Canada’s big banks see positive outlook while cannabis growers struggle with latest earnings. Here are the past week’s winners and losers
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Hey there, time traveller!
This article was published 29/05/2022 (844 days ago), so information in it may no longer be current.
Bank of Nova Scotia (+5.99%)
The bank always wins, and last week was no exception. Among the many quarterly earnings released by Canada’s major financial institutions, Scotiabank’s stood out for a 12 per cent profit increase compared with those in the same quarter a year earlier. Analysts found a bright spot in Scotiabank’s commercial lending programs, where loan balances grew 19 per cent in the second quarter.
GFL Environmental Inc. (+2.79%)
Long one of the top performing stocks on the TSX, the Toronto-based waste management company held its annual investors day last week. The company predicted growth in its future — deploying between $500 million and $1 billion annually on acquisitions, and organic revenue growth of roughly five per cent per year.
Bombardier Inc. (+0.83%)
The Quebec-based business jet manufacturer saw its share price tick upwards this week following its launch of a new private jet. Bombardier hopes to capitalize on soaring demand for chartered air travel among wealthy travellers with a new $78 million plane that it says can reach near-supersonic speeds — making it the fastest and longest-range jet in the business.
LOSERS
Aurora Cannabis Inc. (-44.99%)
Once a heavy-hitter in the Canadian cannabis industry, shares of Aurora Cannabis plummeted a dramatic 40 per cent Friday after the company announced an unusual share sale. The company sold $125-million worth of shares, which amounts to a 10 per cent discount to where they had previously traded.
Canopy Growth Corp. (-18.11%)
The company’s shift toward premium cannabis helped it report a smaller quarterly loss compared with a year ago, but that wasn’t enough to keep Canopy Growth from seeing a 25 per cent drop in revenue amid declining sales. The Smith Falls company, which is behind brands like Tweed and Ace Valley, said that its fourth-quarter totalled $111.8 million — down from $148.4 million in the same quarter last year.
WonderFi Technologies Inc. (-13.33%)
One of the many technology companies wading into decentralized finance, the company that dubs itself the “compliant crypto ecosystem for investors” faced a tough week as cryptocurrencies plummeted in value. Though the company recently announced a major acquisition when it bought BitBuy, a Canadian cryptocurrency exchange, WonderFi also reported a total loss of $14 million in the first quarter this year.
Jacob Lorinc is a Toronto-based reporter covering business for the Star. Reach him via email: jlorinc@thestar.ca