Contact Exploration, Lucara, Ruggedcom: Canadian Equity Preview

Oct. 4 (Bloomberg) -- Shares of the following companies may have unusual moves in Canadian trading.

Contact Exploration Inc. (CEX CN): The oil and gas exploration company said it has started work on a drilling rig at the Stoney Creek oil field and expects that the first horizontal oil well to begin drilling this week.

First Quantum Minerals Ltd. (FM CT): The Canadian mining company was raised to “outperform” from “neutral” at Macquarie Group Ltd. by equity analyst Pierre Vaillancourt. The 12-month price estimate is C$95.

Lucara Diamond Corp. (LUC CN): The diamond miner with operations in Africa said in a statement on Marketwire it agreed to acquire African Diamonds Plc for about C$72.3 million.

Hanfeng Evergreen Inc. (HF CN): The seller of fertilizer in China said it completed a joint venture distribution agreement with Beidahuang Agriculture Co.

Ruggedcom Inc. (RCM CN): The maker of networking equipment and software has agreed to purchase the substation automation business of Bow Networks Inc. for C$2.1 million.

To contact the reporters on this story: Tara Lachapelle in New York at tlachapelle@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net