Investment
TSX rises as tech, consumer discretionary stocks gain
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Canada’s main stock index rose on Wednesday as technology and consumer discretionary stocks advanced, but weakness in commodity-linked shares capped the gains.
At 9:44 a.m. ET (14:44 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 86.18 points, or 0.41%, at 21,318.21, after falling for two consecutive days.
Traders were betting on sectors hammered by worries over Western sanctions on Russia following its invasion of Ukraine.
Hard-hit technology stocks rose 3.1% to snap their six-day losing streak, tracking gains in the U.S. tech-heavy Nasdaq index. Consumer discretionary segment jumped 2.9%, after hitting its lowest levels since January 2021 on Tuesday.
Further gains were capped by the slide in the energy sector, down 2.8%, as oil prices fell over 5% to around $121 a barrel as some investors took the view that the U.S. ban on Russian oil may not worsen a supply shock. [O/R]
“We’ve seen resource stocks have gone up, but they haven’t gone up as much as commodity prices have. So even when commodity prices come down like today, the decline in resource stocks will be more moderate and won’t drag the market down as much,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 2.6% as gold futures fell 2.2% to $1,994.7 an ounce. [GOL/]
Stronger commodities had cushioned the TSX from the global risk-off sentiment in recent weeks as global equities were roiled by the Russia-Ukraine conflict and concerns around soaring inflation.
The financials sector gained 1.6% and industrials rose 1.3%.
Among individual stocks, TC Energy Corp fell 0.1% after it signed an option agreement to sell 10% stake in Coastal GasLink to Indigenous communities, in an attempt to give more authority to the groups who have traditionally held the land for the pipeline project.
(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)
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The Canadian Press
Gold breaking above 2000 is likely a 2023 event: CEO
VIDEO SIGN OUT
The precious metals sector could stand to benefit from renewed exploration, particularly at a time when investors are undervaluing several companies within the space, one financial expert says.
In a Thursday interview with BNN Bloomberg’s Amber Kanwar, David McAlvany, chief executive officer of McAlvany Financial Companies, said precious metals companies that specialize in mining commodities such as gold and silver are well-positioned to capture new growth through exploration, and are showing sustainable cost production.
He recommended Orla Mining Ltd. (ORLA), I-80 Gold Corp. (IAU) and MAG Silver Corp. (MAG) as his top picks in the precious metals sector.
McAlvany, his family and his firm own shares of all three companies mentioned above, however his investment banking clients do not.
Check out the full video at the top of the article to learn more.
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MONTREAL, Québec — BRAVO READY, creator of BR1: INFINITE, the world’s first pay to spawn, kill to earn shooting game, today announced a new strategic investment from Magic Eden, adding to its expanding list of investors, which includes Krafton (owners of PUBG), 6th Man Ventures, and Solana Ventures. The funding provided by this investment will be directed towards the further development and mass adoption of BR1: INFINITE.
“With the support of Magic Eden, BRAVO READY is now better positioned to provide liquidity to gamers,” said CEO and Co-Founder, Evan Ryer. “Delivering innovative and exciting gameplay experiences that leverage a risk-based model is what keeps players coming back – we are excited to keep onboarding strategic partners like Magic Eden.”
“We are excited to support BRAVO READY and their vision to bring intense competitive gameplay to Web3.” said Chris Akhavan, Chief Gaming Officer, Magic Eden. “We believe the combination of Web3 technology and skill-based player economics will create thrilling experiences for gamers.”
About BRAVO READY
BRAVO READY is a Montreal-based game publisher. In addition to producing AAA and WebGL titles like BR1:INFINITE & Mini Arena, BRAVO READY offers a range of products & services to help align games and game companies for success.
About Magic Eden
Magic Eden is the leading cross-chain NFT platform driving the next billion users to web3. Led by former crypto, tech, and hospitality leaders, Magic Eden is building a user-friendly platform powered by market-leading minting and trading solutions. Magic Eden brings dynamic cultural moments onto the blockchain, empowering users across thousands of digital communities to create, discover and collect unique NFTs. For more information, please visit www.magiceden.io
View source version on businesswire.com: https://www.businesswire.com/news/home/20230330005710/en/
Contacts
Corey Herscu for BRAVO READY
corey@herscu.ca
+14163003030
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| For the years ended December 31 (Thousands, US dollars, except per share amounts) |
||||||||
| 2022 | 2021 | |||||||
| Investment income | ||||||||
| Dividends | $ | 1,120,641 | $ | 117,629 | ||||
| Other investment income | 6,694 | 5,361 | ||||||
| 1,127,335 | 122,990 | |||||||
| Expenses | ||||||||
| Operating expenses | (2,359 | ) | (3,249 | ) | ||||
| Financing costs | (9,789 | ) | (8,896 | ) | ||||
| Retractable preferred share dividends | (39,753 | ) | (33,628 | ) | ||||
| (51,901 | ) | (45,773 | ) | |||||
| Other items | ||||||||
| Investment valuation gains (losses) | 10,653 | (5,739 | ) | |||||
| Amortization of deferred financing costs | (3,363 | ) | (4,070 | ) | ||||
| Current tax (expense) recovery | (19,990 | ) | 7,816 | |||||
| Deferred tax recovery (expense) | 21,439 | (15,024 | ) | |||||
| Foreign currency gains (losses) | 37,272 | (28,706 | ) | |||||
| Net income | $ | 1,121,445 | $ | 31,494 | ||||
| For the years ended December 31 (Thousands, except per unit amounts) |
2022 | 2021 | |||||||||||||
| Total | Per Unit | Total | Per Unit | ||||||||||||
| Net book value, beginning of period1 | $ | 7,482,738 | $ | 92.47 | $ | 4,777,152 | $ | 54.25 | |||||||
| Net income2 | 1,114,558 | 24,606 | |||||||||||||
| Other comprehensive (loss) income2 | (3,910,893 | ) | 2,508,092 | ||||||||||||
| Adjustment for impact of warrant3 | (25,355 | ) | 2,842 | ||||||||||||
| Re-organization | — | 663,678 | |||||||||||||
| Equity LP repurchases | (4,224 | ) | (493,632 | ) | |||||||||||
| Net book value, end of period1,4 | $ | 4,656,824 | $ | 57.60 | $ | 7,482,738 | $ | 92.47 | |||||||
- Calculated on a fully diluted basis. Net book value is a non-IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity and Preferred Limited Partners’ equity, plus the value of consideration to be received on exercising of warrants, which as at December 31, 2022 was $352 million (December 31, 2021 – $378 million). Opening net book values per unit have been re-casted to conform with the current year per unit presentation.
- Attributable to Equity Limited Partners.
- The basic weighted average number of Equity Limited Partnership (“Equity LP”) units outstanding during the year ended December 31, 2022 was 66,169,783 (December 31, 2021 – 72,953,504). The diluted weighted average number of Equity Limited Partnership (“Equity LP”) units available and outstanding during the year ended December 31, 2022 was 80,877,206 (December 31, 2021 – 87,662,153); this includes the 14,707,424 Equity LP units (December 31, 2021 – 14,708,648) issued through the exercise of all outstanding warrants.
- At the end of the year, the diluted Equity LP units outstanding were 80,844,367 (December 31, 2021 – 82,171,127).
Financial Profile
The Partnership’s principal investments are an ownership interest in approximately 132 million Class A Limited Voting Shares of the Corporation and approximately 33 million Class A Voting Shares of the Manager. These holdings represent an 8% interest as at December 31, 2022 in both entities. In addition, the Partnership owns a diversified investment portfolio of marketable securities.
The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:
Consolidated Statements of Financial Position
| As at (Thousands, US dollars) |
December 31, 2022 |
December 31, 2021 |
||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 185,722 | $ | 80,704 | ||||
| Accounts receivable and other assets | 31,270 | 65,418 | ||||||
| Deferred tax asset | 1,604 | — | ||||||
| Investment in Brookfield Corporation1 | 4,149,188 | 7,869,681 | ||||||
| Investment in Brookfield Asset Management Ltd.2 | 934,183 | — | ||||||
| Other investments carried at fair value | 328,264 | 344,983 | ||||||
| $ | 5,630,231 | $ | 8,360,786 | |||||
| Liabilities and equity | ||||||||
| Accounts payable and other liabilities | $ | 36,860 | $ | 7,693 | ||||
| Corporate borrowings | 220,711 | 236,513 | ||||||
| Preferred shares3 | 905,132 | 835,019 | ||||||
| Deferred tax liability | — | 23,431 | ||||||
| 1,162,703 | 1,102,656 | |||||||
| Equity | ||||||||
| Equity Limited Partners | 4,304,516 | 7,105,075 | ||||||
| General Partner | 1 | 1 | ||||||
| Preferred Limited Partners | 153,049 | 153,054 | ||||||
| Non-controlling interests | 9,962 | — | ||||||
| 4,467,528 | 7,258,130 | |||||||
| $ | 5,630,231 | $ | 8,360,786 |
- The investment in Brookfield Corporation (formerly known as Brookfield Asset Management Inc.) consists of 132 million Corporation shares with a quoted market value of $31.46 per share as at December 31, 2022.
- The investment in Brookfield Asset Management Ltd. consists of 33 million Manager shares with a quoted market value of $28.67 per share as at December 31, 2022.
- Represents $680 million of retractable preferred shares less $13 million of unamortized issue costs as at December 31, 2022 (December 31, 2021 – $611 million less $13 million) and $152 million of three series of preferred shares (December 31, 2021 – $152 million) and $84 million of three series of preferred shares (December 31, 2021 – $84 million) of a subsidiary of the Partnership, issued in December 2021.
For further information, contact Investor Relations at ir@pvii.ca or 416-956-5141.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Forward-looking information in this news release includes statements with regard to the Partnership’s potential future income taxes.
Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
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