Shares of SNC-Lavalin Group Inc. surged amid optimism Justin Trudeau’s election win may pave the way forward for the embattled engineering firm.
Montreal-based SNC jumped as much as 12 per cent, the most since Sept. 10, after Prime Minister Trudeau’s Liberal Party won a second term to lead Canada with a minority government. The company found itself in the middle of Canada’s biggest political crisis in years after the country’s ethics watchdog found Trudeau pushed for the company avoid a criminal trial over its dealings in Libya.
When asked whether a so-called deferred-prosecution agreement is more likely with the Trudeau Liberals back in power, Finance Minister Bill Morneau said on BNN Bloomberg TV Tuesday: “That’s a continuing discussion that the justice minister will have to have.”Prior to this week, the stock had slumped more than 60 per cent this year after the company issued three profit warnings, wrote down the value of its Middle East energy business and lost a contract in Chile valued at US$260 million.
Not everyone is optimistic about SNC prospects. “We see no reason to be long SNC-Lavalin until better visibility is offered,” Frederic Bastien, analyst at Raymond James said in a report published before the election results came in. The status of its court proceedings, the challenged fixed-price projects it has yet to substantially complete, and the earnings trajectory of its low-risk engineering and nuclear services businesses are all reasons to stay cautious, he added.
IvisonJ To be clear, the libs didn't win anything. They actually lost a great deal.
They feel safe with the liberals in power.
Avalon709 Stop it. Canadians know this was Haper's doing in the first place. Focus on real things now please.
So !!! All the comments are reactions to the press and the article . Have some balls nd bye shares of SNC and then judge
IvisonJ All corrupt French Catholic Quebeckers.
This is very likely a short cover.
Paola_Dec1231 Let's see them fall when the opposition parties vote to open investigation. Let Puglaas speak.
Paola_Dec1231 Is this not stock tampering? Is hope you are doing investigative research and report who owns stock.
I wonder how many shares Bill and Justin own?
MapleleafsMLSE So in other words. Definitely some insider trading going on.
What's that translate into Millions?
Well now there won’t be an investigation, Trudeau will have it buried forever...share prices rise and rich liberal backers fill their pockets. wexit.
IvisonJ Hmm, wonder why They probably think that everything is going to be white washed and they're going to get what they want. Are the NDP and Greens going to go along with this?
Who got rich last night? Manipulation for the rich to get richer?
Paola_Dec1231 It pays to have well connected powerful people.
LavScam RCMP
Way to go liberals! Legalize Corruption elxn43
Mrs_Teplitz Legitimizing corruption pays. Bravo Liberal voters.
Where's wallstreetbets when you need them. YOLO the shit out of that boys! cdnpoli
IvisonJ 'Let's work at bringing Canada together.' JustinTrudeau right after I DPA SNC-Lavalin. What's the number's again 3000 workers COULD be out of work in QC? AB 30,000+ ARE out of work. Just keep the payments coming AB. jkenney
Will the composition of the Justice committee change now?
Who cares? Except for their share holders.
That's because the market thinks they wont be prosecuted.
I wonder why.
Corruption being rewarded.
Hahaha, the market knows.
Bird5Ca Crime continues
A pox on Quebec.
IvisonJ Corrupt companies love corrupt governments.
Up 14%...but no one did anything wrong!
And the corruption tap has been turned back on in Trudeau’s office
And Husky Energy are laying off hundreds of oil and gas workers
Well, that’s a shocker
Of course
How are your friends doing?
It is in SNC-Lavalin's best interest to have their cronies in power.
Oooh, over 3 whole days. Why not pull back a bit and show what the price has been doing over the past year? Oh.
Duh? Quit throwing gas on this fire of a country
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