By Ketki Saxena
Investing.com – The TSX tracked Wall Street higher at midday, as investors continued to hope for a pause or pivot in rate hikes from the US Federal Reserve, after employment data on Friday showed cooling wages and a weaker than expected labour market.
The commodity heavy Canadian index was also supported by a jump in crude prices as China, the world’s top importer of the commodity, moved to reopen its border after stringent COVID-19 lockdowns that had weighed on demand for crude.
The Biggest Stories on Bay Street
Canaccord Genuity Group Inc (TSX:CF).’s management group hopes to take the firm private in a deal value at $1.13 billion, or $11.25 per share, after share prices plummeted last year. The management team with includes the CEO, CFO, and other major executives own a combined 21% of shares. Canaccord’s largest outside shareholder also supports the bid but an independent committee of the board will not recommend the offer to shareholders.
Tilray (TSX:TLRY) reported a second-quarter net loss of US$61.6 million as it slowed cannabis production in a "longer-than-anticipated march toward legalization" in certain markets, including the US. Tilray’s chief executive Irwin Simon noted “As long as cannabis remains federally illegal in the U.S. we will not engage directly in business that touch the cannabis plant to fully optimize the value and strength of our U.S. business." Irwin also added that he does not "expect (legalization) to happen at any time in the near future”.
Fintech company Nuvei (TSX:NVEI) Corporation announced its plan to acquire US payment and commerce solutions company Paya Holdings Inc for an all-cash transaction approximately US$1.3 billion. Philip Fayer, chair and CEO of Nuvei, said the purchase “Will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan.”
Cenovus Energy (TSX:CVE) Inc. announced further reductions to its already reduced fourth-quarter 2022 expectations for downstream throughput, due to extreme weather. Cenovus’ new estimated throughput for the fourth quarter of 2022 is between 90,000-95,000 barrels per day (Mbbls/d) for its Canadian output, and between 370,000-380,000 barrels per day (Mbbls/d) for its U.S. output. Cenovus expects the reductions to last into Q1 2023.
Toronto Stock Exchange operator TMX Group Ltd. has signed a deal to acquire a 21% stake in US based VettaFi Holdings LLC, a privately owned data, analytics, indexing and digital distribution company, for $234 million.
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