The Daily

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 [...]

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 [...]