Financial News

RBC Adjusts Price Target On Three Canadian Telecoms

RBC Capital Markets adjusted its price target on three Canadian telecom companies Thursday.Analyst Drew McReynolds raised his target on Cogeco Communications Inc. (CCA.TO) to $77 from $76 (Sector Perform) and Quebecor Inc. (QBR-B.TO) to $60 from $57 (Sector Perform), and reduced his target on TELUS Corp. (T.TO) to $22 from $23 (Outperform).McReynolds maintained his $39 target and Outperform rating on BCE Inc. (BCE.TO), and $61 target and Outperform rating on Rogers Communications Inc. (RCI-B.TO)."As Canadian telecom investors stare at another transition-like year in 2026, we believe the relative winners will be the operators that exceed expectations with respect to the controllables - execution on new revenues, EBITDA/FCF margin expansion and balance sheet/crystallization initiatives," the analyst said in a note to clients.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Canaccord Genuity Downgrades TELUS to Hold From Buy, Cuts Price Target to CA$17.50 From CA$21

TELUS (TU) has an average rating of overweight and mean price target of CA$20.16, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

PyroGenesis Canada Announces Contract Toward Titanium Powder Supply And Distribution Agreement With Asian Materials Co

PyroGenesis Canada (PYR.TO), which saw its shares drop more than 9% yesterday, said Thursday it has sealed a deal to supply titanium powder to an unnamed company in Asia that manufactures electronic components. The powder will be delivered over the next few weeks.The contract announced today will allow the client, a materials company supplying the Asian electronics market (specifically cell phone parts), to perform final testing and analysis of titanium powder Ti64 produced by PyroGenesis' NexGen system, across three different particle sizes. Once this process is complete, and assuming all regulatory and trade agreements are certified, the client will require "multiple" tonnes of PyroGenesis' titanium powder per year. Final volumes are to be determined over the next few weeks, a statement said.Separately, the client is negotiating to be the official supplier of PyroGenesis' titanium powder to the Asian electronics, medical, and aerospace industries."High-quality titanium powder for additive manufacturing is growing rapidly and is increasingly being adopted across industries such as electronics, where it is enabling the development of high-end, complex, and lightweight devices with enhanced performance and design flexibility," said chief executive Peter Pascali "Our NexGen titanium powder has now reached this level of performance, enabling it to serve a wide range of industries, including electronics, where advanced material properties are increasingly critical. We are hopeful that the contract announced today leads to both entry into that market and a long-term distribution agreement with our client."PyroGenesis shares closed down $0.045, to $0.445, on the Toronto Stock Exchange on Wednesday.

Goldman Sachs Downgrades Kosmos Energy to Sell From Neutral, Price Target is $2.25

Kosmos Energy (KOS) has an average rating of overweight and mean price target of $2.81, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Keefe, Bruyette & Woods Upgrades United Community Banks to Outperform From Market Perform, Adjusts Price Target to $40 From $36

United Community Banks (UCB) has an average rating of overweight and mean price target of $38, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Alleged Ceasefire Violations in Middle East Dampen US Equity Futures Pre-Bell

US equity futures were lower pre-bell Thursday after Iran accused the US of violating the two-week ceasefire agreement between the two nations announced on late Tuesday.Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 0.3% lower.Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, said that the violations of the ceasefire agreement include Israel's continued attacks on Lebanon, drone incursions into Iran, and the denial of Iran's right to enrich uranium. The White House has said that Lebanon is not part of the agreement.Iran said it once again halted shipping through the Strait of Hormuz after Israel's attack on Lebanon.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $97.92 per barrel and US West Texas Intermediate crude 4.4% higher at $98.57 per barrel.The February core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, scheduled for release at 8:30 am ET, is expected to increase 0.4% to match the prior month's gain, according to estimates compiled by Bloomberg. Initial jobless claims are projected to have grown to 210,000 in the week ended April 4 from 202,000 the prior week. No change is expected for Q4 GDP, which is seen holding at a 0.7% annual rate.

Keefe, Bruyette & Woods Downgrades Shore Bancshares to Market Perform From Outperform, Price Target is $20

North West Co Price Target Raised To $63 At CIBC

CIBC Capital Markets raised its price target on The North West Company Inc. (NWC.TO) to $63 from $57.Analyst Ty Collin maintained an outperformer rating on shares of the Canadian grocery and retail company following its quarterly results on Wednesday.The stock rose $3.38, or 6.5%, to $55.60 on the Toronto Stock Exchange."NWC reported a better-than-feared FQ4 (ending January 31), led by outperformance in International," Collin said in a note to clients."We continue to see meaningful near- and long-term catalysts for NWC, including ongoing settlement payments and significant infrastructure/military investments being made in the Canadian North," the analyst said."While NWC has some exposure to higher oil costs, overall we believe the company is well positioned given its food-focused offering and pricing power," Collin said."Q1/F26 presents a final challenging comp before it gets easier, and with settlement payments and Next 100 benefits expected to continue building, we view NWC's outlook positively."(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Tudor Pickering Holt Upgrades Chevron to Buy From Hold, Price Target at $225

Chevron (CVX) has an average rating of overweight and mean price target of $204.96, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

UAE Equities Close Lower Ahead of Key US Economic Data

​Trading in the United Arab Emirates ended in the red as markets await the release of a key US economic report later in the day.At the close of Thursday trading, the FTSE ADX General Index was down 0.330%, while the DFM General Index shed 1.45%.​The US Bureau of Economic Analysis will release personal consumption expenditures price index data, which is the Federal Reserve's preferred measure of inflation, for February on Thursday."After rising 0.3% in January and 2.8% on an annual basis, the PCE is expected to increase 0.4% in February and 2.8% year-over-year, potentially matching the annual increase at the start of the year," Stifel said in a note. "Excluding food and energy costs, the core PCE is also expected to increase 0.4% in February and 3.0% on an annual basis, potentially marking the smallest annual rise since December."On the geopolitical front, oil prices rose again amid worries of a fragile ceasefire deal between the US and Iran. Israel launched fresh strikes on Lebanon, with Iran stating that the attacks halted the passage of oil tankers through the Strait of Hormuz.Also dampening sentiment was US President Donald Trump's threats to impose an immediate 50% tariffs on countries supplying weapons to Iran, Reuters reported.Back home and on the corporate front, stocks of Two Point Zero Group (ADX:2POINTZERO) closed the session 2.89% in the red. The investment company's subsidiary, E Point Zero Holding, created a joint venture with Adani Green Energy to develop renewable energy projects in India.Dubai-listed Emirates Integrated Telecommunications (DFM:DU), d/b/a du, secured a new 2 billion-Emirati-dirham facility for general corporate purposes with local and international lenders. Shares of the telecommunications company closed the session 1.54% lower.

Global Markets Return to "Reality" on Fragile Iran War Ceasefire, Says Scotiabank

Markets had their fun on Wednesday and on Thursday it's back to "reality," said Scotiabank.Position covering drove exaggerated market responses to the fragile United States-Iran ceasefire on Wednesday, noted the bank.It was only a matter of hours before doubts crept back into markets about how fragile the ceasefire is, stated Scotiabank.Oil is up about US$4 to US$5/barrel, pointed out the bank. Stocks are broadly but gently lower, with North American futures down about 0.25%, European cash markets down by 0.25% to 1.25% after Asian equities backpedaled.Currencies are mixed, added Scotiabank. Sovereign bond yields are higher by single digits across gilts and eurozone government bonds, as U.S. Treasuries and Canadian government bonds hold firm.

G Mining Ventures Acquiring G2 Goldfields in All-Shares Transaction Valued at $3.0 Billion

G Mining Ventures (GMIN.TO) Thursday said it is acquiring G2 Goldfields (GTWO.TO) in an all-shares transaction valued at $3.0 billion. The transaction will consolidate two adjacent gold projects in Guyana: G2's Oko-Ghanie Project and G Mining's fully permitted and fully financed Oko West Project.The exchange ratio implies an offer price of $10.84 per G2 share based on the closing price of G Mining shares on the Toronto Stock Exchange as of April 8. G2 shareholders will receive 0.212 G Mining shares per G2 share held. G2 shareholders will also receive common shares in a newly created gold explorer (G3 SpinCo) that will hold interests in the Tiger Creek property, Peters Mine property and Property B.G3 SpinCo will also be funded with $45 million of cash, a statement said.When the transaction is completed in the second quarter of this year, G Mining and G2 shareholders will own 80.1% and 19.9% of G Mining, respectively, and G2 shareholders will also own 100% of G3 SpinCo.The transaction combines anticipated life of mine average gold production of 50 koz from G Mining's Oko West Project and 228 koz from G2's Oko-Ghanie Project into one project with the potential to produce over 500 koz on a LOM average basis. Oko-Ghanie's permitting timeline may also be accelerated by combining with the fully permitted Oko West Project and the targeted timeline for first gold production at Oko West in the second half of 2027 remains unchanged, G Mining said."Combining GMIN's Oko West Project and G2's Oko-Ghanie Project delivers on our stated vision to build and operate a large, long-life, Tier-1 asset in Guyana. These assets are highly synergistic, and we are well-positioned to accelerate value creation by leveraging our unique expertise in building and operating mines on schedule and on budget in the Guiana Shield, utilizing our deep knowledge of and network in the region to advancing permitting, and deploying our capital to build the mine. Once built, this mine has the potential to rank among the highest producing gold mines globally," said G Mining chief executive Louis-Pierre Gignac.G Mining shares closed down $0.14, to $51.11 on Wednesday on the Toronto Stock Exchange, while G2 Goldfields closed up $0.31, to $6.03.

Stocks Decline Pre-Bell Amid Uncertainty Over US-Iran Truce; Key Inflation Report on Deck

US equity markets were trending lower before the opening bell Thursday as investors assess uncertainty over the recent two-week ceasefire deal between the US and Iran, and await a key inflation report.The S&P 500 and the Dow Jones Industrial Average declined 0.3% each in premarket activity, while the Nasdaq was off 0.2%. The indexes finished Wednesday's trading in the green, recording their highest close in at least four weeks.In a Wednesday post on X, Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, said the US violated three clauses of Tehran's 10-point ceasefire proposal. The violations include Israel's attacks on Lebanon, the entry of a drone into Iranian airspace and the denial of Tehran's right to enrich uranium, according to Ghalibaf."The deep historical distrust we hold toward the (US) stems from its repeated violations of all forms of commitments - a pattern that has regrettably been repeated once again," Ghalibaf said. "In such situation, a bilateral ceasefire or negotiations is unreasonable."In a late Wednesday post on Truth Social, President Donald Trump said US ships, aircraft and military personnel will "remain in and around Iran" until the "real agreement reached is fully complied with.""It was agreed, a long time ago, and despite all of the fake rhetoric to the contrary - no nuclear weapons and, the Strait of Hormuz will be open and safe," according to Trump.On Tuesday, Trump announced that he agreed to suspend attacks on Iran for a period of two weeks, subject to Tehran agreeing to the complete and safe opening of the strait, the world's most important chokepoint for crude flows. Iranian Foreign Minister Seyed Abbas Araghchi had said in a statement that the country will allow "safe passage" through the strait during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations."Delegations from both countries are scheduled to meet in Islamabad, Pakistan on Friday to negotiate a "conclusive agreement to settle all disputes," Pakistani Prime Minister Shehbaz Sharif said Tuesday.West Texas Intermediate crude oil rose 3.5% to $97.70 a barrel before the open, while Brent increased 3.3% to $97.87."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report Wednesday.The delayed personal income and outlays report for February is scheduled to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Minutes from the Federal Reserve's March meeting showed Wednesday that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks. Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two-year rate retreating 0.5 basis points to 3.79% and the 10-year rate off 0.4 basis points to 4.29%.Thursday's economic calendar also has the delayed final estimate report for the fourth-quarter gross domestic product at 8:30 am, as well as the weekly jobless claims report.Shares of Constellation Brands (STZ) declined 0.9% pre-bell after the beer and wine company issued a full-year earnings outlook below Wall Street's estimates.Neogen (NEOG), BlackBerry (BB) and Simply Good Foods (SMPL) report their latest financial results before the bell, among others. WD-40 (WDFC) posts its earnings after the markets close.Gold sipped 0.5% to $4,752 per troy ounce, while bitcoin nudged up 0.2% to $71,399.

US Dollar Mixed Early Thursday Ahead of Jobless Claims, GDP, Personal Income

The US dollar was mixed against its major trading partners early Thursday -- up versus the yen and Canadian dollar, down versus the euro and pound -- ahead of a busy day of data releases, starting with weekly jobless claims, the third estimate of Q4 GDP, and personal income, spending and price data, all at 8:30 am ET.Wholesale inventory data for February is due to be released at 10:00 am ET, followed by weekly natural gas stocks data at 10:30 am ET. The Atlanta Federal Reserve's GDP nowcast estimate for Q1 is expected to be updated around midday.A quick summary of foreign exchange activity heading into Thursday:EUR/USD rose to 1.1674 from 1.1669 at the Wednesday US close but was below a level of 1.1691 at the same time Wednesday morning. There are no Eurozone data on Thursday's schedule. The next European Central Bank meeting is scheduled for April 30.GBP/USD rose to 1.3405 from 1.3401 at the Wednesday US close but was below a level of 1.3446 at the same time Wednesday morning. UK consumer sentiment declined in April, according to data released earlier Thursday. The next Bank of England meeting is scheduled for April 30.USD/JPY rose to 159.0189 from 158.5206 at the Wednesday US close and 158.4484 at the same time Wednesday morning. Japanese household confidence declined in March, while machine tool orders grew at an accelerated pace in the same month, data released overnight showed. The next Bank of Japan meeting is scheduled for April 27-28.USD/CAD rose to 1.3851 from 1.3840 at the Wednesday US close, but was below a level of 1.3868 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule. The next Bank of Canada meeting is scheduled for April 29.

Persian Gulf Uncertainty Damps European Bourses Midday

European bourses tracked moderately lower midday Thursday as traders weighed Persian Gulf hostilities, rising oil prices, and an uncertain Strait of Hormuz opening.Oil stocks led gains on continental trading floors, while bank and tech shares lagged.Investors also eyed Wall Street futures in the red, and lower closes overnight on Asian exchanges.In other news, the US and Iranians are set for direct negotiations in Pakistan over the weekend, reported Turkey's Anadolu Agency, citing officials in Islamabad.The pan-continental Stoxx Europe 600 Index was off 0.7% mid-session.The Stoxx Europe 600 Technology Index was down 1.7%, and the Stoxx 600 Banks Index lost 0.6%.The Stoxx Europe 600 Oil and Gas Index rose 1.2%, while the Stoxx 600 Europe Food and Beverage Index declined 0.8%.The REITE, a European REIT index, fell 0.7%.On the national market indexes, Germany's DAX was down 1.3%, and the FTSE 100 in London lost 0.4%. The CAC 40 in Paris was down 0.9%, and Spain's IBEX 35 eased 0.8%.Yields on benchmark 10-year German bonds were higher, near 2.98%.Front-month North Sea Brent crude-oil futures were up 4.1% at $98.63 a barrel.The Euro Stoxx 50 volatility index was up 1.2% at 25.01, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

Middle East Oil, Gas Output Recovery to Take Months Despite Hormuz Ceasefire, Warns Wood Mackenzie

After the ceasefire between the US, Israel, and Iran this week, a recovery in oil and gas flows through the Middle East is still a long way off, with plenty of steps and processes that could last months, according to a report by commodity analysts at Wood Mackenzie.The report said that 11 million barrels per day of upstream oil production remains shut in, meaning they are not currently operational, even as the underlying capacity remains intact. This cannot be restored until export routes normalize and vessel traffic resumes at scale.In order to bring these barrels back to market, "A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential," said Alan Gelder, SVP Refining, Chemicals and Oil Markets at Wood Mackenzie.Gelder added that facilitating insurance, trade finance and "sustained inbound vessel transits" are key in restoring confidence in the Strait.He also noted that ballasting vessels, or ships that come in empty to pick up oil, will not be willing to do so, given the risk of getting trapped, if hostilities were to resume once again after the two week ceasefire.The report noted that as exports begin to ramp-up, storage will help facilitate upstream production and refining to restart activity in full-swing.However, it noted that not all countries have sufficient storage. As such, Saudi Arabia and the UAE can ramp up output quickly, while Iraq could take six to nine months to return to pre-conflict output levels due to reservoir and operational complexities.Coming to the global gas markets, the ceasefire may allow trapped LNG cargoes in the Gulf to exit, offering limited near-term relief, according to Wood Mackenzie.For real structural change in supply, however, Qatar's Ras Laffan LNG facility has to restart its 12 operable trains, according to Tom Marzec-Manser, Europe Gas and LNG analyst at Wood Mackenzie. "It is unclear if QatarEnergy would consider doing this during a ceasefire," he said.The firm estimates that even if restart efforts begin in early May, full restoration of all 12 trains could take until the end of August, while damaged capacity at the South site may remain offline for years.Meanwhile, disruptions to domestic gas infrastructure in the UAE could further complicate regional supply dynamics, Marzec-Manser said.He warned that "sustained disruption at Habshan," Abu Dhabi's gas processing facility, could significantly tighten domestic gas availability, potentially forcing the UAE to cut reinjection volumes or even ramp up imports via the Dolphin pipeline system.

Oil, Ceasefire Views Damp Wall Street Pre-Bell; Asia, Europe Off

Wall Street futures pointed moderately lower pre-bell Thursday, as traders weighed rising oil prices and sought clarity on Persian Gulf war outlooks.The Strait of Hormuz apparently remained closed to the vast majority of oil tanker traffic early Thursday.In the futures, the S&P 500 fell 0.4%, the Nasdaq declined 0.4% and the Dow Jones was off 0.4%.West Texas Intermediate crude oil traded higher at $99.35, up 5.2% in morning trades.Investors also await the personal consumption expenditures-core (PCE-core) price index for February, slated for release in Washington at 8:30 am ET. The Federal Reserve's preferred inflation metric may provide clues to price pressures, but before the Middle East turmoils of March.Asian exchanges traded mostly lower overnight, while European bourses tracked moderately south midday on the continent.On the economic calendar, in addition to the PCE-core report, is the revised Q4 GDP bulletin, the weekly jobless claims bulletin, the February personal income and outlays report, and the Q4 corporate profit release, all at 8:30 am ET.In premarket action, Bitcoin traded at $71,431 and 10-year US Treasuries offered 4.28%. Spot gold commanded $4,740 an ounce.

Germany's Manufacturing Production Contracts in February on Lower Pharmaceuticals, Electronics Output

Production in Germany's manufacturing sector unexpectedly declined month over month in February, even before the war in the Middle East began, as output from the pharmaceuticals and electronics industries weakened, provisional data from the Federal Statistical Office showed Thursday.Real, price-adjusted manufacturing output dropped 0.3% in February, after seasonal and calendar changes, compared with the upwardly revised stagnation in January. The consensus estimate for February was a 0.9% rise.On a monthly basis, production of pharmaceuticals and computer, electronic, and optical products contracted 4.4% and 3.9%, respectively. Amid the cold winter weather, construction output slipped 1.2%, while automotive production improved 1.7%. Destatis data paints a picture of a "very reluctant, hesitant consumer," while the manufacturing sector struggles to gain positive momentum, said Carsten Brzeski, the global head of macro at ING.Annually, German manufacturing output after calendar adjustment was stable, against the revised 0.9% decrease in January. Excluding energy and construction, industrial production in February slipped 0.1% on the month and 0.6% on the year.In energy-intensive industries, which account for 17% of industrial gross value, production expanded 1.9% month over month and 0.1% on a yearly basis. Consumer goods production fell 1.5% sequentially, while the output of intermediate goods and capital goods rose by 0.4% and 0.1%, respectively. Germany, one of Europe's largest net importers of energy, clocked a 0.3% monthly gain in energy production in February."All in all, February's macro data shows that even without the war in the Middle East, the German economy was unfortunately on track for yet another quarter of contraction. To make things worse, the war in the Middle East, no matter how sustainable yesterday's announced ceasefire will prove to be, will leave clear marks on the German economy over the next few months. As much as we were hoping to finally comment on some good economic news from Germany, it is a bit like waiting for a German train these days: definitely delayed and uncertain whether it will ever arrive," Brzeski concluded.

Alkane Resources March 2026 Quarter Production Update

Alkane Resources (ALK.TO), which saw its shares rise by more than 5% and go close to 52 week highs in Canada yesterday, overnight Wednesday said it had produced 45,776 ounces of gold equivalent over the period from January 1, 2026 to March 31, 2026.In a statement ALK said cash ($328 million), bullion ($34 million) and listed investments ($12 million) totaled A$374 million at the end of the quarter. During the quarter, hedging of 8,700 ounces of gold was filled and tax instalments of $15 million were made.It added further details will be available in the full March 2026 Quarterly Report later this month.Alkane Managing Director & CEO, Nic Earner, said: "Alkane has had an excellent quarter's production from our three operating mines which together produced 44,669 ounces of gold and 377 tonnes of antimony (45,776 ounces of gold equivalent) over the quarter. We have a very strong balance sheet with A$374 million in cash, bullion and listed investments at quarter end and total liquidity of $472 million including undrawn revolving credit facility."Shares in ALK rose by more than 5% and went near to 52 week highs in Canada yesterday.

Orvana Minerals Reported Initial Results From Deep Drilling Program at Taguas, Argentina

Orvana Minerals (ORV.TO) overnight Wednesday reported an update on the progress to date, initial assay results, and planned next steps of the ongoing deep drilling campaign at its 100%-owned Taguas Project in San Juan, Argentina.Among highlights, ORV in a statement said drilling is ongoing on the first deep drill hole (TADD-278) at Taguas, which had reached a depth of approximately 1,326 meters as of April 7. The company added its objective is to advance the drill hole to the "maximum feasible depth", currently targeted at between 1,500 and 2,000 meters.ORV also said drilling has intersected a "vertically zoned hydrothermal system, transitioning from a high-sulfidation epithermal environment into a deeper porphyry setting". It added preliminary assay results and the identified mineralogy support the interpretation that drilling remains within the upper to intermediate levels of the mineralized system.Raul Alvarez, Director of Exploration and Technical Services of Orvana, said: "We are encouraged by the results obtained to date. The upcoming metres of drilling are expected to further improve our understanding of the Taguas mineral system."Shares in ORV edged up $0.01 to $1.73 in Canada.