Stocks Enjoy Slight Gains

Equities in Canada’s largest centre recovered from the tatters of late last week, led by rises in material and industrial issues.

The TSX climbed 40.94 points to conclude Monday at 20,260.13.

The Canadian dollar eked up 0.13 cents to 73.66 cents U.S.

Materials proved the strongest of the dozen subgroups on the exchange, with Ero Copper gaining $1.47, or 7.2%, to $22.01, while Hudbay Minerals acquiring 41 cents, or 6.5%, to $6.72.

In industrials, Exchange Income Corporation advanced $1.02, or 2%, to $51.60, while Westshore Terminals Investment took on 48 cents, or 1.9%, to $25.26.

Among energy plays, Spartan Delta gained 32 cents, or 2.6%, to $12.58, while Secure Energy Systems jumped 19 cents, or 2.3%, to $46.31.

Health-care stocks led the side down, however, with Sienna Senior Living shares taking 33 cents, or 2.8%, to $11.54, while Tilray ditched 11 cents, or 2.9%, to $3.74.

In consumer staples, Jamieson … Read more

Begbies Traynor boosted by collapse of Paperchase and host of insolvencies

Restructuring specialist Begbies Traynor Group says its finances have been boosted by the collapse of Paperchase earlier this year.

Begbies Traynor was appointed as administrator after the struggling stationery chain failed to secure any buyers.

The retailer’s 106 branches could face closure after Tesco agreed to buy the brand but not its stores or workforce.

Begbies said the ongoing administration, which involves keeping the stores open and running the firm in the short term, is a “higher-value” insolvency case which has helped strengthen its financial performance.

The restructuring business said it continued to take an “encouraging level” of new insolvency appointments across all market sectors over the three months to January 31.

It also hailed a good pipeline of financial advisory appointments, and said it was confident it would meet market expectations of between £19.7 million and £20.6 million in pre-tax profit and between £117.7 million and £121.4 million in … Read more

USD / CAD – Canadian dollar tumbling

– Geopolitics and US rate outlook fuels US dollar demand.

– US Core PCE data and Michigan Consumer Sentiment in focus.

– US dollar opens firm, adds to yesterday’s gains.

USDCAD snapshot open 1.3574-78, overnight range 1.3529-1.3602, close 1.3549, WTI $76.01, Gold $1822.46

The Canadian dollar is under duress. Broad-based US dollar demand due to rising geopolitical tensions, the prospect for higher US interest rates, and month-end portfolio rebalancing flows, has knocked the Canadian dollar down to levels last seen on January 6.

The Bank of Canada decision to announce it would be pausing rate hikes is another key factor weighing on the Loonie. Governor Tiff Macklem told the House of Commons Standing Committee on Finance that “inflation has turned a corner” and the BOC wanted to assess the impact of eight consecutive interest rate increases since March 2022.

The BoC is holding its benchmark rate at 4.50% while the … Read more