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Canadian Market Lower, But Off Early Session Lows Despite Negative Turn For Miners; Focus On Atlantic Power and Banro

Canadian stocks are around 20 points lower Wednesday afternoon, but they have erased much of an 80-plus points decline early in the session.

Ironically, just as the broader index is cutting its losses, the influential Mining stocks have lost earlier gains and are now lower with the biggest losses in percentage terms. Technology and Industrial issues are higher collectively, with shares of financial stocks also proving drags on the market.

In company news, Atlantic Power (ATP.TO, AT) is up more than 5% after analysts at BMO Capital upgraded the electric utility to Market Perform from Underperform. Also today, Scotia Capital raised the stock to Sector Perform from Underperform. AT also today said it has named Edward Hall, a long-time energy industry professional, as its new chief operating officer and executive vice president. In the new post, Hall will be responsible for all of the firm's operations, including asset management, environmental health and safety and engineering functions.

Also, Banro (BAA.TO,BAA) is down 12% and has hit new year los after announcing plans to raise up to US$100 mln through the sale of various securities, including $30 mln from a private placement of gold-linked preferred stock with BlackRock World Mining Trust plc and another $30 mln to $50 mln from the sale of preferred stock priced at $25 a share through an underwritten offering. The gold miner also plans on selling between $20 mln to $40 mln of shares of its common stock. Proceeds from the offering will be used to further development the company's Namoya project in the Democratic Republic of the Congo.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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