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FM
Former Member
Canada Hot Stocks: Magna, Enerplus, Iamgold, Guyana, Nexen

FEBRUARY 24, 2012, 11:00 A.M. ET
Source - Wall Street Journal

Among the companies whose shares are making notable moves in Friday's session are Magna International Inc. (MGA), Enerplus Corp. (ERF), Iamgold Corp. (IAG), Guyana Goldfields Inc. (GUY.T) and Nexen Inc. (NXY).

Magna (C$47.75, C$2.80, 6.2%) posted stronger fourth-quarter results, hiked its dividend and raised its sales guidance for the current year.

Enerplus (C$23.93, -C$0.66, -2.7%) said it recorded a C$334 million impairment charge against its Canadian natural-gas operations due to low natural-gas prices, resulting in a fourth-quarter loss.

Iamgold (C$16.39, -C$1.11, -6.3%) posted lower-than-expected fourth-quarter results and said gold reserves declined by 5%. TD Securities said gold sales of 248,000 ounces and the realized gold price were lower than expected, while cash costs and expensed exploration were slightly higher.

Guyana Gold (C$7.15, -C$1.25, -15%) released results of its feasibility study for the Aurora project in Guyana, which Raymond James said "were not as robust as we were anticipating."

Nexen (C$21.45, C$0.59, 2.8%) said first oil has been produced from the Usan field offshore West Africa, in which the Calgary company has a 20% working interest. It said it expects its share of production from Usan to be in the range of 14,000-28,000 barrels a day in 2012.

-By Dow Jones Newswires; write to djcanada@dowjones.com

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