MAAM

February 28, 2023 Daily Market Commentary Canadian Headlines Bank of Nova Scotia missed earnings estimates as the company failed to capture the benefit of rising interest rates. Net interest margin — the difference between what the bank earns from loans and what it pays depositors —contracted to 2.11% in the three months through January, down from [...]

February 27, 2023 Daily Market Commentary Canadian Headlines LKQ Corp. agreed to buy  Canadian automotive-parts wholesaler Uni-Select Inc. for about C$2.8 billion ($2.1 billion). The sum represents the total enterprise value, which includes the assumption of debt. The equity value is C$2.1 Billion. LKQ will pay C$48 per share for Uni-Select, a 19% premium on the Feb. 24 [...]

February 23, 2023 Daily Market Commentary Canadian Headlines First Quantum Minerals Ltd. said it’s been forced to stop processing copper at its giant mine in Panama after the government blocked it from loading the metal at a port in the country. The move is a further escalation in an ongoing dispute between the miner and the [...]

February 22, 2023 Daily Market Commentary Canadian Headlines Canadian stocks posted their biggest decline in two months Tuesday as cannabis and information-technology shares declined, even as consumer price index data showed cooler-than-expected inflation for January. The S&P/TSX Composite fell 1.3% as every sector declined and the index fell for a third straight session.  Only 22 [...]

February 21, 2023 Daily Market Commentary Canadian Headlines Teck Resources Ltd. will spin off its steelmaking coal business to shareholders as it shifts focus to industrial metals, and plans to wind down the dual-class share structure through which Canada’s Keevil family controls the company. Teck will separate into two independent, publicly-listed companies: Teck Metals Corp. and Elk Valley [...]

February 17, 2023 Daily Market Commentary Canadian Headlines Rogers Communications, Shaw Communications and Quebecor extended the deadline to close their deals to March 31. The companies said they’re working with the department in charge of telecom policy, led by Industry Minister François-Philippe Champagne, who has final say on the deal. Hedge fund Luxor Capital Group stepped up [...]

February 16, 2023 Daily Market Commentary Canadian Headlines Teck Resources Ltd. is planning to separate its multibillion-dollar steelmaking coal business to focus more on industrial metals, according to people familiar with the matter. The Canadian miner is expected to make an announcement on the spinoff as early as next week, the people said, asking not to [...]