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🚨 NDVA surged 43%. This AI Chipmaker Could Be Next See Analysis
TSX Declines; BMO To Buy AirMiles Program; Canadian Employment Beats Expectations
Published Mar 10, 2023 12:19
© Reuters
By Ketki Saxena
Investing.com – The TSX tracked Wall Street lower at midday, with growth stocks under pressure as fears of an aggressive Federal Reserve remained at the forefront. Financials also weighed on North American indices as turmoil at SVB spills into the rest of the sector.
The commodity heavy Canadian index and its energy sector gained some support from oil prices following better than expected US employment data that raised hope of sustained demand in the world’s largest economy.
The Biggest Stories on Bay Street
Ottawa is reportedly set to approve WestJet’s pending acquisition of Sunwing Vacations and Sunwing Airlines. The Globe and Mail reports that Ottawa will make an announcement on Friday (March 10) and approve the major transaction, which was first announced in March 2022. The purchase price of privately owned Sunwing has not yet been disclosed. The deal may face objections from the Competition Bureau which last year flagged that the acquisition was likely to result in a “substantial lessening” of competition to Canadian travellers.
BMO (TSX:BMO) Financial Group has announced that it will buy the Air Miles loyalty rewards program in Canada after the U.S. parent company, Loyalty Ventures Inc, filed for bankruptcy. The deal has been proposed as part of LoyaltyOne's proceeding under the Companies' Creditors Arrangement Act in Canada, and is contingent on LoyaltyOne not receiving a more favourable offer. The process will include a sale and investment solicitation process to seek any other interest in the Air Miles business, and will require court approval.
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Canadian employment grew more than expected for a third consecutive month as the country’s labour market remains robust despite a spree of rate hikes from the Bank of Canada. The economy added 21,800 jobs, over twice the 10,000 positions expected by economists.
The unemployment rate held at 5% near its record low, compared to expectations for a 5.1% reading.
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