Cenovus agrees to buy Athabasca Oil as Suncor sells East Coast stakes

Updated Oct 5, 2026 12:31pm ET
First published Oct 5, 2026 7:01am ET

Markets

The S&P/TSX Composite was down 0.09% at 35,469.80 in midday trade. Cenovus agreed to buy Athabasca Oil for $12.00 per share, an implied enterprise value of $5.7 billion, while Suncor signed a deal with Ithaca Energy to sell its interests in several Newfoundland offshore oil projects. Oil was off 1.04% at US$90.16 so far today, with shipping data showing Gulf exports above pre-war levels and the G7 announcing a 100 million barrel stock release. Canada's services PMI showed a fourth straight monthly contraction in September, while the US ISM services reading was 54.9%.

Venture & CSE

The S&P/TSX Venture Composite was down 0.47% at 876.44 and the CSE Composite was off 1.30% at 155.17 in midday trade. Cambria Gold Mines gave a construction update on its Premier and Red Mountain projects and said warrant exercises have brought in over C$45.9 million so far. Power Metallic has started a preliminary economic assessment on its Nisk project in Quebec, with completion targeted for the first half of 2027. AnorTech said Greenland Mines exercised its option in full and doubled its stake to 19.9%, and AnorTech shares were up 30.77% at 0.17. In cannabis, Curaleaf raised its offer for Aurora Cannabis to US$5 per share, and Cannara said its expanded Curaleaf supply agreement could be worth C$34 million across two years. Silver was up 2.77% at US$69.545.

Market data

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Written by AI based upon public market data and company news releases, and checked automatically before publishing. Company statements are reported as the companies made them. Not investment advice.