biggest riser in Europe was Bayer, jumping 13% after the White House backed a bid for a Supreme Court review in its Roundup pesticide case. Investors also await the Eurozone inflation flash for November, expected at 1000 GMT. (josephmichael.stonor@wsj.com)

0310 ET - North American truck-market activity remains slow amid headwinds from tariffs, emission-standard uncertainty and a lingering freight recession, RBC Capital Markets analyst Nick Housden writes. The bank doesn't expect a recovery in the U.S. until the second half of 2026 at the earliest. However, in Europe, heavy-duty truck registrations are solid while freight rates remained steady in the third quarter. RBC lowers its 2026 adjusted EPS forecasts for Daimler Truck by 13% given its elevated exposures to the challenged North American market. At Volvo, around 50% of truck unit sales are in Europe, hence U.S. uncertainty is less damaging. It rates Daimler Truck stock at overweight with a price target of 42 euros. It rates Volvo stock at overweight and lifts its price target to 310 Swedish kronor from 290 kronor. (dominic.chopping@wsj.com)

0228 ET - NIO will likely achieve its aim to report non-GAAP profit in the fourth quarter, thanks to an anticipated sequential cut in R&D expenses, Deutsche Bank analyst Bin Wang writes in a note. The electric-vehicle maker expects vehicle gross margin to surge around 18% in 4Q, driven by a favorable product mix with a significant increase in high-margin ES8 SUV deliveries, Wang says. The ES8 is on track to hit the 2025 sales target of 40,000 units, with a projected 33,000 units in 4Q alone, the analyst says. In addition, the company's other sales and services segment is expected to maintain consistent revenue and gross profit compared with the third quarter, DB says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0813 ET - Barrick Mining's exploration of a spin-out of its North American gold assets promises to be value-generating for shareholders, and could represent relative upside of 15%-20% on its current share price, RBC Capital Markets' Josh Wolfson reckons. The miner is considering an IPO of the assets, which make up about 60% of its current value. Wolfson notes Barrick's shares have historically traded at a substantial discount to the sum-of-its-parts valuation, in part due to above-average geopolitical risk exposure, where as "NewCo" would likely trade at the upper end of sector values. He forecasts NewCo would maintain a total net asset value at spot prices of $46.5 billion and would generate attributable production of 2 million gold ounces a year, ranking it as a top 5 global gold producer by value. (robb.stewart@wsj.com)

0425 ET - Orsted is showing signs of operational normalization following two complex years with impairments, U.S. stop-work orders and inflationary pressures, Equita analyst Daniele De Florentis writes. The company is making progress on its U.S. pipeline, with the Revolution Wind project back under construction after the stop imposed by the U.S. government, and the Sunrise Wind project is moving toward expected start of production in the second half of 2027. Around 20 gigawatts of global auctions next year raise the visibility of political commitment to offshore wind and could increase Orsted's growth opportunities. With a gradually more visible global pipeline and attractive valuation, Equita starts coverage on the stock with a buy rating and a 184 Danish kroner target price. (dominic.chopping@wsj.com)

0327 ET - European indexes open mixed as investors digest big movements in cryptocurrencies and Japanese government bonds overnight. The Spanish IBEX 35 is the biggest mover out of the blocks, with the index jumping 0.3% at open. Germany's DAX and Italy's FTSE MIB are also up, with both rising 0.15%. However, the U.K.'s premier FTSE 100 index is down 0.04%, while France's CAC 40 drops 0.14%. The biggest riser in Europe was Bayer, jumping 13% after the White House backed a bid for a Supreme Court review in its Roundup pesticide case. Investors also await the Eurozone inflation flash for November, expected at 1000 GMT. (josephmichael.stonor@wsj.com)

0310 ET - North American truck-market activity remains slow amid headwinds from tariffs, emission-standard uncertainty and a lingering freight recession, RBC Capital Markets analyst Nick Housden writes. The bank doesn't expect a recovery in the U.S. until the second half of 2026 at the earliest. However, in Europe, heavy-duty truck registrations are solid while freight rates remained steady in the third quarter. RBC lowers its 2026 adjusted EPS forecasts for Daimler Truck by 13% given its elevated exposures to the challenged North American market. At Volvo, around 50% of truck unit sales are in Europe, hence U.S. uncertainty is less damaging. It rates Daimler Truck stock at overweight with a price target of 42 euros. It rates Volvo stock at overweight and lifts its price target to 310 Swedish kronor from 290 kronor. (dominic.chopping@wsj.com)

0228 ET - NIO will likely achieve its aim to report non-GAAP profit in the fourth quarter, thanks to an anticipated sequential cut in R&D expenses, Deutsche Bank analyst Bin Wang writes in a note. The electric-vehicle maker expects vehicle gross margin to surge around 18% in 4Q, driven by a favorable product mix with a significant increase in high-margin ES8 SUV deliveries, Wang says. The ES8 is on track to hit the 2025 sales target of 40,000 units, with a projected 33,000 units in 4Q alone, the analyst says. In addition, the company's other sales and services segment is expected to maintain consistent revenue and gross profit compared with the third quarter, DB says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)