An institutional investor from Edinburgh, Scotland, is adding to the share capital of Stella-Jones.
The investment firm Baillie Gifford informed the stock market authorities last Wednesday that purchase transactions carried out on June 28 on the stock of the Montreal manufacturer of railway sleepers and telephone poles have increased its stake in Stella-Jones more than 10%.
Baillie Gifford thus becomes the second institutional investor to hold more than 10% of Stella-Jones. The other is the Quebec Deposit and Investment Fundwhich is the company’s largest shareholder with a 13.5% stake.
There National Bank gained new support this week. The firm UBS launched official coverage of Canada’s Big Six banks on Tuesday, saying it is cautiously optimistic about the group. Analyst Jill Shea recommends buying shares of only two of the Big Six banks, National Bank and Bank Royal. Both banks have greater resilience than their counterparts with their diversified business portfolios, Shea said.
It is specified in particular that the project to acquire the Canadian Western Bank by National Bank opens the way to new growth opportunities while enabling cost savings, potential revenue synergies and an overall increase in profits. Seven out of 14 analysts now suggest buying National Bank shares.
An administrator at Savaria has just sold nearly $100,000 worth of shares in the Laval company specializing in accessibility for people with reduced mobility. Sylvain Dumoulin sold a lot of 5,000 shares on June 28 at a unit price of $18.15. He has been a member of the board of directors for 14 years.
Following the decline in the stock of ECB This week, the stock’s dividend yield has now reached 9.2%. The stock’s pricing tactics Big 3 in the wireless sector since the beginning of the year are proving detrimental to their growth and share prices, National Bank Financial analyst Adam Shine said in a report released Wednesday. If that doesn’t change, he said, referring to promotional intensity and pressure on cellphone plan prices, valuations could continue to compress due to behavior he called “surprising and unnecessary.” The self-inflicted negative effect of their overreaction to Freedom (Quebecor) continues to undermine investor confidence, according to Adam Shine.
The Chairwoman of the Board of Directors of Canadian National (CN) has just bought another block of shares in the Montreal rail carrier. Shauneen Bruder bought a block of 544 shares on June 25 at a price of $168.44 each. The former vice-president at Royal Bank has been a member of CN’s board for seven years. This is the third time this year that she has bought shares. She also bought about $90,000 worth in March after buying $1 million worth in February.
There Bank of Canada will announce a second rate cut on July 24, says iA Global Asset Management strategist Sébastien McMahon in his monthly commentary published this week. After that, he predicts two more cuts before Christmas, and a steady pace of cuts toward the neutral rate for 2025 and 2026. The key rate would go from 5% to 4% before the end of 2024. According to the Bank of Canada, the neutral rate is 2.75%.
Quebec titles of Metro, Stella-Jones, Transcontinental, Saputo And Senvest Capital all hit 52-week highs on the Toronto Stock Exchange this week.
On the other hand, that of ECB fell this week to a 52-week low.