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Energy, Financial Shares Dragging Down Canadian Market

Energy, Financial Shares Dragging Down Canadian Market

(RTTNews) – The Canadian stock market is down in negative territory with investors largely making cautious moves, reacting to earnings news from across the border, and following updates about coronavirus relief talks and global economic data.

Information technology stocks are finding good support. Telecom and industrial shares are among the other notable gainers. Energy, materials, financial and consumer discretionary shares are weak.

The benchmark S&P/TSX Composite Index is down 76.41 points or 0.46% at 16,486.40 about a quarter past noon. The index, which edged up to 16,569.88 at the start, fell to a low of 16,449.83 subsequently.

In the energy section, Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Parex Resources (PXT.TO), Suncor Energy (SU.TO), MEG Energy (MEG.TO) and Cenovus Energy (CVE.TO) are down 3 to 5%.

Methanex Corp (MX.TO), Teck Resources (TECK.B.TO), Osisko Gold Royalties (OR.TO), Canfor Corp (CFP.TO), Novagold (NG.TO), Hudbay Minerals (HBM.TO) and Agnico Eagle Mines (AEM.TO) are among the prominent losers in the materials space. These stocks are currently down 2.5 to 4%.

In the financial space, CDN Western Bank (CWB.TO), National Bank of Canada (NA.TO), Fairfax Financial Holdings (FFH.TO), Toronto-Dominion Bank (TD.TO), Manulife Financial (MFC.TO), Laurentian Bank (LB.TO) and Sun Life Financial (SLF.TO) are down 1 to 2.5%.

Consumer discretionary shares Canada Goose Holdings (GOOS.TO), Spin Master (TOY.TO) and Magna International (MG.TO) are down sharply.

Technology stock BlackBerry (BB.TO) is up nearly 10%. Absolute Software (ABT.TO) is rising 5.7% and Docebo Inc. (DCBO.TO) is gaining about 4.5%. Enghouse Systems (ENGH.TO) and Kinaxis Inc. (KXS.TO) are up 2.5% and 1.6%, respectively.

Air Canada (AC.TO) has slashed its price to buy Canadian tour operator Transat A.T. Inc (TRZ.TO), to about C$188.7 million ($143.86 million), down from C$720 million, as COVID-19 weighs on travel demand, the companies said in a statement on Saturday.

Shares of Air

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Second Wave of Coronavirus Wallops Canadian Consumer Confidence

Second Wave of Coronavirus Wallops Canadian Consumer Confidence

(Bloomberg) — Canadian consumer confidence recorded its largest one-week decline in five months as the nation gets hit by a second wave of Covid-19 cases.

The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations derived from telephone polling, dropped more than half a point to 52.4 for the week ended Oct. 9. That’s the biggest weekly decline since April, bringing the gauge to the lowest since mid-August.

The sharp decline in sentiment coincides with new lockdowns on activity in the country’s two largest provinces, Ontario and Quebec, which are experiencing a sharp rebound in cases. On Friday, Ontario’s government announced closures of businesses and restrictions on family gatherings, in three regions, including Toronto. That comes after similar restrictions in Quebec in recent weeks.



chart: Canadian consumer confidence takes second-wave hit


© Bloomberg
Canadian consumer confidence takes second-wave hit

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 responses.

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The slide in confidence last week was the first major move for the index since mid-August, when Canadian household sentiment began to plateau after recouping more than four-fifths of pandemic-related losses.

The drop reflects declining sentiment around the broader economic outlook, despite relatively robust indicators in recent weeks including a surprise jobs gain in September. The share of households that expect the economy will strengthen over the next six months dropped to 16%, its eighth weekly decline since hitting a post-pandemic high of 25% in mid August.

Canadians, however, remain bullish on housing. About 44% of respondents expect the value of real estate in their neighborhood will go up over the next six months. That’s unchanged from last week, with the reading for that question hovering at

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Canadian Airline WestJet Now Offering Free COVID-19 Insurance For International Travel

Canadian Airline WestJet Now Offering Free COVID-19 Insurance For International Travel

WestJet, Canada’s second largest airline, is now offering complimentary COVID-19 insurance for eligible passengers for travel to and from the US, Europe, the UK, Mexico and the Caribbean until August 31, 2021. The carrier joins Air Canada in offering free Covid-19 insurance in an effort to boost sales as more Canadians elect to stay home or travel domestically to avoid Canada’s 14-day quarantine for international travelers.

Originally WestJet’s insurance did not include US coverage but will now cover travel to the United States. On September 25, 2020 WestJet announced that “guests travelling to, through or from the United States are now eligible for the airline’s enhanced $200,000 CAD COVID-19 travel insurance coverage for air-only and vacation reservations. The enhanced coverage will retroactively include all bookings made as of September 18, 2020 and will increase by $100,000 CAD to include up to a maximum of $200,000 CAD at no additional charge to eligible guests.”

Eligible bookings include any WestJet air-only reservation, including WestJet Vacations bookings for travel to and from the U.S., Mexico, the Caribbean, Europe (including U.K.) and inbound to Canada. These trips will be eligible for coverage for up to 21 days for travel into and including August 31, 2021. For one-way travel reservations, coverage is available for up to seven days.

Arved von zur Muehlen, WestJet Chief Commercial Officer, said that “Our research shows that a lack of COVID insurance is a considerable barrier to travel and our guests were seeking the inclusion of U.S. destinations to our travel insurance offering. Eligible guests travelling to and from the destinations we serve can now have an added layer of confidence

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Canadian government sees consumer-directed finance as part of the future of financial services

Canadian government sees consumer-directed finance as part of the future of financial services

iStockPhoto / Getty Images

After consulting financial system stakeholders, consumers and business organizations, the Canadian government recently announced plans to develop a framework for consumer-directed finance (or open banking).

Ahead of further consultations, the government has revealed some principles it considers important for such a framework.

Excerpts from the Report of the Advisory Committee on Open Banking, 2020

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The committee heard that, with the strength of its financial services sector, ambitious innovators and top talent, Canada has the potential to be a leader in the development of consumer-directed finance – but that it risks falling behind if it does not take timely and concrete action.

Consumer-directed finance could deliver tools that would support Canadians in improving their financial outcomes.

While there are risks – principally those related to consumer protection, privacy and cybersecurity – the committee found that these risks exist in the current unstructured environment, and implementation of a structured framework could serve to better address and manage them.

The committee heard broad-based agreement from stakeholders that the development of a consumer-directed finance framework, with appropriate safeguards, established in collaboration with industry and government, would more effectively deliver benefits to Canadians and mitigate risks involved in data sharing.

www.canada.ca/en/department-finance/programs/consultations/2019/open-banking/report.html


Produced by Randall Anthony Communications. The Globe’s editorial department was not involved in its creation.

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Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

InMed Pharmaceuticals, a clinical stage biotech developing cannabinoid-based products, announced terms for its IPO on Thursday.

The Vancouver, Canada-based company plans to raise $10 million by offering 2.4 million shares at $4.13, above the last close of its shares on the OTCQX (IMLFF) and the Toronto Stock Exchange (IN). The company is also offering warrants to purchase 2.4 million shares of common stock at an assumed exercise price of $4.13. At the proposed price, InMed Pharmaceuticals would command a market value of $32 million. Because the company is offering warrants and its market cap is below $50 million, InMed is no longer eligible for tracking and will be excluded from Renaissance Capital’s stats.

InMed Pharmaceuticals is developing an API using a synthetic cannabinoid named cannabinol, or CBN, and plans to develop its two products INM-755 for rare skin disease Epidermolysis Bullosa (EB) and INM-088 for glaucoma. INM-755 is currently in a Phase 1 trial in The Netherlands.

InMed Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol INM. Roth Capital is the sole bookrunner on the deal.

The article Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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