HEADLINES

Canaccord Genuity Shares Hit Four-Year High on Results

Canaccord Genuity Group posted higher-than-expected revenue in its fourth quarter on the back of strong wealth management and capital markets activity.

The stock gained nearly 4% to settle at C$13.38.

The investment bank and financial services firm reported a 33% increase in revenue, which rose to C$612.7 million, topping forecasts for C$574.6 million from analysts surveyed by FactSet.

The strong revenue performance helped boost profits. The company logged net income attributable to shareholders of C$71.3 million, up from a loss of C$1.2 million. On a per-share basis that equated to a profit of C$0.61, compared with a loss of C$0.1 a year ago.

TransAlta Shares Slide on $1 Billion U.S. Gas-Plant Acquisition, Equity Raise

TransAlta announced a $1 billion deal to acquire two fully contracted gas plants in Colorado, adding long-term cash flow but will require taking on significant debt and issuing new shares.

Shares dipped 10.4% to end at C$18.00.

The Canadian power generation company has made a deal to acquire Mountain Peak Power and Canyon Peak Power and their two natural gas peaking facilities near Denver, Colorado, it said.

The facilities are fully contracted under tolling agreements with investment grade customers for over 25 years.

Government Plans $360 Million Tech Growth Fund

Canada's government will set up a technology growth fund to help fund promising artificial-intelligence companies, part of the hundreds of millions of dollars it plans to pump into building a home-grown AI industry and encourage adoption of the technology.

Prime Minister Mark Carney's government unveiled a new national AI strategy dubbed "AI for All" that includes plans for a C$500 million fund aimed at closing what it says as the scale-up capital gap facing the country's most promising AI companies.

The Canadian Tech Growth Fund will offer flexible capital and investment support, while also providing a platform for Ottawa to at times take equity stakes in the most promising AI firms. The aim is to help these companies attract price capital, compete globally, retain talent and intellectual property and remain anchored in Canada, the government said.

Descartes Systems Shares Rise on AI Momentum, Tops Views

Descartes Systems Group said expanding use of artificial intelligence across its logistics network is bearing fruit, lifting performance and drawing more users onto the platform.

Shares added 5.3%, settling at C$108.34.

The logistics-software company is leaning deeper into AI as it builds out an expanding layer of AI agents across its global logistics network, a strategy that helped lift performance and brought more customers to its platform in a quarter marked by a volatile trade climate. Chief Executive Edward Ryan said it is giving the company an edge over competitors.

Orla Mining Looks to Resume Operations at Mexican Mine

Orla Mining moved closer to resuming operations at its Mexican gold and silver mine after the country's labor authority confirmed a blockade by some workers is illegal and advised the union it should be lifted.

The Canadian mining company said it met Wednesday with union representatives and the Mexican Department of Federal Labor Conciliation to reach a resolution. Based on the authority's guidance, union leadership agreed to communicate to its members that the blockade should be ended.

Operations at the Camino Rojo mine in Zacatecas has been halted since the start of the month amid a dispute over a worker productivity bonus and a profit-sharing entitlement.

Sherritt International Names Richardson as Interim CFO

Sherritt International appointed Fitzroy Richardson to serve as interim chief financial officer, effective immediately.

The Canadian nickel and cobalt miner said Wednesday that Richardson, previously president of the company's New Providence Metals Marketing subsidiary, would help the company finish completing its quarterly financial reports.

The company was issued a failure-to-file cease trade order last month after it missed the deadline to file its first-quarter results. It said at the time that U.S. sanctions on Cuba, where it operates a joint venture called Moa, had destabilized its business structure and that it didn't know what it would be able to file its results.

Steel, Aluminum Import Limits Extended by One Year

Canada said Wednesday it would extend by a year limits on how much foreign steel and aluminum produced in countries other than the U.S. and Mexico can be imported, a sign of continued domestic-manufacturing struggles due to the trade upheaval launched by President Trump.

Finance Minister François-Philippe Champagne said the import measures would be extended until the end of June 2027, subject to cabinet approval. The extension represents Canada's commitment "to defend steel workers and industry against steel-trade diversion and nonmarket policies and practices that drive global excess capacity," said Champagne.

China is the country most associated with manufacturing overcapacity, an issue that Prime Minister Mark Carney said last week that Group of Seven leaders would tackle at their upcoming summit.

Western Copper & Gold in Talks to Extend Mitsubishi Materials Investor-Rights Agreement

Western Copper & Gold is in discussions to extend the existing investor-rights agreement between the company and Mitsubishi Materials.

The Canadian miner, which is advancing its Casino project in the Yukon, said it is in productive dialogue with the Japanese materials, metals and smelting company.

Western Copper cautioned there isn't any certainty that the discussions will amount to a definitive agreement, but said that it hopes to conclude the extension in the near term.

In May of last year, Mitsubishi bought 2 million shares in the Western Copper, bringing its ownership to about 5%. The acquisition triggered the extension of the investor-rights agreement to the end of last month.

Sangoma Technologies CFO Larry Stock Set to Retire

Sangoma Technologies announced that its chief financial officer, Larry Stock, is set to retire, effective at the end of June.

Stock is stepping down from the role at the hybrid communications company after six years of service.

The effective date of his retirement is June 30, after which Adrian Back, the company's senior vice president of finance, will take over the role of CFO on an interim basis. Stock will remain on board as a senior adviser for a period of one year to ensure an orderly transition.

Sangoma said it has begun a search to find a permanent successor, considering both internal and external candidates.

Agnico-Eagle to Buy Prism Resources' 7.5% Ontario Royalty for C$5 Million

Agnico-Eagle Mines has agreed to acquire Prism Resources' 7.5% net profit interest royalty on certain Agnico-owned properties in Ontario.

The Canadian mining company said it will pay C$5 million in cash for Prism's right, title and interest in the royalty covering properties in the Porcupine Mining District.

Agnico noted that the transaction doesn't involve acquiring any shares in Prism, and its stake in the company remains at 11.07%.

TALKING POINT

PBO Projects Larger Federal Deficits than Forecast in Government's Spring Update

By Bill Curry for the Globe and Mail

Parliamentary Budget Officer Annette Ryan released a report Thursday that projects larger federal deficits than Ottawa forecasted in its spring update.

The PBO's June Economic and Fiscal Outlook provides an independent assessment of the state of federal finances.

Finance Minister François-Philippe Champagne released his spring economic update on April 28.

At that time, the government forecasted the size of the deficit would be C$66.9 billion in the fiscal year that ended March 31, followed by annual deficits that decline slightly over time, reaching C$53.2 billion by 2030-31.

Thursday's PBO report says the deficit for the 2025-26 fiscal year is likely to come in higher, at C$72 billion, or 2.2% of GDP.

The PBO says it expects the size of the deficit will be C$4.6 billion higher per year on average over the forecast period.

It attributes this difference to PBO assumptions that personal income tax revenues will be lower than the government expected in April, while program expenses will be higher.

In explaining its figures, the PBO said its outlook assumes the economic effects of tariffs and countermeasures in place as of May, 2026, will persist throughout the projection period.

The PBO also assumes that any new trade agreement with the United States would be less favourable than what is in place, with economic effects roughly equivalent to the current tariffs and countermeasures.

Intergovernmental Affairs Minister Dominic LeBlanc was in Washington earlier this week for trade discussions. He told reporters that he presented "a number of specific proposals" for ending U.S. President Donald Trump's trade war with Canada.

To date, the Trump administration has kept Canada out of formal U.S.-Mexico-Canada Agreement negotiations, while officially engaging in such discussions with Mexico.

The PBO report shows the size of the federal debt climbing to C$1.66 trillion by 2030-31, compared with the government's spring update estimate of C$1.629 trillion.

The federal debt-to-GDP ratio is projected to reach 42.5% by 2030-31, up from 40.7% in 2024-25, according to the PBO.

Previous Liberal budgets under former Prime Minister Justin Trudeau had pledged to reduce the size of the federal debt-to-GDP ratio over time. Instead, under Prime Minister Mark Carney, the government has adopted two other fiscal anchors: reducing the size of the deficit-to-GDP over time and balancing operating spending with revenues by 2028-29.

The PBO said it plans to release an independent assessment of the government's second target in a future report.

The office also highlighted in its report that the International Monetary Fund "recently recommended reinstating the debt--to--GDP ratio as the primary fiscal anchor for Canada, noting that it would 'strengthen discipline, transparency, and credibility while preserving fiscal space for high--return investment.'"

Expected Major Events for Friday

05:00/JPN: Apr Indexes of Business Conditions - Preliminary Release

06:00/UK: May Halifax House Price Index

06:45/FRA: Apr Industrial production index

06:45/FRA: Apr Foreign trade

06:45/FRA: Apr Balance of payments

08:00/ITA: Apr Retail Sales

08:30/UK: 1Q Bank of England external business statistics

12:30/US: May U.S. Employment Report

12:30/CAN: May Labour Force Survey

14:00/CAN: May Ivey Purchasing Managers Index

19:00/US: Apr Consumer Credit

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Friday

ABM Industries Inc $(ABM)$ is expected to report $0.76 for 2Q.

Children's Place Inc $(PLCE)$ is expected to report $-2.14 for 1Q.

Environmental Tectonics Corp (ETCC) is expected to report for 4Q.

Ferrellgas Partners LP (FGPR) is expected to report for 3Q.

G-III Apparel Group Ltd (GIII) is expected to report $0.21 for 1Q.

Here Group Ltd - ADR $(HERE)$ is expected to report for 3Q.

Hurco Cos $(HURC)$ is expected to report for 2Q.

Smith-Midland Corp $(SMID)$ is expected to report for 1Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

June 04, 2026 16:28 ET (20:28 GMT)

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