Two members of the board of directors of iA Financial Group purchased nearly $1 million worth of shares in the Quebec company previously known as Industrial Alliance at the beginning of the week.
Martin Gagnon purchased a block of 10,000 shares on Tuesday at a unit price of $86.44. This former senior executive of the National Bank joined the board in January.
Chairman of the board of iA Financial Group for five years, Jacques Martin, for his part, purchased a block of 1,000 shares during the first session of the week.
There National Bank gained support this week. Analyst Mike Rizvanovic, of the firm Keefe, Bruyette & Woods, now suggests that his clients buy the bank’s stock. He explains his decision by the organization’s roadmap in terms of execution as evidenced, he says, by the quarterly performance revealed at the end of February, a higher relative exposure to capital markets with potential to increase after two difficult years for the industry, constant outperformance compared to other banks in terms of provisions for credit losses, the absence of exposure to American commercial real estate (offices), and a reasonable valuation.
TD analyst Michael Van Aelst now recommends buying the Montreal sugar refiner’s stock Rogers Sugar. The stock market decline since the announcement of the issuance of shares to finance the expansion of production capacity makes the stock (and the 7% dividend yield) particularly attractive in the eyes of the analyst. He believes the earnings outlook offsets the dilution caused by issuing shares.
Three senior executives of Stella-Jones bought a total of around $300,000 worth of shares in the Montreal manufacturer of railway ties and telephone poles this week. CEO Éric Vachon bought 1,000 shares on Tuesday. Finance manager Sylvana Travaglini bought 1,000 shares on Monday, while Kevin Comerford, senior vice president, utility poles and U.S. residential lumber, bought 2,000 shares on Tuesday.
It is too early to announce the end of the stock market rally that began in the fall, according to strategist Sébastien Mc Mahon at iA Global Asset Management.
“Sentiment has evolved over the past few months, reflecting the reduced likelihood of a recession, and price/earnings multiples have increased accordingly,” he points out in his monthly commentary published mid-week. “There is still a good chance that markets will continue their upward trajectory, because if inflation continues to slow, central banks could make larger rate cuts than expected. »
He adds that profits could be boosted by revenues from artificial intelligence, which would benefit very large-cap technology companies. He also believes it’s possible that the stock market rally could extend beyond big tech companies if the economy picks up speed again.
While Couche-Tard prepares to unveil its quarterly results on March 20, BMO analyst Tamy Chen is surprised by the recent surge in the stock. In a note sent to clients this week, she said she feared that market expectations were too optimistic. According to her, there could be volatility in the short term. “Sampling data from the industry suggests that U.S. fuel volumes may have deteriorated so far in 2024.”
In a note published Monday, TD colleague Michael Van Aelst points out that there may be a better entry point into the stock after the earnings release.
An administrator at 5N Plus has just purchased $272,000 worth of shares in the Montreal semiconductor producer. Jean-Marie Bourassa bought the 1er March 60,100 shares at a unit price of $4.52. He has been a member of the board of directors for 17 years.
The Chief Financial Officer of Saputo has just purchased nearly $225,000 worth of shares in the Montreal dairy processor. Maxime Therrien, of Saputo, purchased a total of 8,300 shares on February 29 and 1er March.
Quebec titles of 5N Plus, AtkinsRealis (SNC-Lavalin), National Bank, ADF Group, WSP, TFI And CGI all hit a 52-week high this week on the Toronto Stock Exchange.
On the other hand, those of ECB, Waterfalls, Lion And Taiga reached a 52-week low this week.