Winnipeg Free Press

Winnipeg Free Press (Newspaper) - March 21, 2024, Winnipeg, Manitoba WINNIPEGFREEPRESS.COM ● B5 BUSINESS I STOCKS THURSDAY, MARCH 21, 2024 Boyd Group reports Q4 profit, sales up WINNIPEG — Boyd Group Services Inc. reported a fourth-quarter profit of US$19.1 million, up from US$14.2 mil- lion a year earlier, as its sales rose 16 per cent. The autobody repair company, which keeps its books in U.S. dollars, says the profit amounted to 89 cents US per di- luted share for the last three months of 2023, up from 66 cents US per diluted share for the final quarter of 2022. Sales in the quarter totalled US$740.0 million, up from US$637.1 million a year earlier. Same-store sales for the quarter were up 8.7 per cent. On an adjusted basis, Boyd Group says it earned 93 cents US per share in its fourth quarter, up from an adjusted profit of 68 cents US per share. In its outlook, the company says mild winter weather is impacting demand for glass and collision repair services. It also says the business has been challenged by a number of factors, in- cluding labour margins and costs relat- ed to the start up of new locations. — The Canadian Press Borse Dubai seeks to sell part of stake in Nasdaq DUBAI, United Arab Emirates — A Dubai sovereign wealth fund that’s the single-largest shareholder in the Nasdaq stock index plans to sell one- third of its shares in the exchange, a deal potentially worth some US$1.6 bil- lion that saw the value of the firm fall in aftermarket trading Wednesday. The announcement from Borse Dubai, owned by the Investment Corp. of Dubai, would make it the second-lar- gest holder in the Nasdaq, a technol- ogy-heavy exchange that’s one of the three main indexes in the United States. “Today’s offering is being conducted to enhance the capital structure and li- quidity within the Borse Dubai Group,” said Essa Kazim, chair and CEO of Borse Dubai, in a statement released after the Nasdaq closed Tuesday. “We continue to be a long-term shareholder in Nasdaq and are invested in the suc- cess of the company.” Kazim did not say what exactly Borse Dubai planned to do with the money. Filings by the Nasdaq put the Borse Dubai sale at some 26.9 million shares. A separate statement suggested a sales price of US$59 a share, putting a poten- tial value of US$1.6 billion on the deal. Borse Dubai will retain some 10.8 per cent of shares in the Nasdaq. “Borse Dubai is and continues to be a valued shareholder of Nasdaq under- pinned by a shared vision for our fu- ture,” Nasdaq chief financial officer Sarah Youngwood said in the same statement. Share prices for the Nasdaq fell 2.6 per cent in aftermarket trading Wed- nesday to just over US$60 a share. As part of a complex 2007 deal, the Nasdaq sold a 20 per cent stake of the exchange to Borse Dubai in return for a controlling stake in OMX, Sweden’s lead- ing stock market. The deal had Borse Dubai take a 28 per cent stake in the London Stock Exchange. Borse Dubai sold all its shares in the LSE in 2015. The Investment Corp. of Dubai owns long-haul carrier Emirates, its lower-cost sister airline, FlyDubai, and other invest- ments valued at US$320 billion. — The Associated Press JON GAMBRELL Crescent Point Energy to change name to Veren CALGARY — Crescent Point Energy Corp. says it plans to change its name to Veren Inc. The company says it will seek share- holder approval for the change at its annual and special meeting of share- holders May 10. It says the name Veren combines the Latin word for truth — veritas — and energy. The company says its shares will begin trading under the symbol VRN on the Toronto and New York stock ex- changes, after shareholder approval in a change from the current CPG. Crescent Point solidified its place as the dominant player in the Mont- ney, one of North America’s largest unconventional petroleum plays, last year with a deal to buy Hammerhead Energy Inc. — The Canadian Press Gildan board cannot be trusted to oversee sale process: Browning West A U.S. investor who is seeking to re- place a majority of the directors at Gildan Activewear Inc. says the current board cannot be trusted to oversee a sale process for the company. Gildan, a Montreal-based cloth- ing manufacturer that also owns the American Apparel and Comfort Col- ors brands, confirmed Tuesday it has received a “non-binding expression of interest” from a potential purchaser it did not name. In response, the company’s board has formed a special committee of independ- ent directors to consider the proposal and contacted other potential bidders. However, Browning West, which holds about five per cent of the com- pany’s shares, said the sale process underscores its message to share- holders that meaningful change at the board is required immediately, even before the company’s annual meeting in May. “Since the onset of our campaign, we have maintained that Gildan is a high-quality business with significant latent earnings power and strong value creation potential under the right board and management,” Browning West said in a Wednesday statement. “We are naturally concerned that the board has initiated a sale process in order to avoid accountability following continuous and growing support for Browning West’s calls for significant board reconstitution.” Browning West’s gripes with Gildan’s board and management began late last year, when the company announced co-founder and then-CEO Glenn Cha- mandy would be replaced by Vince Tyra. Tyra’s resumé included time spent as CEO of clothing company Alphabroder and president of Fruit of the Loom be- fore it was sold to Berkshire Hathaway. Browning West along with Gildan’s largest shareholder Jarislowsky Fraser and Turtle Creek Asset Management Inc. branded the decision to oust Cha- mandy, who they saw as an effective leader, as a “grievous error.” Gildan’s board fired back, criticizing Chamandy’s long-term strategy and his fixation on “high-risk and highly dilu- tive multi-billion-dollar acquisitions that would shift Gildan away from its core area of manufacturing experience.” Shareholders, who want to replace members of Gildan’s board in order to reinstate Chamandy, were focused on the company’s May 28 meeting, when Gildan revealed Tuesday the company was open to a sale. Browning West said it has heard the sale price being bandied around is about US$42 per share, “which effect- ively represents no premium.” “To put this low price in context, if Glenn Chamandy had not been termin- ated and the stock had simply performed in line with the most relevant index, it would be worth approximately US$42 per share today,” the shareholder said. Gildan declined to comment on Browning West’s statement. — The Canadian Press TARA DESCHAMPS CHRISTINNE MUSCHI / THE CANADIAN PRESS FILES Montreal-based Gildan Activewear Inc. announced this week it has contacted potential bidders after receiving a non-binding purchase offer. Agnico Eagle Mines L 75.41 1.67 1,560 82.90 59.36 AltaGas Ltd. 29.51 0.15 709 29.68 21.25 ARC Resources Ltd. 23.76 -0.03 1,587 24.09 14.66 Bank of Montreal 129.62 2.03 2,983 132.11 102.67 Bank of Nova Scotia 67.84 0.67 5,092 69.17 55.20 Barrick Gold Corpora 21.17 0.47 4,604 28.19 18.65 BCE Inc. 46.35 -0.01 2,878 65.66 45.40 BMO MSCI EAFE Index 22.73 0.12 26 22.68 19.11 BMO S&P 500 Index ET 77.12 0.22 248 76.95 58.82 BMO S&P/TSX Capped C 29.65 0.25 52 29.56 25.04 Brookfield Infrastru 39.88 0.36 446 50.36 29.12 Brookfield Renewable 30.37 0.56 185 44.13 27.43 CAE Inc. 27.68 0.41 342 33.87 24.75 Cameco Corporation 56.61 0.77 945 69.18 32.75 Canadian Apartment P 48.37 -0.01 456 54.60 40.52 Canadian Imperial Ba 67.85 0.39 4,381 67.59 47.44 Canadian National Ra 177.77 2.73 1,203 178.38 143.13 Canadian Natural Res 99.52 -0.22 8,569 100.52 68.27 Canadian Pacific Kan 120.92 1.70 713 123.37 94.45 Canadian Tire Corpor 243.87 -6.13 0 327.00 244.00 Canadian Tire Corpor 134.59 2.43 199 189.82 128.88 Canadian Utilities L 30.79 0.18 295 39.87 28.13 CCL Industries Inc. 74.00 0.00 0 74.00 53.01 CCL Industries Inc. 71.49 0.29 236 74.49 52.82 Cenovus Energy Inc. 25.97 0.10 3,222 29.18 19.82 CGI Inc. Class A Sub 159.55 0.33 207 160.15 124.45 Colliers Internation 165.30 3.56 44 176.51 115.00 Constellation Softwa 3769.01 35.35 16 3856.00 2328.27 Descartes Systems Gr 126.22 1.04 46 127.75 95.03 Dollarama Inc. 105.15 -0.59 247 107.79 76.25 Element Fleet Manage 22.54 0.19 434 23.46 17.00 Emera Incorporated 47.82 0.46 722 59.52 43.67 Empire Company Limit 33.21 -0.08 380 40.69 32.12 Enbridge Inc. 48.67 0.20 3,557 54.05 42.75 Fairfax Financial Ho 1520.15 -28.79 49 1550.82 870.31 Fairfax Financial Ho 903.32 0.00 0 925.80 644.37 First Quantum Minera 14.70 0.12 2,741 39.13 9.31 FirstService Corpora 228.61 0.73 73 231.73 181.42 Fortis Inc. 53.52 0.14 1,077 62.00 49.82 Franco-Nevada Corpor 158.11 2.94 273 217.70 139.19 George Weston Limite 181.56 0.78 91 184.97 144.41 Gildan Activewear In 51.02 0.31 814 51.21 36.42 Great-West Lifeco In 43.37 0.20 2,185 45.18 34.06 Hydro One Limited 41.03 0.40 521 41.69 32.79 IGM Financial Inc. 35.00 0.07 305 42.02 30.34 Imperial Oil Limited 90.76 -0.51 904 92.62 60.19 Intact Financial Cor 223.18 -1.23 266 237.25 188.15 iShares Core MSCI EA 37.24 0.20 57 37.18 31.30 iShares Core S&P 500 54.80 0.42 294 54.43 41.45 iShares Core S&P/TSX 35.32 0.30 302 35.21 29.75 iShares S&P/TSX 60 I 33.57 0.28 1,386 33.55 28.49 Ivanhoe Mines Ltd. 15.92 0.16 1,029 16.49 9.89 Keyera Corp. 33.99 -0.02 1,055 35.08 27.98 Kinross Gold Corpora 7.80 0.31 4,260 8.39 5.60 Loblaw Companies Lim 149.85 -0.38 315 152.00 110.52 Lundin Mining Corpor 13.65 0.56 2,778 13.75 7.63 Magna International 74.11 2.71 668 87.00 64.41 Manulife Financial C 32.87 0.04 3,302 33.59 23.69 MEG Energy Corp. 30.45 -0.13 1,240 31.11 18.40 Metro Inc. 72.89 -0.50 382 78.88 65.43 Molson Coors Canada 85.21 0.00 0 93.00 68.44 Molson Coors Canada 89.32 -2.68 2 93.39 67.65 National Bank of Can 112.74 1.06 3,477 111.99 84.27 Newmont Corporation 46.22 0.70 268 70.88 39.96 ONEX Corporation Sub 100.24 0.63 57 107.28 58.71 Open Text Corporatio 52.99 1.13 717 60.00 44.34 Ovintiv Inc. 69.39 0.21 133 70.61 43.23 Parkland Corporation 43.31 -0.38 418 47.99 27.92 Pembina Pipeline Cor 47.24 -0.28 3,778 48.69 38.79 Power Corporation of 39.27 0.11 3,743 40.30 32.33 Quebecor Inc. Class 30.84 -0.46 2 37.25 28.98 RB Global Inc. 103.45 0.23 95 105.42 68.80 Restaurant Brands In 109.04 -0.77 1,557 112.12 83.60 Restaurant Brands In 107.60 0.00 0 109.74 83.28 Rogers Communication 58.82 1.52 1 68.25 50.50 Rogers Communication 57.86 0.94 946 67.67 50.15 Royal Bank of Canada 135.36 1.28 3,866 136.67 107.92 Saputo Inc. 26.13 0.26 305 36.70 25.57 Shopify Inc. Class A 109.69 4.50 2,676 123.20 58.57 SNC-Lavalin Group In 55.71 -0.47 134 57.38 31.04 Sprott Physical Gold 22.88 0.17 30 22.97 19.15 Stantec Inc. 116.62 0.34 187 118.39 75.31 Sun Life Financial I 74.29 0.16 2,005 74.80 60.63 Suncor Energy Inc. 49.04 -0.16 8,098 49.47 37.09 TC Energy Corporatio 54.04 -0.62 24,053 57.02 43.70 Teck Resources Limit 60.72 1.59 1,261 66.04 46.63 Teck Resources Limit 60.65 1.53 2 106.80 44.46 TELUS Corporation 22.50 0.15 2,073 28.95 21.16 TFI International In 212.57 4.17 185 208.82 137.36 Thomson Reuters Corp 212.63 -0.73 427 217.83 163.01 TMX Group Limited 34.02 0.10 148 36.21 26.58 Toromont Industries 129.96 -0.74 100 131.67 100.81 Toronto-Dominion Ban 81.12 0.41 8,355 87.10 75.89 Tourmaline Oil Corp. 60.97 0.00 1,756 74.21 52.85 Vanguard S&P 500 Ind 125.29 0.42 207 124.96 95.30 Vanguard U.S. Total 94.91 0.37 35 94.55 72.49 Waste Connections In 229.83 -3.63 185 234.24 174.74 West Fraser Timber C 115.00 3.97 180 119.16 88.61 Wheaton Precious Met 60.88 2.03 678 71.39 52.15 WSP Global Inc. 225.46 0.83 85 228.62 164.32 VOLUME 52-WK 52-WK STOCK CLOSE CHG (000S) HIGH LOW (by market capitalization) TSX Top 100 MARK E T WAT CH Daily Mutual Movers Biggest gainers and losers base on percentage change in daily net asset value per share. Data supplied by Fundata. All Funds COMPANY CLOSE CHG Ninepoint Silver Equ Fd A 5.58 4.68 CANL Prec Mtl Fd A 17.71 3.50 Mac Glb Prec Mtl Fund A 14.86 3.49 RBC Gbl Prec Mtls Fd A 48.65 3.13 BMO ARK Nxt Gen Int FdA 16.19 3.00 BMO Prec Metals Fd A 24.10 2.85 TD Precious Metals Fd Inv 47.03 2.82 BMO ARK Innova FdA 13.44 2.82 Ninepoint Res Fd Cl A 5.89 2.64 Maple Leaf Resource Cl A 1.39 2.53 NPT Silver Bullion A 6.88 2.04 NPT Gold&PrecMinFd A 44.09 1.98 Fid Gbl Innov CN Cl A 27.25 1.98 Canadian Equity COMPANY CLOSE CHG HSBC Cdn Equity Pooled Fd 63.33 1.13 HSBC Equity Fund Inv 68.05 1.13 Veritas Canadian Equity F 14.11 1.07 Gdian Cdn Growth Equ Fd I 36.49 0.94 Desj Soc Ter Cdn Equ Fd A 12.93 0.94 BMO Prvt Cdn Core Equ Pf 22.95 0.92 BMO Cdn Equity Fd A 40.33 0.91 PH&N Cdn Equity PMB04 11.90 0.90 NEI ESG Cdn Enh Idx Fd A 27.35 0.89 RBC Vision Cdn Equ Fd A 19.17 0.89 RBC QUBE Cdn Equ Fd O 13.26 0.88 Inv Pure Cdn Equ Fd A 26.96 0.88 Inv Pure Cdn Equ Cl A 23.22 0.88 Canadian Fixed Inc.ome COMPANY CLOSE CHG Fid Sys Cdn Bon Idx ETF B 8.66 0.32 TD Cdn Bond Index Fd Inv 9.96 0.30 BMO PrvtCdnBomfPt 10.22 0.29 TD Cdn Core + Bond Fd Inv 10.28 0.29 Mack FPCan Fx In PtPA 9.92 0.29 BrgHs Cdn Bond Fd A 9.18 0.28 NEI Fixed Income Pool I 8.90 0.28 CL Cdn Cr Fx In Fd I 9.60 0.28 NEI Cdn Bond Fund A 8.15 0.28 Gdian Cdn Bond Fund A 9.11 0.28 CL Cdn Core Bond Fd A 10.45 0.27 Mawer Canadian Bond Fd A 11.40 0.27 HSBC Cdn Bond Pooled Fund 10.65 0.27 Global Equity COMPANY CLOSE CHG Canadian Dollar 39,512.13 16,369.41 DOW NASDAQ S&P 500 S&P/TSX +401.37 +202.62 +46.11 +185.13 5,224.62 22,045.71 -1.46 -0.031 OIL GAS GOLD SILVER US$81.27 US$1.845 US$2,161.00 US$25.79 +1.30 +0.68 DOLLAR 73.75 ¢ +0.12 21,200 21,600 20,800 22,000 20,400 DAILY CLOSE, PAST 30 DAYS February March I Manitoba Stocks Ag Growth Intl Inc. 62.92 0.53 25,120 Artis REIT 6.25 0.11 228,366 BCE Inc. 46.35 -0.01 2,877,806 Bird River Resources Inc. 0.05 0 - Boyd Group Services Inc. 288.03 -26.88 189,069 Buhler Industries Inc. 2.07 0 - Delta 9 Cannabis Inc. 0.02 0 722,453 Exchange Income Corp. 48.78 0.31 27,608 FP Newspapers Inc. 0.53 -0.02 18,500 Gossan Resources Ltd. 0.03 0 100,000 Great West Lifeco Inc. 43.37 0.2 2,185,438 Hudbay Minerals Inc. 9.39 0.25 1,194,062 IGM Financial Inc. 35.00 0.07 304,565 Kane Biotech Inc. 0.11 0 63,100 Medicure Inc. 1.15 0 33 NFI Group Inc 12.29 -0.03 70,014 North West Co. Inc. New 38.94 -0.11 25,682 Farmers Edge Inc. 0.35 0 10,500 Pollard Banknote Ltd. 36.90 -0.55 1,485 Winpak Ltd. 40.90 0.26 29,066 Marwest Apartment REIT 0.85 0.14 11,000 COMPANY CLSE CHG VOL COMPANY CLSE CHG VOL Futures Trading — Grain quotes CANOLA COMPANY OPEN HIGH LOW CLOSE YEST. May ‘24 634.00 650.00 633.00 648.60 634.50 Jul 644.00 658.60 642.50 657.20 644.00 Nov 649.40 664.60 648.80 663.50 650.30 Jan ‘25 657.00 671.80 657.00 671.00 658.20 Mar 665.10 675.10 665.10 674.30 663.40 May 664.90 672.90 664.90 672.90 662.90 Jul - 667.10 - 667.10 657.20 Nov - 639.90 - 639.90 639.90 Jan ‘26 - 631.30 - 631.30 631.30 Mar - 631.70 - 631.70 631.70 May - 631.60 - 631.60 631.60 SOURCES: THE BANK OF CANADA, FUNDATA, ICE FUTURES CANADA, CME GROUP S&P/TSX Composite Index Foreign Exchange Rates These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Wednesday. Quotations in Canadian funds. Australian dollar 0.8861 Brazilian real 0.2709 Chinese renminbi 0.1883 European euro 1.4728 Hong Kong dollar 0.1733 Indian rupee 0.0163 Indonesian rupiah 0.000086 Japanese yen 0.00895 Mexican peso 0.08085 New Zealand dollar 0.8193 Norwegian krone 0.1273 Peruvian new sol 0.3669 Russian ruble 0.01467 Saudi riyal 0.3615 Singapore dollar 1.0094 South African rand 0.07209 South Korean won 0.001013 Swedish krona 0.1296 Swiss franc 1.523 Taiwanese dollar 0.04253 Turkish lira 0.0419 UK pound sterling 1.7244 US dollar 1.3559 A U.S. dollar cost $1.3559 based on daily average BMO ARK Nxt Gen Int FdA 16.19 3.00 BMO ARK Innova FdA 13.44 2.82 Fid Gbl Innov CN Cl A 27.25 1.98 Fid Founders CN Cl A 19.57 1.50 Fid Glo Innovat Inv Tr O 27.03 1.43 Fid Gbl Innova Cl A 31.21 1.43 BMO Glo Innov FdA 15.00 1.04 Fid Ttl Meta ETF Fd B 12.59 1.02 Lys-Cso Equity Fund A 14.27 0.99 Fid Gbl Con Eq CN Fd A 12.33 0.98 Fid LTLeadCurrNeut FdA 12.29 0.98 Fid Global Equ C N PP B 26.84 0.97 Fid Founders Inv Tr O 22.47 0.95 These companies will have headquarters or major operations in Manitoba. Closing values are as of the end of trading. Provided by Wellington-Altus Private Wealth. ;