Stock Market Update: Redline, Cardiol and Field Trip Health top the TSX

Shares of communications equipment maker Redline Communications (Redline Communications Stock Quote, Chart, News, Analysts, Financials TSX:RDL) are soaring Monday as investors digest some recent sales.

On Thursday, the company announced it had sold LTE equipment to an unnamed precious metals mining company in Nevada.

“Real-time data is becoming essential for operational visibility, worker safety, and live communications at remote sites throughout the mining industry,” said Reno Moccia, who is Redline’s Executive Vice President of Sales and Marketing. “Industrial-grade LTE is emerging as the platform infrastructure of choice for the future of mining. Redline’s private iLTE network enhances automation at mining sites by monitoring and controlling equipment without interruption; connecting personnel, vehicles and sensors; and improving safety and production uptime.”

The news follows on another sale to a customer operating a salt and minerals mine in Salt Lake City.

At press time, shares of Redline were up 27.7 per cent to $0.83.

Also making gains Monday was cardiovascular company Cardiol (Cardiol Stock Quote, Chart, News, Analysts, Financials TSX:CRDL), which today announced it would expand its Lancer trial into Brazil, Mexico and Canada. The Lancer trial is meant to test the efficacy and safety of the company’s cardioprotective therapy to reduce mortality and major cardiovascular events in patients hospitalized with COVID-19.

“COVID-19 remains an international crisis and there remains an urgent need to develop new therapeutics to address the immune-mediated inflammation that results from the virus, particularly in high-risk patients with cardiovascular disease,” said Cardiol Chairman Dr. Guillermo Torre-Amione. “With the expansion of the Lancer trial to include prominent clinical research centers in Brazil, Mexico, and Canada, we are now positioned to accelerate patient recruitment into the trial and expedite the path towards our goal of determining the cardioprotective properties of CardiolRx in COVID patients with pre-existing, or significant risk factors for, cardiovascular disease.”

Also posting gains today is psychedelic therapies company Field Trip Health (Field Trip Health Stock Quote, Chart, News, Analysts, Financials TSX:FTRP), which was up 6.1 per cent to $7.18 at press time. It’s been a strong month for FTRP, which closed October 4 and just $5.45.

Overall, the Toronto Stock Exchange was up 16.12 points to 20,944.22 at press time.