The Daily

March 13, 2023 Daily Market Commentary Canadian Headlines A group of investors including Silver Lake and the Canada Pension Plan Investment Board has agreed to buy software developer Qualtrics International Inc. at a $12.5 billion valuation. Chief Executive Officer Zig Serafin will continue to steer the company, which will get delisted after the deal, SAP said in a statement. SAP SE will offload its entire stake [...]

March 10, 2023 Daily Market Commentary Canadian Headlines The Bank of Canada’s No. 2 official said policymakers need time to assess whether they’ve raised borrowing costs enough to curb inflation, reiterating that their path on rates can differ from peers. In the first speech after keeping interest rates unchanged for the first time in nine meetings, [...]

March 9, 2023 Daily Market Commentary Canadian Headlines Lithium Royalty Corp. raised C$150 million ($109 million) in Canada’s biggest initial public offering in 10 months, tapping investor appetite for a slice of the booming battery metals industry. The Toronto-based company sold 8.82 million shares for C$17 apiece in its IPO, within its targeted range of C$16 [...]

March 8, 2023 Daily Market Commentary Canadian Headlines A major shareholder of Canaccord Genuity Group Inc. is trying to force out a quartet of directors who are standing in the way of a leveraged buyout by management of the Canadian financial firm. Skky Capital Corp. has requisitioned a shareholder meeting to remove Gillian Denham and three other board members, according [...]

March 7, 2023 Daily Market Commentary Canadian Headlines Prime Minister Justin Trudeau yielded to pressure over allegations China interfered in Canada’s elections, appointing a special investigator to study the matter. “Upholding confidence in our democratic process in our elections, in our institutions, is of utmost importance,” the prime minister told reporters Monday evening in Ottawa.  “I will [...]

March 6, 2023 Daily Market Commentary Canadian Headlines Canada’s crackdown on Chinese investment in critical minerals will make it harder for miners to produce the metals needed for the global energy transition, according to Ivanhoe Mines Ltd. founder Robert Friedland. “We’re going to be deprived of all this Chinese capital in all these junior mining companies,” the billionaire [...]

March 3, 2023 Daily Market Commentary Canadian Headlines Toronto’s benchmark home price rose for the first time in 11 months after the Bank of Canada paused its campaign of interest rate hikes. The price of a home in Canada’s largest city rose 1.1% to C$1.09 million ($803,000), in February on a non-seasonally adjusted basis, according [...]

March 1, 2023 Daily Market Commentary Canadian Headlines Royal Bank of Canada’s capital-markets division — the largest among the country’s banks — gave it a boost last quarter as its trading business rebounded. Revenue from RBC Capital Markets rose 4.3% to C$3.12 billion ($2.3 billion) in the three months through January, the Toronto-based bank said Wednesday. That beat [...]

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 [...]