The Daily

May 4th, 2020 Daily Market Commentary Canadian Headlines Air Canada reported adjusted loss per share for the first quarter of C$1.49 vs. earnings per share C$0.06 y/y. The airline said it will take “at least three years” to return to 2019 levels of revenue and capacity, given the pandemic. "We expect that both the overall industry [...]

May 1st, 2020 Daily Market Commentary Canadian Headlines Canadian equities retreated Thursday after a four-day surge while U.S. stocks slumped amid dire economic warnings and more dismal data. The S&P/TSX Composite Index fell 2.9%, the most since April 21. Energy and materials led all eleven sectors lower. For the month of April, the index closed higher by [...]

April 30th, 2020 Daily Market Commentary Canadian Headlines Canadian equities rallied Wednesday, following U.S. shares higher optimism surrounding a potential coronavirus treatment. The U.S. government’s top infectious-disease expert said that early results of a closely watched clinical trial offered “quite good news” regarding a possible Covid-19 therapy made by Gilead Sciences Inc. Also, oil rallied on a belief [...]

April 29th, 2020 Daily Market Commentary Canadian Headlines Canadian equities rose for a third session Tuesday while U.S. stocks edged lower. The S&P/TSX Composite Index advanced 1.1%, with eight of eleven sectors higher. Energy stocks led the way, with stocks including Vermilion Energy Inc. and Whitecap Resources Inc. both gaining over 5%. Consumer discretionary stocks [...]

April 28th, 2020 Daily Market Commentary Canadian Headlines Canadian equities advanced Monday alongside U.S. stocks as major economies edged toward reopening and corporate earnings season continued. Crude fell after the biggest oil ETF said it would sell out of its June WTI futures position amid ballooning physical storage levels. The S&P/TSX Composite Index gained 1.5% to its [...]

April 25th, 2020 Daily Market Commentary Canadian Headlines Prime Minister Justin Trudeau’s search for a successor to Bank of Canada Governor Stephen Poloz is entering its final days with the government having already reduced the shortlist of candidates to two, according to people familiar with the matter. As Poloz prepares to step down on June 2, the pressure [...]

April 24th, 2020 Daily Market Commentary Canadian Headlines Canadian stocks ended Thursday’s session slightly lower, pairing earlier gains, after a Chinese trial of Gilead’s promising Covid-19 drug appeared to be a failure. The S&P/TSX Composite index fell 0.3% in Toronto, after rising as much as 0.9% in early trading. Gilead Sciences Inc.’s antiviral drug remdesivir [...]

April 23rd, 2020 Daily Market Commentary Canadian Headlines Canada’s energy industry is facing one of its toughest tests ever as companies scramble for credit against a turbulent backdrop of record-low crude prices. Oil companies have already been renewing borrowing facilities in a bid to stay afloat, but renegotiations will begin in earnest in the weeks ahead as [...]

April 22nd, 2020 Daily Market Commentary Canadian Headlines Canadian stocks fell the most since April 1 as investors found little to to cheer in Tuesday’s session. The S&P/TSX Composite Index dropped 3.1%, with all eleven sectors declining. Information technology retreated after strong gains prior to Tuesday’s session from Shopify Inc. Canadian companies are starting to release financial [...]

April 21st, 2020 Daily Market Commentary Canadian Headlines In a historic Monday for crude prices, energy-exposed equities didn’t quite crater as some may have envisioned. The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory -- minus $37.63 a barrel. Yet the S&P 500 Energy Index fell [...]