2:45 p.m. ET: North American markets extend gains into the afternoon
North American equity markets extended their gains into the afternoon trade, with the S&P/TSX Composite Index, S&P 500, Dow Jones Industrial Average and Nasdaq Composite all trading more than two per cent higher to hold near their intraday highs.
In Toronto, nine of the benchmark composite’s 11 sectors were in positive territory, led by real estate, information technology and consumer discretionary stocks. Only consumer staples and communications were in the red.
On a stock-specific basis, Chorus Aviation Inc., Intertape Polymer Inc. and Exchange Income Corp. were the biggest percentage gainers on the composite, each notching double-digit gains.
Oil gained, with U.S. benchmark West Texas Intermediate rising more than seven-and-a-half per cent ahead of tomorrow’s virtual OPEC++ meeting. Alberta’s Western Canadian select pared earlier gains to rise 13 per cent, trading just shy of US$4.50 per barrel.
11:45 a.m. ET: North American equities accelerate gains into midday
North American equity markets accelerated their gains into midday, with the S&P/TSX Composite Index rising more than one-and-a-quarter per cent and the U.S. benchmark indices posting gains north of two per cent to trade at session highs.
The rebound comes after a volatile trading session Tuesday, which saw stocks whipsaw, with the S&P 500 falling three-and-a-half per cent from peak to trough.
In Toronto, eight of the TSX’s 11 sectors were in positive territory, with information technology, consumer discretionary and real estate posting the largest gains. Consumer staples, communications and materials bucked the positive trend.
On a stock-specific basis, Intertape Polymer Group Inc., Exchange Income Corp. and Seven Generations Ltd. were the largest percentage gainers.
The Canadian dollar showed weakness against its global peers. The loonie traded modestly lower against its American counterpart, at about 71.36 cents U.S. heading into midday.
Crude oil continued to post gains ahead of Thursday’s virtual OPEC++ meeting, with West Texas Intermediate rising more than three per cent ahead of the meeting, where potential production curtailments are on the table. Crude oil prices shrugged off a 15 million barrel buildup in U.S. inventories last week. Western Canadian Select rose more than 18 per cent to US$4.65 per barrel, though Canadian crude is only priced a few times daily.
9:35 a.m. ET: North American markets post modest gains at the open
North American equity markets posted modest advances in early trading, with the S&P/TSX Composite Index rising a little less than one per cent, S&P 500, Dow Jones Industrial Average and Nasdaq Composite rising about one-and-a-quarter per cent at the open after a volatile Tuesday trade.
Oil prices pushed higher, with U.S. benchmark West Texas Intermediate up two-and-a-half per cent ahead of Thursday’s virtual OPEC++ meeting. Crude got a lift on speculation the cartel and other producers could agree to a production cut of as much as 10 million barrels per day, though questions remain about what global output level those cuts will be based on, given Saudi Arabia’s massive increase in production during its oil price war with Russia.
The United States cuts its 2020 oil price forecast for 2020 by 1.2 million barrels per day ahead of the meeting.
Canadian crude began the day unchanged at US$3.92 per barrel (Western Canadian Select is only priced a handful of times per day). That comes after a dire warning from Alberta Premier Jason Kenney, who said Tuesday that Canadian crude prices could dip into negative territory in the face of the oil price war.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
