National Bank of Canada Initiates Coverage of Champion Iron, Oceanic Iron Ore

National Bank of Canada on Tuesday initiated coverage of Champion Iron (CIA.TO) and Oceanic Iron Ore (FEO.V).

The bank gave Champion Iron an outperform rating and C$5.75 price target, while Oceanic Iron Ore received an outperform rating and $1.70 price target.

National Bank named Champion Iron as its producer of choice despite near-term cost impacts.

The company is an established high-grade iron ore producer, with significant value-in-use premiums for the company's direct reduced-feed iron concentrate to be realized as shipments ramp up throughout the second half, the bank said.

Oceanic Iron Ore is an iron ore developer that is well positioned in the market that is shifting to high-purity iron ore.

Oceanic Iron Ore is advancing the Hopes Advance project, which benefits from its coastal

location and "no-rail" development concept. The preliminary economic assessment mine plan evaluates only three of the 10 known iron deposits within the property, outlining the potential for further development opportunities, the bank said.

Champion Iron traded at $3.91 per share at last look Wednesday on the Toronto Stock Exchange.

Oceanic Iron Ore's share price stood at $0.69 at last look on the TSX Venture Exchange.

Price: $0.69, Change: $-0.01, Percent Change: -1.43%

The North West Company Reports Lower Sales, Adjusted Profit for First Quarter; Dividend Maintained

The North West Company (NWC.TO) after trade Tuesday said its first-quarter sales and adjusted profit declined year-over-year.The company, which operates grocery stores in Canada's North and the Caribbean, said adjusted earnings, excluding most one-time items, fell to $30.3 million from $33.6 million a year ago. The company did not provide per-share amounts. FactSet expected earnings per share of $0.68.Consolidated sales for the quarter ended April 30 fell to $631.6 million from $641.4 million in the year-ago period "due to the impact of foreign exchange on the translation of International Operations sales and a decrease in Canadian Operations sales," the company said. FactSet projected sales of $648.5 million.The company also declared a quarterly dividend of $0.41, the same as the previous quarter, to shareholders of record on June 30, to be paid on July 15."While our Canadian Operations performance faced expected headwinds following the sunset of the Inuit Child First Initiative food voucher program, our team remained focused on execution and finding efficiencies within our business," Chief Executive Dan McConnell said."Looking ahead, we are mindful of external pressures, including the impact of rising fuel costs, and the evolving pace of government infrastructure investments and settlement payments in the communities we serve. While near-term variability in these factors may impact results, we remain confident in our long-term strategy, the fundamentals of our business, and our ability to create sustainable value," he added.

$NWC.TO

National Bank of Canada Initiates Coverage of Champion Iron, Oceanic Iron Ore

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