The Toronto Stock Exchange’s S&P/TSX composite index ended Friday 11.65 points lower, or 0.1%, at 19,779.97. This is the index’s lowest closing level since August 24. For the week, it declined by 4.1%; its heaviest weekly loss for the entire year to date.

“I think the market is grappling with the comments from the Federal Reserve bank about possibly higher for longer interest rates,” Stan Wong, a portfolio manager at Scotia Wealth Management said of investors’ rate concerns. “Certainly rising bond yields have had an effect on equity markets.” Much like the US Federal Reserve, the Bank of Canada is expected to leave rate higher for longer, particularly after inflation data on Tuesday showed that Canadian inflation remains elevated.

The post Canadian Stocks Post Largest Weekly Decline of 2023 appeared first on theprimarymarket.com.

The threat of strike action arose after Utramipa announced on Thursday that work would be halted due to an impasse in negotiations with Minera Panama, the local unit of First Quantum Minerals. On Friday, Minera Panama entered negotiations with workers. The company released a statement on Saturday to announce that a deal had been reached.

“This agreement has been possible thanks to the collaboration, open dialogue, and shared commitment to the collective wellbeing of our collaborators,” Minera Panama announced. Cobre Panama, an open-pit copper project in the Panama jungle, is First Quantum’s flagship operation, accounting for about 4% of Panama’s gross domestic product.

The post Canada’s First Quantum Minerals Avoids Panama Strike appeared first on theprimarymarket.com.

Bought from Kinder Morgan Inc by the Canadian government in 2018, this pipeline has been marred by controversy given its multiple cost overruns. The Trudeau administration has also taken a serious blow to support due to the impact on taxpayers that the project has had to date.

The project is aimed at providing Canada with a route into Asian oil markets, with the country’s oil exports mostly being directed to the United States.

Prior to this loan, the project was on the receiving end of a C$3 billion loan guarantee between late March and early May this year. It also received a C$10 billion loan guarantee in 2022 from Canada’s federal government.

This project is set to begin shipping oil during the first quarter of 2024.

The post Canadian Government Pledges $2.2 Billion Loan Oil Pipeline Project appeared first on theprimarymarket.com.

This figure fell in line with analysts’ previous estimates of a 0.3% rise in May. For the second quarter, the Bank of Canada forecast a 1.5% annualized GDP rise. Should June’s GDP fall by 0.2%, however, this would result in a lower 1% year-on-year rise for the quarter.

Statscan observed that a rise in manufacturing and real estate sectors as well as a recovery in wholesale and public administration helped to drive economic growth in May. Manufacturing posted its highest rise since October 2021.

These increases helped to offset sustained losses in Canada’s energy sector, with raging wildfires in the main oil-producing province of Alberta pushing the sector lower.

The post Canadian Economy Expected to Contract in June Following Previous Rise appeared first on theprimarymarket.com.

In June the bank raised its rate by a quarter percentage point, reaching a 22-year high of 4.75% following a five-month pause. This month, the Canadian central bank is expected to implement another quarter-point hike.

“While the data released since the June meeting suggests that the economy has cooled on the margin, the details have been uniformly stronger,” Jay Zhao-Murray, FX analyst at Monex Canada explained before confirming his firm’s expectation that the interest rate will be raised to 5% in July.

Of the 24 economists surveyed by Reuters on the matter, 20 expect the Bank of Canada to raise its interest rates by a quarter percentage point.

While the central bank aims to get Canadian inflation down to 2%, it is also wary that too many rate hikes could send the economy into a recession; another outcome that the Bank of Canada is looking to avoid.

The post Bank of Canada Expected to Hike Rates in July appeared first on theprimarymarket.com.

Canada’s main stock index was impacted by a 1.2% decline from technology stocks. While tech stocks grew over the previous four days, they fell after two Federal Reserve officials signaled that the central bank is not yet nearing the end of its interest rate hiking agenda.

Higher interest rates often negatively impact the value of future cash flows in investors’ minds, thereby resulting in increased selloffs. Investors largely cashed in on tech stocks on Friday, leaving it to other sectors to continue the TSX’s boom.

The tech sector was not the only one to struggle at the end of the week, with the real estate and utilities sectors falling 0.9% and 0.8% respectively. These sectors are also sensitive to higher interest rates.

The post Canadian Stocks Close Lower, Secure Weekly Gain appeared first on theprimarymarket.com.

The Toronto Stock Exchange’s S&P/TSX composite index ended the day 0.58 higher at 20,585.73. The TSX’s financials sector, which comprises 28% of the total weighting of the index, was down 0.6%.

Among those stocks that were downgraded by Barclays were Royal Bank of Canada, Bank of Nova Scotia, and Toronto-Dominion Bank, all of which declined during trading.

Helping the index to gain ground despite the banking stocks’ decline was the energy sector, which gained 0.4%, as well as industrials, up 0.5% for the day. Oil also advanced, ending the session 0.8% higher at $73.71 per barrel.

Greg Taylor, portfolio manager at Purpose Investments, viewed the Toronto Stock Exchange with high uncertainty as numerous stocks moved in opposite directions.

“It’s a market that is waiting for the next catalyst and everyone is hesitant,” Taylor explained. “The big thing in Toronto … was good strength in the energy stocks which seemed to bounce a bit with the commodity price but that was offset by some downgrades of some of the banks.”

The post Canadian Stocks Rise, Fueled By Energy Market appeared first on theprimarymarket.com.

The Toronto Stock Exchange’s S&P/TSX composite index ended Friday 11.65 points lower, or 0.1%, at 19,779.97. This is the index’s lowest closing level since August 24. For the week, it declined by 4.1%; its heaviest weekly loss for the entire year to date.

“I think the market is grappling with the comments from the Federal Reserve bank about possibly higher for longer interest rates,” Stan Wong, a portfolio manager at Scotia Wealth Management said of investors’ rate concerns. “Certainly rising bond yields have had an effect on equity markets.” Much like the US Federal Reserve, the Bank of Canada is expected to leave rate higher for longer, particularly after inflation data on Tuesday showed that Canadian inflation remains elevated.

The post Canadian Stocks Post Largest Weekly Decline of 2023 appeared first on theprimarymarket.com.

The threat of strike action arose after Utramipa announced on Thursday that work would be halted due to an impasse in negotiations with Minera Panama, the local unit of First Quantum Minerals. On Friday, Minera Panama entered negotiations with workers. The company released a statement on Saturday to announce that a deal had been reached.

“This agreement has been possible thanks to the collaboration, open dialogue, and shared commitment to the collective wellbeing of our collaborators,” Minera Panama announced. Cobre Panama, an open-pit copper project in the Panama jungle, is First Quantum’s flagship operation, accounting for about 4% of Panama’s gross domestic product.

The post Canada’s First Quantum Minerals Avoids Panama Strike appeared first on theprimarymarket.com.

Bought from Kinder Morgan Inc by the Canadian government in 2018, this pipeline has been marred by controversy given its multiple cost overruns. The Trudeau administration has also taken a serious blow to support due to the impact on taxpayers that the project has had to date.

The project is aimed at providing Canada with a route into Asian oil markets, with the country’s oil exports mostly being directed to the United States.

Prior to this loan, the project was on the receiving end of a C$3 billion loan guarantee between late March and early May this year. It also received a C$10 billion loan guarantee in 2022 from Canada’s federal government.

This project is set to begin shipping oil during the first quarter of 2024.

The post Canadian Government Pledges $2.2 Billion Loan Oil Pipeline Project appeared first on theprimarymarket.com.

This figure fell in line with analysts’ previous estimates of a 0.3% rise in May. For the second quarter, the Bank of Canada forecast a 1.5% annualized GDP rise. Should June’s GDP fall by 0.2%, however, this would result in a lower 1% year-on-year rise for the quarter.

Statscan observed that a rise in manufacturing and real estate sectors as well as a recovery in wholesale and public administration helped to drive economic growth in May. Manufacturing posted its highest rise since October 2021.

These increases helped to offset sustained losses in Canada’s energy sector, with raging wildfires in the main oil-producing province of Alberta pushing the sector lower.

The post Canadian Economy Expected to Contract in June Following Previous Rise appeared first on theprimarymarket.com.

In June the bank raised its rate by a quarter percentage point, reaching a 22-year high of 4.75% following a five-month pause. This month, the Canadian central bank is expected to implement another quarter-point hike.

“While the data released since the June meeting suggests that the economy has cooled on the margin, the details have been uniformly stronger,” Jay Zhao-Murray, FX analyst at Monex Canada explained before confirming his firm’s expectation that the interest rate will be raised to 5% in July.

Of the 24 economists surveyed by Reuters on the matter, 20 expect the Bank of Canada to raise its interest rates by a quarter percentage point.

While the central bank aims to get Canadian inflation down to 2%, it is also wary that too many rate hikes could send the economy into a recession; another outcome that the Bank of Canada is looking to avoid.

The post Bank of Canada Expected to Hike Rates in July appeared first on theprimarymarket.com.

Canada’s main stock index was impacted by a 1.2% decline from technology stocks. While tech stocks grew over the previous four days, they fell after two Federal Reserve officials signaled that the central bank is not yet nearing the end of its interest rate hiking agenda.

Higher interest rates often negatively impact the value of future cash flows in investors’ minds, thereby resulting in increased selloffs. Investors largely cashed in on tech stocks on Friday, leaving it to other sectors to continue the TSX’s boom.

The tech sector was not the only one to struggle at the end of the week, with the real estate and utilities sectors falling 0.9% and 0.8% respectively. These sectors are also sensitive to higher interest rates.

The post Canadian Stocks Close Lower, Secure Weekly Gain appeared first on theprimarymarket.com.

The Toronto Stock Exchange’s S&P/TSX composite index ended the day 0.58 higher at 20,585.73. The TSX’s financials sector, which comprises 28% of the total weighting of the index, was down 0.6%.

Among those stocks that were downgraded by Barclays were Royal Bank of Canada, Bank of Nova Scotia, and Toronto-Dominion Bank, all of which declined during trading.

Helping the index to gain ground despite the banking stocks’ decline was the energy sector, which gained 0.4%, as well as industrials, up 0.5% for the day. Oil also advanced, ending the session 0.8% higher at $73.71 per barrel.

Greg Taylor, portfolio manager at Purpose Investments, viewed the Toronto Stock Exchange with high uncertainty as numerous stocks moved in opposite directions.

“It’s a market that is waiting for the next catalyst and everyone is hesitant,” Taylor explained. “The big thing in Toronto … was good strength in the energy stocks which seemed to bounce a bit with the commodity price but that was offset by some downgrades of some of the banks.”

The post Canadian Stocks Rise, Fueled By Energy Market appeared first on theprimarymarket.com.