Winnipeg Free Press

Winnipeg Free Press (Newspaper) - November 21, 2025, Winnipeg, Manitoba B6 ● WINNIPEGFREEPRESS.COM BUSINESS I STOCKS FRIDAY, NOVEMBER 21, 2025 Agnico Eagle Mines L 223.70 -12.16 689 263.23 110.70 Alamos Gold Inc. 45.50 -2.11 1,362 52.73 25.26 AltaGas Ltd. 43.40 -0.70 514 44.22 32.02 Aritzia Inc. Subordi 101.74 0.24 747 102.50 36.51 AtkinsRéalis Group 87.27 -1.58 761 106.38 59.47 Bank of Montreal 169.13 -2.08 1,778 182.90 121.31 Bank of Nova Scotia 93.59 -0.44 2,464 95.35 62.57 Barrick Mining Corpo 50.80 -2.28 7,996 54.33 21.73 BCE Inc. 32.37 0.30 3,091 38.59 28.73 BMO Aggregate Bond I 13.94 0.02 735 14.23 13.58 BMO S&P 500 Index ET 101.00 -1.28 883 106.00 75.37 BMO S&P/TSX Capped C 40.08 -0.50 224 41.33 29.70 Brookfield Infrastru 49.47 0.35 541 50.60 36.61 Brookfield Renewable 40.22 0.04 434 45.73 27.50 CAE Inc. 36.35 -0.16 488 41.38 28.98 Cameco Corporation 115.64 -5.61 1,240 153.59 49.75 Canadian Imperial Ba 117.01 -1.18 1,891 122.56 76.17 Canadian National Ra 129.85 -1.70 1,076 157.95 126.11 Canadian Natural Res 47.90 0.11 15,303 48.92 34.92 Canadian Pacific Kan 97.12 -0.28 833 118.80 94.60 Canadian Tire Corpor 240.00 0.00 0 274.01 191.75 Canadian Tire Corpor 165.85 -2.20 162 194.39 139.50 Canadian Utilities L 41.68 -0.40 388 42.95 33.19 CCL Industries Inc. 87.49 0.00 0 88.05 66.28 CCL Industries Inc. 83.48 -1.14 257 89.06 64.93 Cenovus Energy Inc. 25.48 -0.20 9,105 25.97 14.48 CGI Inc. Class A Sub 121.30 -0.33 470 175.35 117.71 Constellation Softwa 3220.99 19.33 54 5300.00 3173.87 Constellation Softwa 113.05 -2.95 1,393 122.99 112.99 Dollarama Inc. 198.34 3.28 382 198.66 132.37 Element Fleet Manage 36.25 0.30 709 38.26 25.00 Emera Incorporated 67.26 -0.75 1,006 69.62 50.84 Empire Company Limit 52.06 0.07 243 58.32 39.60 Enbridge Inc. 68.13 -0.26 9,172 70.39 56.51 Equinox Gold Corp. 17.08 -0.94 2,655 18.94 7.13 Fairfax Financial Ho 2364.20 11.18 48 2522.33 1836.92 Fairfax Financial Ho 1616.14 0.00 0 1785.63 1333.18 First Quantum Minera 27.81 -1.17 2,648 33.88 14.41 Fortis Inc. 72.57 0.13 1,418 74.00 57.98 Franco-Nevada Corpor 267.43 -8.87 167 314.53 165.36 George Weston Limite 95.23 0.72 288 94.63 70.92 Gildan Activewear In 78.71 0.18 873 87.13 52.77 Great-West Lifeco In 63.01 0.05 739 63.31 44.89 Hydro One Limited 54.13 0.55 608 54.32 42.52 IAMGOLD Corporation 18.04 -1.17 2,288 20.63 7.19 IGM Financial Inc. 55.51 -0.43 266 57.54 38.89 Imperial Oil Limited 138.20 -1.01 857 141.17 82.98 Intact Financial Cor 281.00 -1.38 191 317.35 250.28 iShares Core MSCI EA 44.77 -0.48 353 47.01 35.61 iShares Core S&P 500 67.08 -1.04 888 70.99 50.16 iShares Core S&P/TSX 47.82 -0.58 516 49.30 35.41 iShares S&P/TSX 60 I 44.51 -0.36 5,798 46.04 33.87 Ivanhoe Mines Ltd. 12.00 -0.64 2,552 20.77 8.76 Kinross Gold Corpora 34.15 -1.80 5,042 39.09 12.97 Loblaw Companies Lim 62.17 0.84 1,083 61.85 43.32 Lundin Gold Inc. 104.18 -9.58 1,069 118.75 30.04 Lundin Mining Corpor 24.27 -1.61 1,980 26.41 8.94 Magna International 64.40 -2.45 2,484 71.14 43.25 Manulife Financial C 47.80 0.14 3,719 49.82 36.93 Metro Inc. 100.30 1.53 448 109.20 84.50 Molson Coors Canada 69.00 0.00 0 99.93 66.50 Molson Coors Canada 64.51 -0.49 0 92.73 61.75 National Bank of Can 161.73 -0.39 1,789 163.44 106.67 Open Text Corporatio 45.94 -0.72 769 56.00 32.41 Ovintiv Inc. 54.38 -0.65 452 66.67 42.35 Pan American Silver 51.43 -3.51 890 59.73 28.50 Pembina Pipeline Cor 54.35 -0.23 1,891 60.72 48.35 Power Corporation of 68.71 0.54 1,779 71.97 41.88 Quebecor Inc. Class 52.72 0.30 1 53.70 30.08 Quebecor Inc. Class 51.58 -0.82 515 53.01 30.02 RB Global Inc. 135.40 -1.98 162 164.85 125.00 Restaurant Brands In 94.27 0.00 0 100.22 85.47 Restaurant Brands In 95.90 0.53 497 101.52 83.32 Rogers Communication 53.25 -0.68 1,150 56.15 32.42 Rogers Communication 54.02 -0.24 1 56.04 38.01 Royal Bank of Canada 207.98 -0.53 2,177 209.06 151.25 Saputo Inc. 38.32 -0.32 287 38.65 22.59 Shopify Inc. Class A 203.92 -1.44 1,951 253.10 99.32 Sprott Physical Gold 43.88 0.17 155 46.74 28.12 Sprott Physical Gold 31.11 0.06 20 33.22 19.64 Sprott Physical Silv 23.59 -0.29 188 25.50 13.81 Stantec Inc. 132.78 -2.13 431 160.05 107.23 Sun Life Financial I 82.77 0.29 1,191 91.11 74.56 Suncor Energy Inc. 62.99 -0.26 3,253 63.51 43.59 TC Energy Corporatio 76.50 -0.33 1,367 77.73 62.17 Teck Resources Limit 56.30 -0.11 0 67.04 40.49 Teck Resources Limit 53.85 -2.47 1,079 67.77 40.23 TELUS Corporation 18.84 -0.18 6,982 23.29 18.68 Thomson Reuters Corp 185.77 -3.09 423 299.24 186.19 TMX Group Limited 51.55 -0.15 658 57.98 42.47 Toromont Industries 159.30 -0.93 93 168.56 107.32 Toronto-Dominion Ban 114.66 -0.01 3,155 116.49 73.22 Tourmaline Oil Corp. 61.24 -0.67 1,691 70.83 55.40 Vanguard FTSE Canada 61.07 -0.71 158 62.98 45.49 Vanguard S&P 500 Ind 163.76 -2.08 500 171.60 121.61 Vanguard U.S. Total 122.67 -1.55 112 128.80 91.60 Waste Connections In 244.86 -0.43 381 284.73 229.10 Wheaton Precious Met 140.41 -5.93 325 160.44 79.88 Whitecap Resources I 11.58 -0.14 6,437 11.73 6.87 WSP Global Inc. 240.72 -5.60 425 291.46 217.42 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 Fid Glo Val Lg/Sh B 10.22 2.79 ROMC Trust Series A 28.73 1.13 Mawer Intl Equity Fund A 91.74 0.92 NEI Emerg Markets Fd A 9.34 0.86 Mawer EAFE Large Cap Fd A 15.29 0.83 ATB IntlDiscEqu I 10.46 0.82 NEI Intl Equity RS Fd A 22.22 0.82 Lei Whe Intl Equ Pls Fd F 13.45 0.79 EHP Select Altntiv Fd A 10.59 0.71 Mawer Emer Mkts Eq Fd A 17.90 0.70 Canoe Def Intl Equ Fd A 19.36 0.66 PH&N CdnCus LT FixIn Fd O 8.23 0.65 Friedberg GblMacHdgFd U$ 12.76 0.64 Canadian Equity COMPANY CLOSE CHG RBC Trend Cdn Equ Fd A 11.30 -0.01 PH&N Cons Equ Inc Fd O 17.58 -0.34 LW Carbon Constr Can Eq F 17.48 -0.35 BG Fdmntl Cdn Equ Fd F 16.66 -0.36 Lei Whe Cdn Equity Fd F 87.21 -0.36 IAC Inh Cdn Equ SRI Cl A 22.18 -0.42 BMO LowVoCdnEquETFFd A 16.85 -0.42 Guardian CdnDiversCoreEqA 14.58 -0.43 BG Cdn Equity Fd D 47.29 -0.47 NEI Cdn Equ Pl I 13.54 -0.47 Mawer Cdn Equity Fd A 110.74 -0.53 TD Cdn Low Vol Cl Inv 17.88 -0.56 EdgPt Canadian Port A 59.35 -0.58 Canadian Fixed Income COMPANY CLOSE CHG MD Bond Fund Series A 7.02 0.29 Fid Sys Cdn Bon Idx ETF B 8.95 0.26 MD Fos Fuel Fre Bond Fd A 9.06 0.22 Dyn Tact Bond Pvt Pl F 8.16 0.21 RBC Cdn Bond Idx ETF Fd 10.48 0.21 Dyn Tot Ret Bond Fd A 7.26 0.20 Dyn Act Core Bond Pv Pl F 8.50 0.20 SunL Core Advtg Cred PP A 8.51 0.20 Dyn Cdn Bond Fd A 4.74 0.20 RBC Vision Fut Sol Bd O 10.02 0.20 RBC Vision Bond Fund Sr D 9.92 0.19 CounselCanCoreFixIncSerO 9.04 0.19 PH&N Bond Fund Series D 9.36 0.19 Global Equity COMPANY CLOSE CHG Canadian Dollar 45,752.26 22,078.05 DOW NASDAQ S&P 500 S&P/TSX -386.51 -486.18 -103.40 -371.86 29,906.556,538.76 -0.08 -22.80-0.30 OIL GAS GOLD SILVER US$59.14 US$4.47 US$4,060.00 US$50.30 -0.55 DOLLAR 71.02¢ -0.21 30,100 30,550 29,650 31,000 29,200 DAILY CLOSE, PAST 30 DAYS I October November Manitoba Stocks Ag Growth Int’l Inc. 18.09 -0.92 387,272 Artis Real Estate Investment Trust 6.43 0.03 338,535 BCE Inc. 32.37 0.3 3,089,259 Bird River Resources Inc. 0.14 -0.015 66,964 Boyd Group Services Inc. 215.50 1.67 29,641 Exchange Income Corp. 76.99 -1.02 155,008 FP Newspapers Inc. 0.74 -0.01 12,500 Gossan Resources Ltd. 0.04 0 - Great West Lifeco Inc. 63.01 0.05 559,395 Hudbay Minerals Inc. 20.54 -1.2 1,334,650 IGM Financial Inc. 55.51 -0.43 265,631 Kane Biotech Inc. 0.04 0 89,000 Medicure Inc. 1.30 -0.13 19,604 NFI Group Inc. 13.01 -0.21 194,375 North West Co. Inc. New 48.11 0.04 115,057 Pollard Banknote Ltd. 18.91 -0.45 6,903 Winpak Ltd. 42.92 -0.28 39,539 Marwest Apartment REIT 0.71 0 0 COMPANY CLSE CHG VOL COMPANY CLSE CHG VOL Futures Trading — Grain quotes CANOLA COMPANY OPEN HIGH LOW CLOSE YESTERDAY Jan ‘26 650.20 657.60 648.50 650.20 650.40 Mar 662.80 670.00 661.40 663.00 663.10 May 672.70 679.70 671.40 673.00 672.90 Jul 677.90 684.50 676.60 678.10 678.00 Nov 668.10 672.00 665.00 666.90 665.60 Jan ‘27 675.30 675.30 670.40 672.50 672.30 Mar - 674.90 - 674.90 675.40 May - 674.40 - 674.40 675.50 Jul - 671.10 - 671.10 672.20 Nov - 664.70 - 664.70 665.90 Jan ‘28 - 669.70 - 669.70 670.90 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 Thursday. Quotations in Canadian funds. Australian dollar 0.9103 Brazilian real 0.2641 Chinese renminbi 0.1979 European euro 1.6237 Hong Kong dollar 0.1809 Indian rupee 0.01588 Indonesian rupiah 0.000084 Japanese yen 0.00894 Mexican peso 0.07666 New Zealand dollar 0.7895 Norwegian krone 0.138 Peruvian new sol 0.4165 Russian ruble 0.01757 Saudi riyal 0.3754 Singapore dollar 1.077 South African rand 0.08181 South Korean won 0.000957 Swedish krona 0.1476 Swiss franc 1.747 Taiwanese dollar 0.04501 Turkish lira 0.0333 UK pound sterling 1.8424 US dollar 1.4080 A U.S. dollar cost $1.4080 based on the daily average ROMC Trust Series A 28.73 1.13 Canoe Def Gb Equ Fd A 27.64 0.33 Mac GQE Wld Low Vol A 12.53 0.19 Grdian Drctd Eqty Path A 9.11 0.11 Mac Ivy For Equ Fd A 58.48 0.09 GQG PartnersGloQualityEqA 14.39 0.07 EdgPt Global Port A 41.20 0.02 Canoe Gbl Eq Fd Series D 87.34 0.01 Guardian Drctd Prem Yl A 9.58 -0.04 TD Gbl Low Vol Fd Inv 23.59 -0.04 RBC QUBE LVAll C Wd Eq A 10.29 -0.05 Canoe Fund Glo Eq Pt Cl A 10.42 -0.06 Mac Global Value Fd A 9.75 -0.07 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. Bell Canada cuts almost 700 jobs THE parent company of Bell Canada is slashing nearly 700 jobs in what it is call- ing a “difficult but necessary decision.” BCE Inc. confirmed in an email Thursday that approximately 650 manager positions at Bell, along with around 40 jobs at its Bell Media subsidi- ary, are affected. The company said that represents less than two per cent of Bell’s total work- force and less than one per cent of the Bell Media team, respectively. It said no unionized employees had been laid off. The media division cuts are “pre- dominantly” in corporate departments, the company said. Bell spokeswoman Katherine Cuplin- skas said the move was made “to bet- ter align our team structure with our growth plan.” “We know this is difficult for those who are impacted and we are sup- porting each person affected,” she said. “Bell continues to invest in strategic priorities that enhance the customer experience and grow the business.” The decision comes after BCE pre- viously announced a goal to find $1.5 billion in total cost savings by 2028 through a “companywide transforma- tion and continued focus on operational efficiencies.” That figure was shared at the com- pany’s investor day event last month, when it outlined a three-year strategic plan for growth focused on fibre, wire- less, AI-powered enterprise solutions and digital media. In February, Bell began offering vol- untary separation packages and retire- ment incentive offers to unionized em- ployees, aiming to reduce its workforce by around 1,200 jobs, according to Uni- for. A year earlier, Bell slashed nine per cent of its workforce, affecting about 4,800 jobs, as part of a shakeup that also saw it offload dozens of radio stations and end multiple television newscasts. Earlier this month, BCE reported a profit attributable to common share- holders of $4.50 billion or $4.84 per share in its latest quarter, which ended Sept. 30. That compared with a loss of $1.24 billion or $1.36 per share in the same quarter last year. — The Canadian Press SAMMY HUDES Vianode to build $3.2B graphite plant for EVs in Ontario A NORWEGIAN company is investing $3.2 billion to build a synthetic graphite plant in southwestern Ontario. Vianode CEO Burkhard Straube says it will construct the plant in St. Thom- as, Ont., and will initially create 300 jobs and ramp up to 1,000 jobs once the plant is operating at full capacity. Straube says synthetic graphite is the biggest component by weight in electric vehicle batteries, but is also essential for nuclear reactors and defence systems. Volkswagen’s battery company, PowerCo, has recently broken ground on its massive gigafactory in St. Thomas. Premier Doug Ford says the province is providing a $670 million loan to Vian- ode. Ford says EVs are the way of the future — though the market has slowed considerably, with Honda announcing a delay in building its $15 billion battery plant in Alliston, Ont., and Umicore pausing its construction of a $2.7 billion EV battery plant in Kingston, Ont. — The Canadian Press OSFI changes seek to help banks boost lending OTTAWA — Canada’s federal banking regulator is moving to make it easier for banks to loan money to small-and medium-sized businesses, and for some real estate projects. The Office of the Superintendent of Financial Institutions says the changes to capital requirements will better re- flect risks faced by institutions while freeing capacity for them to extend credit and support growth. It says the proposed changes would give financial institutions more flexibil- ity and reduce their regulatory burden. OSFI has launched a 90-day public consultation on the proposed changes which would come into effect Nov.1, 2026, or Jan. 1, 2027, for institutions with a financial year ending Oct. 31 or Dec.31, respectively. — The Canadian Press Trio of Warner Bros. suitors put final touches on bids as deadline nears P ARAMOUNT Skydance Corp., Comcast Corp. and Netflix Inc. are all contemplating offers for Warner Bros. Discovery Inc., with each trying to distinguish their proposals and avoid overpaying for the assets. Comcast and Netflix are most inter- ested in the film and TV library, which includes everything from The Sopranos to Bugs Bunny. Paramount is willing to buy the whole company, including cable channels such as CNN, TNT and the Cartoon Network. On Wednesday, Bloomberg reported that Netflix told Warner Bros. manage- ment it is willing to give up its long-stand- ing opposition to releasing films in the- atres if it acquired the company. Warner Bros. said it would evaluate strategic options last month after re- ceiving interest in all or part of the busi- ness from multiple suitors. The first round of bids were expected Thursday. A sale is certain to bring more tur- moil, at least in the short run, for a com- pany looking at its fourth owner in sev- en years. AT&T Inc. purchased Time Warner Inc. from its shareholders in 2018 to diversify into film and TV pro- duction. Four years later, WarnerMedia was merged into Discovery Inc., creat- ing the current iteration. With consumers and advertisers shift- ing from traditional TV to streaming, Warner Bros. has struggled under its current leadership. But with the recent takeover speculation, the shares have nearly tripled over the past two months. It now has a market value of US$57 bil- lion and about US$33.5 billion in debt. Paramount, fresh from its takeover by technology heir David Ellison, start- ed it all. Ellison has made three offers for Warner Bros., running as high as US$23.50 a share, all of which were re- jected. He’s expected to bid more, but less than the US$30-a-share value some analysts have put on the company and Warner Bros. is said to want. Ellison sees an acquisition as an opportunity to beef up Paramount’s business. The Warner Bros. film and TV library will feed more content into the Paramount+ streaming service. HBO Max will also add streaming subscrib- ers, and the Warner cable channels will be merged with Paramount’s MTV and others. The 42-year-old film producer is a fan of movies and wants to increase the combined output of Paramount and Warner Bros. to 30 pictures a year. His father, Oracle Corp. chairman Larry Ellison, is one of the world’s richest men. He already helped fund his son’s US$8 billion takeover of Para- mount. The Ellisons have also been talking to Apollo Global Management and the sovereign wealth funds of sev- eral Middle Eastern nations. On Tues- day, David Ellison joined other business luminaries at a White House dinner honouring the Saudi crown prince. Comcast could combine its NBC broadcast network, Universal film studio and Peacock streaming service with Warner Bros.’ film and streaming assets. Netflix wants to add lucrative Warner franchises like Batman and Harry Potter to its stable. Comcast has US$99 billion in debt, and its shares are down 28 per cent this year. Netflix carries just US$17 billion in borrowings. Its shares are up 23 per cent in 2025, giving it a stock market value of US$466 billion. The Warner Bros. board is expected to make a final decision by Christmas. — Bloomberg News CHRISTOPHER PALMERI, KELCEE GRIFFIS AND HANNAH MILLER CHRIS PIZZELLO / THE ASSOCIATED PRESS FILES Warner Bros. Studios in Burbank, Calif. Its parent company has a market value of US$57 billion and about US$33.5 billion in debt. ;