Financial News

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TSX Down 72 Points at Midday With Most Sectors Lower

The Toronto Stock Exchange is down 72 points at midday, with most sectors lower.The worst performers are the telecoms sector and energy, down 2.3% and 1.7%, respectively.Financials and industrials are the biggest gainers, up 0.8% and 0.5% respectively.The tenuous two-week ceasefire in the Middle East is holding, albeit by a thread, as attacks on Lebanon continue and Iran says traffic in the Strait of Hormuz will remain restricted to around a dozen ships per day (versus over 100 before the war). Formal peace talks begin Saturday in Islamabad, Pakistan to try to bridge the seemingly large differences between the U.S.'s 15-point and Iran's 10-point plans.In company news, G2 Goldfields (GTWO.TO) has jumped near 74% to $10.46 after G Mining Ventures (GMIN.TO) said this morning it is acquiring the company in a $3.0 billion all-share transaction with G2 shareholders receiving 0.212 GMIN common shares per G2 share held. The transaction is expected to be completed in the second quarter of this year.BlackBerry (BB.TO) is up 11% to $5.45 after it reported better than expected revenues for the fourth quarter, led by its QNX unit, and forecast better than expected growth in fiscal 2027.

European Stocks Mostly Lower in Thursday Trading; Oil Prices Rise as Ceasefire on Shaky Ground

The European stock markets were moving mostly lower in Thursday trading as investors monitor the Middle East war amid rising oil prices due to the Strait of Hormuz remaining closed to most shipping traffic.The Stoxx Europe was declining 0.4%, Germany's DAX was down 1.4%, the FTSE 100 was off 0.3%, France's CAC was moving 0.5% lower, while the Swiss Market Index was up 0.1%.The European Commission's Oil Coordination Group, member nations, and industry representatives said in a meeting Wednesday that the region's oil supply remains stable amid soaring oil prices spurred by the Middle East war. They emphasized the importance of maintaining transparency and coordination at the EU level, as well as avoiding any unnecessary disruption in the markets.Energy stocks benefitted from oil prices rising again as a proposed ceasefire is on shaky ground. BP and Shell shares were adding 3.2% and 1.4% respectively in London, while TotalEnergies gained 2.7% in Paris, and Eni was up 4% in Milan.And in corporate news, Novartis said Thursday it will expand its programs to find and treat patients with heart disease and cancer in "hard-to-reach" communities worldwide.By 2030, three Novartis community health approaches focused on closing gaps in care for low-income, rural and other communities will almost triple to more than 30 countries, the company said.Shares of Novartis were up 0.3% in Zurich.Novo Nordisk said Thursday that the European Medicines Agency has approved an update to the Wegovy injection's product information, allowing it to be delivered to patients at a controlled temperature of up to 30 degrees Celsius for up to 48 hours.Previously, the injection had to be kept cold for the entirety of the distribution and delivery process, from where it was made to where it will be used, the company said.Shares of the Danish pharmaceutical company were off 0.8% in Copenhagen.UBS-led lender group has funded TJC-backed Echo Global Logistics' acquisition of ITS Logistics, after talks to sell the $765 million loan for the merger were paused due to ongoing market turbulence, Bloomberg reported Wednesday evening, citing people familiar with the matter.The UBS-led group funded the loan after the acquisition was completed at the end of March, the people reportedly said, adding that the group plans to try to syndicate the debt to investors at a later date.UBS, TJC and Echo Global Logistics did not immediately respond to' request for comment on Thursday.Shares of the Swiss bank gained 0.3%.Stellantis' production at its factories in Italy rose 9.5% to 120,366 vehicles in Q1 compared with a year earlier, according to media reports citing Italian labor union FIM-CISL.The automaker is expected to manufacture 500,000 vehicles in Italy in 2026, up from approximately 380,000 in 2025, according to the reports.Shares of Stellantis were little changed in Paris.

UK Stocks Subdued on Middle East Ceasefire Doubts

London's FTSE 100 slipped 0.05% on Thursday's close as Israel's strikes in Lebanon led Iran to halt the passage of oil tankers through the Strait of Hormuz again, casting doubts over its ceasefire with the US."Iran and US remain far apart on key issues, so a new escalation is likely," Danske Bank said. Mohammad-Bagher Ghalibaf, speaker of the parliament of Iran, noted the violation of three points of the ceasefire agreement. Meanwhile, US President Donald Trump posted on the Truth Social platform that US forces will stay put until the "real agreement" is fully complied with, adding that the US military is "looking forward, actually, to its next conquest" if the agreement is not honored.On the economic side, the UK Royal Institution of Chartered Surveyors house price balance stood at -23% in March 2026, down from the revised -14% in the previous month. The latest reading missed the consensus estimate of -18% and was the weakest since December 2023."The mood across the UK housing market has shifted markedly over the past couple of months. What had been a cautiously improving picture for activity has been knocked off course by the wider macro fallout from the Middle East conflict, as the renewed deterioration in the mortgage rate outlook has proved particularly challenging. ... The path ahead hinges on whether or not recent surges in oil and energy costs begin to reverse in what remains a highly uncertain geopolitical environment," said RICS Head of Market Research and Analysis Tarrant Parsons."The March survey data is unambiguously negative for UK-listed housebuilders in the near term. The sharp deterioration in buyer demand, the collapse in near-term sales expectations (to -33%), and the acceleration in downward price pressure all point to a more challenging trading environment heading into Q2 2026," RBC Capital Markets said.In corporate news, bourse operator London Stock Exchange Group (LSEG.L) climbed 0.18% after initiating a share buyback program worth up to 900 million pounds sterling.Meanwhile, British American Tobacco (BATS.L), down 1.99%, appointed Dragos Constantinescu as chief financial officer, effective Sept. 1. Until then, Javed Iqbal will continue as the tobacco and nicotine products giant's interim CFO.

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Research2d ago

Update: BofA Upgrades Canadian National Railway to Buy From Neutral as 'Service Improves', Lifts Price Target to $122 From $117

(Updated to include BofA's commentary)BofA Securities upgraded Canadian National Railway (CNI) to buy from neutral as the company is posting share gains.The railway operator's volume growth so far in Q1 is well ahead of its flat full year target, aided by gains in record Canadian Grain crop and above target Intermodal and Auto volumes, analyst Ken Hoexte wrote in a Thursday note.Canadian National Railway has an average rating of overweight and mean price target of $114.45, 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)Price: $109.17, Change: $+1.51, Percent Change: +1.40%

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German Blue-chip DAX Index Retreats Amid Middle East Truce Uncertainty

Germany's blue-chip DAX index reversed its earlier gains, closing 1.14% lower on Thursday, amid concerns of a breakdown in the US-Iran ceasefire negotiations.Shipping remains paralyzed in the Strait of Hormuz as persistent Israeli operations in Lebanon strain regional stability. In response, Tehran threatened to abandon its fledgling ceasefire agreement with Washington, as US President Donald Trump countered with warnings of a renewed military escalation should a comprehensive deal fail to materialize.Back at home, Destatis reported that German industrial production in February was down 0.3% on a monthly basis, against the revised zero growth in January and the market's expected 0.9% uptick. Year over year, industrial output was stable, following a revised 0.9% fall earlier."This morning's macro data is the last release to paint a picture of the German economy before the war in the Middle East began. It's a picture of a very reluctant, hesitant consumer, but of a manufacturing sector that is struggling to gain positive momentum. The only piece of evidence currently keeping our ketchup bottle comparison alive was yesterday's industrial orders data, confirming that order books in the [defense] industry continue to fill. At least some support for our long-held view that the fiscal stimulus will increasingly reach the real economy," ING said.Meanwhile, Germany's calendar and seasonally adjusted trade surplus came in at 19.8 billion euros in February, below the revised 20.3 billion euros a month ago and the expected 18.1 billion euros. According to the Federal Statistical Office, exports ticked up 3.6% month over month, against the revised 1.5% drop earlier and the expected 1% gain. Monthly imports rose 4.7%, compared with the revised 5.1% decrease previously and the market forecast of 4% jump.In corporate news, Mercedes-Benz Group (MBG.F) was down 2.02%, after reporting a 6% year-over-year decline in first-quarter deliveries to 499,700 vehicles. The German automaker said the results were consistent with company expectations.RBC Capital Markets reduced its adjusted EPS estimates and price target for sector perform-rated Henkel (HEN.F) to 73 euros from 75 euros amid concerns that execution risks may cap the revenue benefits of recent brand acquisitions."The acquisitions of Not Your Mother's and OLAPLEX should fill in gaps in Henkel's current Hair portfolio and place the company as a more serious contender in the Consumer Hair space. If executed well, integrating these brands could add 50 [basis points] of revenue growth to its hair business over the medium term. However, with management having a lot on their plate and commodity cost inflation concurrently stepping up, we can't overlook execution risks and remain on the sidelines," RBC wrote. The German chemical and consumer goods company gained 0.27% at closing.

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Bravo Mining Provides and Update on its Copper-Gold Exploration Program at the Luanga Project in Brazil

Bravo Mining (BRVO.V) on Thursday provided further details for its its copper-gold (Cu-Au) exploration program at its Luanga Project in Brazil.The company said exploration focused on targets adjacent to, and beyond the limits of the Luanga palladium + platinum + rhodium + gold + nickel deposit.Among highlights, the company said a comprehensive Phase 1 exploration program is planned for this year, including target refinement, advanced geophysics and drilling to systematically evaluate and prioritize Cu-Au opportunities across the Luanga property.Initial target refinement will include detailed geological mapping and expanded geochemical sampling (soil and rock). It added that a 50 line-km of deep-Induced Polarization (deep-IP) survey coverage is planned across multiple priority targets.An initial 8,000-meter drill program is planned for the second half of 2026 to test and prioritize the most prospective targets identified through earlier phases. It added that the program is to be extended based on results and interpretations."With Fabio Masotti joining to lead our Copper-Gold Exploration Division, we are taking a disciplined and structured approach to advancing the broader mineral potential of our Luanga property," said chief executive Luis Azevedo. "The 2026 program is designed to progressively refine targets through detailed geological mapping and expanded geochemical sampling and then test priority areas through integrated geophysics and drilling, while also assessing the potential for additional discoveries and extensions of known mineralization. Together, these efforts position us to unlock further value at Luanga across what we increasingly view as a multi-commodity opportunity."The company's shares were last seen down $0.05 to $3.28 on the TSX Venture Exchange.Price: $3.28, Change: $-0.05, Percent Change: -1.50%

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Swiss Blue-chip Index Closes Higher; US-Iran Ceasefire Deal Uncertainty Takes Spotlight

The Swiss Market Index staged a last-minute recovery on Thursday, ending the trading session 0.35% higher, amid growing uncertainty over the fragile two-week US-Iran ceasefire deal."We doubt that a modest further decline in energy prices alone would be enough to push [European Central Bank] pricing below 50bp. Rate cycles at the ECB are typically framed around two 25bp moves or nothing at all, meaning a material dovish shift would likely require explicit guidance rather than just lower oil prices," ING said in a note. "With no permanent ceasefire in place and uncertainty around oil flows persisting, the ECB is unlikely to rush towards a decisively dovish narrative."In the US, the annual PCE price index rose 2.8% year over year in February, unchanged from the previous month, according to data from the country's Bureau of Economic Analysis. The annual core PCE inflation rate edged down to 3% from the prior month's 3.1%.Back home and on the corporate front, Landis+Gyr Group (LAND.SW) completed the divestment of its Europe, Middle East and Africa business to Aurelius. The proceeds from the sale are intended to be returned to the Swiss energy technology group's shareholders through its ongoing share buyback program. Landis+Gyr shares closed the session 0.38% in the green.Deutsche Bank Research lowered its price target for SoftwareOne (SWON.SW) to 7.55 francs from 8.40 francs, with a hold rating on the stock, as it noted the Swiss software and cloud technology company's like-for-like growth in the fourth quarter of 2025 showing "clear" momentum toward a stronger exit rate. The stock shed 3.48% at closing."This rebound follows a weak start to 2025, with earlier Microsoft incentive headwinds now largely annualized, supported by regional stabilization and ahead-of-plan synergy realization," the research firm said. "Management targets mid-single-digit lfl revenue growth at cc and an adj. EBITDA margin above 23% for FY26, which we view as achievable due to easy comps and improved geographies. Our model forecasts 6.5% cc y/y revenue growth and 23.1% adj. EBITDA margin."

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Allied Biofuels Secures Decree for $6 Billion Uzbekistan SAF Project

Allied Biofuels said Thursday that it had secured a presidential decree for a $6.08 billion Uzbekistan project to produce over 160,000 metric tons of sustainable aviation fuel annually.Allied Biofuels and the Khorezm regional government signed a binding Project Implementation Agreement, formalizing a long-term commitment to develop a major cross-border clean energy initiative.The agreement is backed by a presidential decree granting Special Economic Zone status, including tax exemptions and customs incentives, providing long-term policy certainty for the project's development phases.The planned facility will produce 160,400 metric tons of sustainable aviation fuel, 257,000 metric tons of electro-synthetic SAF, and 5,040 metric tons of green diesel annually at full capacity.Total investment is estimated at about $6.08 billion over five years, positioning the development as one of the largest clean energy infrastructure commitments in Central Asia, according to the company.The project will be powered by a 4.45 gigawatt renewable energy system, including a 1,600 megawatt-hour battery storage system and 2,400 megawatts of electrolyzer capacity for green hydrogen, with Plug Power selected as the technology provider.The company said it will also integrate carbon capture by converting biogenic carbon dioxide into fuel while processing about 5,775 metric tons of agricultural feedstock daily in a closed-loop production model.Officials described the agreement as a "watershed moment," signaling Uzbekistan's ambition to attract global capital and establish itself as a hub for advanced clean energy projects.The deal was signed Apr. 2 in Perth by Khorezm Governor Rakhimov Jurabek Rakhimovich and Allied Biofuels Chairman Alfred Benedict, alongside a senior Uzbek delegation.The project is expected to create about 2,000 jobs during construction and position the Khorezm region as a key player in the global transition toward sustainable industrial and energy systems.

BMO Resumes Coverage of Wheaton Precious Metals with an Outperform Rating, C$240 Price Target

BMO Capital Markets on Thursday resumed coverage of Wheaton Precious Metals (WPM.TO, WPM) with an outperform rating on the shares and C$240 price target.The rating and price target were based on 2.8x P/NAV and 28x P/CF (NTM) multiples, weighted 50/50%.BMO said it resumed coverage of WPM following a period of research restriction after the closure of the Antamina stream acquisition from BHP."We see the WPM portfolio as offering significant scale, growth, and cash flow," BMO said. "WPM is well positioned vs. the miners in the event of sustained energy cost inflation and with the stock down 14% from its highs, WPM is trading at its highest forward free cash flow yield in years."We resume coverage of WPM following a period of research restriction after the closure of the Antamina stream acquisition from BHP.Price: $195.07, Change: $+0.93, Percent Change: +0.48%

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Richelieu Hardware Fiscal Q1 Earnings and Sales Both Rise, But Miss Estimates

Richelieu Hardware (RCH.TO), down 2.2% on last look, on Thursday said its fiscal first-quarter earnings and sales both rose, but fell short of expectations.The specialty hardware company said net earnings attributable to shareholders increased 2.7% to $15.1 million, or $0.26 per share, in the quarter ended Feb.28, from $13.9 million, or $0.25, in the prior-year period. Analysts polled by FactSet had expected $0.30 per share.Sales rose 5.0% to $463.6 million, missing the $471.6-million consensus forecast. Richelieu reported a 3.4% increase in sales in Canada, to $249.8 million. U.S. sales jumped 11.3% to US$155.6 million.The company will pay a regular quarterly dividend of $0.157 per share on May 7 to shareholders of record on April 23."At the beginning of the quarter, as previously announced, we completed the acquisition of three distribution centres from McKillican American, following a series of nine acquisitions in 2025. Located in Oregon and Washington State, this acquisition expands and diversifies our offering and customer base in regions where we were already present, while also allowing us to integrate new talent into the organization. It also represents the 100th acquisition in Richelieu's history," said chief executive Richard Lord.Richelieu has also signed two agreements in principle for acquisitions in Canada, Lord added. "The fragmented market in which we operate continues to present acquisition opportunities that we will pursue when they meet our criteria."Richelieu shares were last seen down $0.89 to $39.62 on the Toronto Stock exchange.Price: $39.66, Change: $-0.85, Percent Change: -2.10%

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UK Invests in ITM Power, Aims to Grow Hydrogen Sector

The UK invested 86.5 million British pounds ($116 million) in ITM Power UK to expand hydrogen technology manufacturing and scale up domestic production of equipment critical to low-carbon energy, the UK Department for Energy Security and Net Zero said in a Thursday statement.The UK's publicly owned energy company, Great British Energy, invested 40 million British pounds in ITM Power UK, a subsidiary of ITM Power that manufactures equipment, mainly electrolyzers, used to produce green hydrogen in South Yorkshire.Another 46.5 million British pounds in grant-in-principle was given by the UK government. The combined funding will support a 1 gigawatt expansion of ITM's existing facility, significantly increasing its capacity to manufacture electrolyzers.Electrolyzers use electricity to split water into hydrogen and oxygen, producing green hydrogen without direct carbon emissions. The site will produce ITM's next-generation "Chronos" electrolyzer systems, which the company says are designed to lower production costs, improve energy efficiency, and enable faster deployment at an industrial scale.The expansion is intended to position the UK as a leading European producer of electrolyzers, a key component in emerging hydrogen supply chains.Energy Secretary Ed Miliband said the funding would help strengthen energy security by increasing reliance on domestically produced clean power.The investment is part of Great British Energy's 1 billion British pound "Energy Engineered in the UK" program, which aims to develop local supply chains for clean power technologies. As part of the deal, Great British Energy will take an equity stake in ITM Power.

Insider Trading2d ago

Resmed Insider Sold Shares Worth $1,125,486, According to a Recent SEC Filing

Michael J. Farrell, Director, Chairman and CEO, on April 07, 2026, sold 4,991 shares in Resmed (RMD) for $1,125,486. Following the Form 4 filing with the SEC, Farrell has control over a total of 468,313 common shares of the company, with 466,223 shares held directly and 2,090 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/943819/000094381926000021/xslF345X05/form4.xmlPrice: $228.88, Change: $-1.82, Percent Change: -0.79%

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Research2d ago

Research Alert: Stz: Another Beat, But Fy 27 Guidance Weaker-than-expected

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by $5 to $190, based on a FY 28 P/E of 15.1x, a steep but justified discount to STZ's five-year average forward P/E of 19.0x. We lower our FY 27 adjusted EPS estimate to $12.20 from $13.00 and introduce FY 28 at $13.25. Following a better-than-expected quarter, we are reiterating our Buy but lowering our price target on STZ. In our view, the stock's risk/reward remains compelling at current levels and management continues to do an admirable job navigating broader demand-related headwinds as brands such as Modelo and Pacifico continue to take market share from domestic brewers. While STZ's FY 27 earnings guidance disappointed, we highlight its long history of conservative guidance and see reasons for optimism in the near-term, with consumption expected to increase in tandem with the upcoming World Cup. We continue to regard STZ as a best-of-breed name in an out-of-favor industry, and its generous cash returns provide investors with incentive to wait until fundamentals improve.

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Sonnedix Secures 7.9 TWh in Italy's Energy Release Scheme

Sonnedix said on Thursday it had secured 7.9 terawatt-hours of contracts under Italy's Energy Release 2.0 mechanism, accounting for 11.7% of the total volume awarded in the scheme.The program, established by the Italian Ministry of the Environment and Energy Security, is designed to provide energy-intensive industries with access to stable, competitively priced electricity.Sonnedix said the agreements will deliver fixed revenues over three years for industrial consumers, while offering over 20 years of contracted visibility for power producers.The award comes as the company expands its footprint in Italy, where it recently surpassed 1 gigawatt of operating capacity. It is also progressing battery energy storage projects, including an 18-megawatt system under construction in Sicily.Elsewhere, Sonnedix recently secured contracts for 670 MW of solar capacity under Italy's FER X auction, along with an additional 10 MW through a program aligned with the Net Zero Industry Act.The renewable energy firm has a global portfolio of about 12 GW, including over 4 GW in operation, over 1 GW under construction, and a development pipeline of about 6 GW across Europe, Asia and the Americas.

BMO Retains Endeavour Silver's Outperform Rating, C$21.50 Price Target, After Q1 Production Results

BMO Capital Markets on Thursday maintained its outperform rating on the shares of Endeavour Silver (EDR.TO, EXK) and its C$21.50 price target after the company released first-quarter production results.Endeavour's first-quarter silver-equivalent production of 3.3-million ounces, comprising 1.9-million ounces of silver and 11,700 ounces of gold, broadly aligned with BMO's estimates.Production at the Terronera mine in Mexico slightly exceeded BMO's forecast, offsetting modest underperformance at the Guanacevi mine. The Kolpa mine in Peru continued to make progress on the ramp-up to 2,500 tonnes per day, with crushing and grinding capacity added during the quarter."We continue to expect improving production throughout the year as Kolpa ramps up and as Terronera reaches higher grades in H2," BMO said.Price: $13.20, Change: $-0.35, Percent Change: -2.58%

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European Commission Advances Energy Union With New List of 235 Key Projects

The European Commission on Thursday published a list of 235 energy projects aimed at strengthening cross-border links and accelerating the region's energy transition.The updated list of Projects of Common Interest and Projects of Mutual Interest will replace the earlier version after 20 days, marking a step toward completing the European Union's Energy Union.Projects included will benefit from simplified permitting procedures and regulatory assistance, and will also become eligible for funding under the Connecting Europe Facility program, the Commission said.The Commission plans to open the next funding round under the program at the end of April 2026, with applications due by the end of September 2026, it said.Of the total projects, 113 focus on electricity networks, including offshore and smart grids, supporting the integration of renewable energy across the bloc, the Commission said.The list also includes 100 hydrogen and electrolyzer initiatives, alongside three smart gas grid projects, aimed at reducing reliance on natural gas and cutting fossil fuel imports.Additionally, 17 carbon dioxide transport networks are planned to help establish carbon capture and storage infrastructure aligned with the EU's climate goals, the European Commission added.The Commission said it will advance these projects through closer coordination with member states, leveraging regional high-level groups and the Energy Union Task Force to support infrastructure development.The Commission added that a more integrated European grid is vital for a cost-efficient clean energy transition, with the PCI and PMI list, alongside the European Grids Package and Energy Highways Initiative, helping ease bottlenecks and boost system resilience.

Galp to Acquire Spanish Wind Portfolio to Boost Renewables Capacity

Portugal's energy company, Galp, has agreed to acquire a 351-megawatt portfolio of onshore wind assets in Spain from Helia Funds, as part of a broader push to expand and diversify its renewable energy footprint in the Iberian power market, Galp said in a statement on Thursday.The portfolio includes 17 wind farms located across high-quality wind resource areas in Spain. The assets, which began commercial operations on average in 2009, operate under merchant market conditions and collectively generate around 750 gigawatt-hours of electricity annually.The deal implies an equity value of approximately 320 million euros ($373.6 million) and is expected to close in the second quarter.Following completion, Galp said its installed renewable capacity will rise to about 2 GW. The acquisition will also increase wind energy's share of the company's renewable generation mix to roughly 25%, improving pricing capture and strengthening the resilience and contribution of its renewables business, the company said, adding that the transaction aligns with Galp's capital expenditure guidance of 800 million euros or less per year on average for 2025-2026.