The Daily

August 25, 2022 Daily Market Commentary Canadian Headlines Toronto-Dominion Bank, which has struck deals this year for two major acquisitions to expand in the US, reaped the benefit of higher interest rates and continued strong loan growth last quarter. Net interest income rose 17% to C$7.04 billion ($5.45 billion) in the fiscal third quarter, the Toronto-based [...]

August 24, 2022 Daily Market Commentary Canadian Headlines Royal Bank of Canada’s capital-markets division dragged down the company’s results last quarter as slumping investment-banking activity took a toll on revenue, while a deteriorating economic outlook prompted a bigger-than-expected provision for loan losses. RBC Capital Markets’ revenue fell by a third to C$1.65 billion ($1.27 billion) in [...]

August 23, 2022 Daily Market Commentary Canadian Headlines Bank of Nova Scotia’s years-long turnaround of its Latin America-focused international unit faced a setback last quarter as the division’s lending margins contracted and non-interest revenue slipped. The unit’s total revenue came in at C$2.42 billion ($1.86 billion) in the fiscal third quarter, the Toronto-based bank said [...]

August 18, 2022 Daily Market Commentary Canadian Headlines Phillips 66, Enbridge Swap Stakes in US Pipes Through JV Merger. Phillips 66 and Enbridge Inc. swapped interests in two major US pipelines as part of a transaction to merge joint ventures between the companies. Phillips 66 increased its ownership of DCP Midstream LP to 43.3% from 28.3% while slashing its stake in Gray [...]

August 17, 2022 Daily Market Commentary Canadian Headlines Ontario Teachers’ Pension Plan Board, one of Canada’s largest public-sector pension managers, is among shortlisted bidders to acquire a stake in specialty packaging company GPA Global from buyout firm EQT AB. OTPP, as the investment firm is known, is competing with Asian private equity firm FountainVest Partners, the people [...]

August 16, 2022 Daily Market Commentary Canadian Headlines Quebec Auditor General Guylaine Leclerc forecasts a significant drop in the provincial deficit, according to a pre-election report. “Some expenses may not be realized as expected, and more persistent inflation could have temporary positive effects on incomes of the government,” it says. Budget deficit is expected to [...]

August 15, 2022 Daily Market Commentary Canadian Headlines Home Capital Group Inc., the Canadian mortgage lender that Berkshire Hathaway Inc. helped rescue five years ago, says it turned down an approach from an unnamed buyer because the price was too low. Toronto-based Home Capital didn’t disclose the exact amount of the offer but said it was more than [...]

August 12, 2022 Daily Market Commentary Canadian Headlines Rogers Communications, Shaw Communications, and Quebecorhave entered into a definitive agreement for the sale of Freedom Mobile to Quebcor subsidiary Videotron, subject to regulatory approvals and closing of the merger of Shaw and Rogers, according to a statement. Companies believe transaction will address concerns raised by Canada’s Commissioner of Competition [...]

August 11, 2022 Daily Market Commentary Canadian Headlines Manulife Financial Corp.’s Canadian business boosted profit last quarter on the back of rising sales and lower-than-expected benefit use, cushioning the toll that continued Covid restrictions are taking on its Asian operations. Core earnings in Canada rose 8.5% from a year earlier to C$345 million ($270 million) [...]