4:05pm: McCoy Global shares end sharply higher
McCoy Global closed up 17% at $1.30, while SHARC International Systems rose 8% to $0.28, Enghouse Systems sank 25% to $32.77, and ArcWest Exploration ended up 55% at $0.085.
11:55am: McCoy Global, ArcWest Exploration shares make big gains
McCoy Global Inc (TSX:MCB) shares jumped 17% to $1.30 on Friday after the well construction provider announced that its fourth-quarter 2022 revenue rose 93% to $18.3 million, while its net earnings for the period more than doubled to $7.3 million.
As well, shares of SHARC Energy (CSE:SHRC, OTCQB:INTWF) gained 14% to $0.295 as the energy transfer with wastewater provider revealed an update on its business activity, saying it increased sales pipeline and sales order backlog more than 75% in 2022 from 2021.
Enghouse Systems Limited (TSX:ESL), meanwhile, reported first-quarter results that showed a year-over-year decline in revenue and profit. Enghouse Systems stock dropped 23% to $33.68 following the announcement.
READ: Enghouse Systems shares fall on 1Q revenue and profit decline
And, ArcWest Exploration Inc (TSXV:AWX) shares rose 82% to $0.10 on Friday after the project generator focused on porphyry copper-gold exploration announced that it has signed an earn-in agreement with Freeport-McMoRan Mineral Properties Canada Inc for the purposes of advancing ArcWest’s Todd Creek copper-gold project in British Columbia.
ArcWest noted that to earn an initial 51% interest, Freeport is required to fund C$20 million of work expenditures over a five-year period and make staged cash payments to ArcWest totalling C$900,000.
Contact Sean at sean@proactiveinvestors.com