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TSX Declines as Equity Rally Fades; D&D-Link Deal Not Dead; Wealthsimple Lawsuit

Stock Markets Oct 05, 2022 10:27
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By Ketki Saxena 

Investing.com -- The Canadian index reversed a two-day rally, pressured by a sharp rise in US 10-year Treasury yields as traders reassessed their bets on how aggressively the Federal Reserve will raise rates.

U.S. ADP (NASDAQ:ADP) numbers showed an increase in private employer hiring in September, boosting the case for the Fed to remain hawkish. Senior Federal Reserve officials, including San Francisco Fed  Mary Daly and Philip Jefferson, a governor on the Fed’s board, played down suggestions of an imminent dovish 'pivot'. 

Despite the morning’s losses, the commodities-weighted Canadian helped outperformed Wall Street as crude prices continued to rally on news of OPEC+ cuts to output.

The Biggest Stories on Bay Street

Rumours are abounding on Bay Street about who might be shopping for HSBC’s Canadian business after news of a potential sale. Mike Rizvanovic from Keefe Bruyette & Woods writes that the National Bank of Canada (TSX:NA) might have “the most compelling reason” to buy HSBC Canada. However, Rizvanovic said he thinks Royal Bank of Canada (TSX:RY) is the only Big Six institution that could cover the cost of a takeover, which he estimates could reach as much as $8.5 billion, with existing excess capital. 

It apparently isn’t the end of the story for Dye&Durham’s long-protracted efforts to acquire Australia’s Link Administration. Link Administration received a A$1.27 billion bid from Dye & Durham (TSX:DND) for its corporate markets and banking segments, shortly after D&D's takeover offer for the entire company fell through due to mounting regulatory costs associated with the deal.

Manulife Financial (TSX:MFC) Corp. CEO Roy Gori said in an interview that the company is counting on getting half of its profit from Asia by 2025 -  is counting on the region to be its most promising driver of growth in an increasingly turbulent world.“Asia and wealth and asset management are massive priorities where we do think we have a right to win and are in fact winning,” Gori said in the interview with Bloomberg. 

Yesterday evening. Quebec-based law firm LPC Avocat Inc. said it has filed a class-action lawsuit against Wealthsimple Technologies and Shakepay, alleging the fintechs charge millions of dollars in hidden fees for clients while falsely advertising commission-free trades for cryptocurrencies, using terms such as commission-free or zero fee commissions. The suit is seeking damages of $ 10 million from each company. 

Canadian Stocks Moving Markets Today

Top Gainers: 

  • NuVista Energy (TSX:NVA)
  • Cenovus Energy (TSX:CVE)
  • MEG Energy  (TSX:MEG)

Top Losers: 

  • NovaGold (TSX:NG)
  • IAMGold (TSX:IMG)
  • Innergex Renewable Energy (TSX:INE)

In Canadian Economics 

GTA Home Sales fell almost 11% on the month in September, and were down 44% compared to a year earlier, according to the Toronto Regional Real Estate Board. The average selling price ($1,086,762) was down almost 19% from the February peak but little changed on the month. 

Statistics Canada reported that Canadian exports fell 2.9% in August, largely driven by lower crude oil prices, while imports fell 1.7%. The country's trade surplus with the world narrowed to $1.52 billion in August, down from C$2.37 billion in July and well below analyst forecasts of $3.45 billion. 

TSX Declines as Equity Rally Fades; D&D-Link Deal Not Dead; Wealthsimple Lawsuit
 

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