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Msg  68176 of 68382  at  9/18/2020 11:16:12 AM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

FRIDAY, SEPTEMBER 18, 2020

 


TOP NEWS
• 
Coronavirus surge in Canada checks Trudeau's green ambitions
A recent surge in COVID-19 cases is forcing Canadian Prime Minister Justin Trudeau to scale back his plan to outline an ambitious green economic recovery package next week.

• 
Second UK lockdown? COVID hospital admissions double every eight days
Britain's health minister said that the novel coronavirus was accelerating across the country, with hospital admissions doubling every eight days, but refused to say if another national lockdown would be imposed next month.

• 
Caixabank strikes $5 billion Bankia deal as more European bank mergers loom
Caixabank has agreed to buy Bankia for 4.3 billion euros in an all-share deal that creates Spain's biggest domestic lender and signals a pick up in mergers among Europe's banks as they battle the fallout from the COVID-19 pandemic.

• 
Jack Ma's Ant Group wins Shanghai OK for launch of giant dual IPO
China's Ant Group has received approval from the Shanghai Stock Exchange for a domestic initial public offering, the bourse said, bringing the financial technology firm closer to a dual-listing expected to be worth up to $30 billion.

• 
Unity sells shares in $1.3 billion U.S. IPO above target range
Unity Software on Thursday sold shares in its New York initial public offering (IPO) above its target range to raise $1.3 billion, the company said.​



BEFORE THE BELL
Canada’s main stock index futures ticked up, supported by higher gold prices. Futures tracking the Nasdaq 100 index rose as a two-day sell-off in technology-related stocks halted, while worries about rising coronavirus cases and a patchy economic recovery weighed on the S&P 500 and the Dow futures. Travel and bank stocks weighed on major European indexesChina stocks staged a strong finish, led by heavyweight financials, while Japanese shares ended marginally higher. The U.S. dollar extended overnight losses. Oil  prices pared gains. ​


STOCKS TO WATCH
• 
Nuvei Corp (NVEI). Shares of the company jumped on their market debut after the Canadian payment processing firm raised $700 million in the largest ever technology company offering on the Toronto Stock Exchange. Nuvei's shares opened at C$45.25, a 32% premium to the stock's initial public offering price of $26. It closed at C$45.05. The company, backed by Caisse de Depot et Placement du Quebec and Canadian private equity firm Novacap Investments, offers foreign exchange services, local acquiring and risk management services in countries including the United States and Canada.​


FOCUS
Burps to burgers: food companies wrangle climate-warming cattle emissions
Looking to improve milk production, California farmer John Verwey turned to a Swiss-made feed additive designed to make a cow more efficient while reducing methane emissions from cattle burps. The more a cow belches, the more it spends energy that could be used instead for milk production, Verwey reasoned. So two years ago, he started feeding his cattle Agolin, made of coriander, clove and carrot extracts, and replaced costlier additives that promoted weight gain. He is still determining whether the change has affected milk output, but Verwey figures he has positioned himself for a world where consumers care more about greenhouse gas emissions from livestock.



ANALYSTS' RECOMMENDATION
• Jamieson Wellness Inc (JWEL). Eight Capital raises target price to C$44 from C$41, given the company's superior revenue growth, which is predominantly organic, and its higher EBITDA margin profile relative to peers.​


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Retail sales mm for July: Expected 1.0%; Prior 23.7%
0830 Retail sales ex-autos mm for July: Expected 0.5%; Prior 15.7%
0830 Wholesale trade mm for July: Expected 3.5%; Prior 18.5%



COMPANIES REPORTING RESULTS
September 18 & 21:
No major companies are scheduled to report.



CORPORATE EVENTS
No major events are scheduled.


EXDIVIDENDS
Cargojet Inc (CJT). Amount C$0.23
Hammond Power Solutions Inc (HPSa). Amount C$0.08
Olympia Financial Group Inc (OLY). Amount C$0.23
Rocky Mountain Dealerships Inc (RME). Amount C$0.01



(All analysts' estimates are according to I/B/E/S Refinitiv data.)


 


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