The Daily Chase: TSX enters Q2 on high note; Ontario pot stores begin to open - BNNBloomberg.ca

The S&P/TSX Composite Index heads into the second quarter as one of the top-performing indices in the world this year. Canadian stocks jumped 12.42 per cent in the first three months of 2019, with pot stocks dominating the leaders board of percentage gainers. We’ll dissect the quarter that just wrapped and look ahead this morning with Montrusco Bolton’s John Goldsmith and Sadiq Adatia from Sun Life. Should note the latest manufacturing data out of China have set a positive tone in the market, with global stocks and U.S. futures rallying this morning

ONTARIO POT SHOPS OPEN

The first wave of licensed Ontario pot shops will open for business today, almost half a year later than in other provinces. BNN Bloomberg's David George-Cosh will be on location at The Hunny Pot, reporting on the crowds, the inventory, and the head start that store is getting on lottery winners who still aren’t licensed to open. And if you missed it, here’s his primer.  

HOLDOUT PROVINCES FACE CARBON TAX

The federal government imposes its carbon tax today on the four holdout provinces: New Brunswick, Ontario, Manitoba and Saskatchewan. We will do our best to dodge the politics of the day, and focus instead on business preparedness and policy effectiveness as gas prices rise while households can look forward to “Climate Action Incentive payments.”

BREXIT LATEST

Canaccord Genuity is restructuring its capital markets business in the U.K., resulting in a $12-million charge, as a result of the “prolonged period of political and market uncertainty”. It’s one of the first major retrenchments I remember seeing by a Canadian company in the country. Meanwhile, U.K. Parliamentarians today will again debate alternatives to Prime Minister Theresa May’s Brexit plan with little time to spare before an April 12 deadline imposed by the European Union.

OTHER NOTABLE STORIES

-Kellogg has agreed to sell Keebler and other cookie assets to Ferrero Group for US$1.3 billion

-We’ve got some major M&A in the cannabis sector this morning, with Chicago-based Cresco Labs agreeing to purchase CSE-listed CannaRoyalty, the parent of Origin House, for $1.1 billion in shares. The deal very much looks like a play on California.

-Fresh off naming a new CEO, now Hydro One has a couple holes to patch in its executive ranks, with Chief Operating Officer Greg Kiraly and Chief Legal Officer Jamie Scarlett exiting.

-Medison Biotech, the activist that's taken aim at Knight Therapeutics, is ratcheting up pressure by announcing six nominees for the company's board. What makes this feud especially compelling is the fact Medison's CEO also sits on Knight's board.

-Bombardier announced a firm order for a half dozen Q400 turboprops from an unnamed buyer this morning. Purchase is worth US$202 million at list price.

-Goldcorp reported an underground fire at its Musselwhite mine in Ontario. No injuries reported; company says it’s too soon to say when mining will resume.

-Facebook CEO Mark Zuckerberg made the case for stronger regulatory oversight of the Internet in a Washington Post op-ed this weekend.

NOTABLE RELEASES/EVENTS

-Notable data: U.S. retail sales, ISM U.S. manufacturing index 

-Legal recreational cannabis stores open in Ontario

-Federal carbon tax takes effect in Ontario, Saskatchewan, Manitoba, New Brunswick

-1030: Ontario Premier Doug Ford makes announcement in Etobicoke (plus avail)

-12:00 p.m. ET: Finance Minister Bill Morneau delivers remarks at the Canadian Association of New York (plus avail at ~1:15 p.m. ET)

-3:10 p.m. ET: Bank of Canada Governor Stephen Poloz delivers speech in Iqaluit (remarks on bank website at 2:55 p.m. ET, plus news conference at 4:30 p.m. ET)

-LNG2019 conference begins in Shanghai (runs to Friday; speakers include CNOOC Chair Yang Hua, Exxon Mobil CEO Darren Woods, Royal Dutch Shell CEO Ben van Beurden)

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe. 

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April 01, 2019 at 08:24PM