|Bid||60.14 x N/A|
|Ask||60.81 x N/A|
|Day's Range||58.58 - 61.23|
|52 Week Range||47.05 - 76.58|
|Beta (5Y Monthly)||1.08|
|PE Ratio (TTM)||14.20|
|Forward Dividend & Yield||3.24 (5.41%)|
|Ex-Dividend Date||Mar 29, 2020|
|1y Target Est||N/A|
To the annoyance of some shareholders, TC Energy (TSE:TRP) shares are down a considerable 35% in the last month. Even...
(Bloomberg) -- Canadian stocks suffered a stunning 12% drop, the largest in eight decades, as investors size up the likelihood of a global recession because of the coronavirus pandemic.The S&P/TSX Composite Index had its biggest one-day decline since May 1940, according to data compiled by Bloomberg. The 230 companies in the benchmark collectively lost at least C$265 billion ($190 billion) in market value. Trading on the Toronto Stock Exchange was halted minutes after the market opened as a wave of selling tripped the circuit-breaker rule.The spread of a global pandemic that has killed more than 4,700 people has shocked financial markets and forced policy makers into emergency measures. The Federal Reserve said it is prepared to inject a total of $5 trillion into funding markets over the next month.The Bank of Canada also took steps to smooth the flow of credit. Late Thursday afternoon, the central bank said it will broaden the scope of a government bond buyback program and temporarily add repo operations with terms of six and 12 months “to proactively support interbank funding.”In equity markets, the selling was indiscriminate. One of the country’s largest pipeline operators, TC Energy Corp., saw its market cap fall almost C$13 billion. Shares of the Calgary-based company fell 22%, the most since 1984. Only one stock in the composite went up: auto parts maker Linamar Corp.“We’ve had a bull market which had to result in some relief at some point,” said Michael Smedley, chief investment officer at Morgan Meighen & Associates. “The situation at the moment is still for me ‘sitting on your hands’ rather than ‘catching the knife.’”A growing number of economists believe Canada is on the brink of recession as the economy takes a double hit from the coronavirus and tanking oil prices, ramping up pressure on Prime Minister Justin Trudeau’s government to come up with a sizable fiscal stimulus package. In the meantime, investors were left perplexed.“The most important thing right now is to focus on liquidity, focus on safe yields and non-cyclical parts of market,” including Canadian banks, David Rosenberg, founder of Rosenberg Research and Associates Inc., said in a phone interview. He’s “nibbling back into the market” and advising clients to look for stocks where dividends are safe.Rosenberg, the former North American chief economist for Merrill Lynch who has been forecasting a recession, thinks one has already begun in Canada and the U.S. “This is an absolutely horrible situation, at every level,” he said.Don’t bank on a quick bounce, said one analyst at Canadian Imperial Bank of Commerce. “The caveat here is that we do not believe there is a V-shape recovery given the magnitude of the recent technical damage in market internals,” the bank’s technical analyst Sid Mokhtari said in a note to clients.Oil is headed for the biggest weekly decline since 2008 after Saudi Arabia set off a price war over the weekend and President Donald Trump said the U.S. would restrict travel from Europe for the next 30 days in an attempt to contain the coronavirus, pummeling fuel demand.Trudeau himself is in self-isolation and working from home while his wife awaits the results of a Covid-19 test. Sophie Gregoire Trudeau had been exhibiting flu-like symptoms after recently returning from a speaking engagement in London, the prime minister’s office said in a statement. While her symptoms have subsided, she’s self-isolating at home as she awaits the test results.The prime minister isn’t exhibiting any symptoms.Meanwhile, provincial governments took further steps to try to slow the coronavirus outbreak. Quebec asked residents to quarantine themselves after any foreign trip and made a 14-day self-isolation mandatory for government workers. Ontario said public schools will close through April 5 and Alberta urged the cancellation of all gatherings of more than 250 people.(Updates with additional details on market drop, government and central bank response, and new chart)\--With assistance from Aoyon Ashraf, Steven Frank, Doug Alexander, Derek Decloet and Jacqueline Thorpe.To contact the reporters on this story: Divya Balji in Toronto at firstname.lastname@example.org;Michael Bellusci in Toronto at email@example.comTo contact the editors responsible for this story: Courtney Dentch at firstname.lastname@example.org, Divya Balji, Steven FrankFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
Canadian authorities on Sunday reached a tentative deal with an indigenous group in the Pacific province of British Columbia that could end solidarity protests across Canada that have been blocking rail lines and roads for weeks. Activists have disrupted passenger and freight traffic to show solidarity with the Wet'suwet'en people, who are seeking to stop TC Energy Corp from building a gas pipeline over their land. After three days of talks, Indigenous affairs ministers from British Columbia and Prime Minister Justin Trudeau's government said they reached an agreement that would address future land rights disputes, but said pipeline construction would continue.
Canadian National Railway Co has started calling back many of the 450 workers it laid off earlier this month in eastern Canada, when blockades crippled operations on strategic rail lines, according to a company email sent to customers on Friday. Earlier this week, police made 10 arrests and cleared a blockade in eastern Canada that had been stopping freight and passenger traffic for almost three weeks on one of Canada's busiest lines. The blockades were held in solidarity with the Wet’suwet’en people in the Pacific province of British Columbia, who are seeking to stop TC Energy Corp from building a gas pipeline over their land.
A Canadian government minister was scheduled to open two days of talks with a major indigenous group on Thursday in a bid to end three weeks of rail and road blockades across the country that are harming the economy. Activists have disrupted passenger and freight traffic to show solidarity with the Wet'suwet'en people in the Pacific province of British Columbia, who are seeking to stop TC Energy Corp from building a gas pipeline over their land. Carolyn Bennett, the minister of crown-indigenous relations, and Scott Fraser, the British Columbia minister of indigenous relations and reconciliation, are due to meet Wet'suwet'en hereditary chiefs on Thursday and Friday.
OTTAWA/TORONTO, Feb 25 (Reuters) - Protesters in Canada blocked train lines, Vancouver's port entrance and at least one highway in Quebec on Tuesday in response to the arrest of 10 indigenous protesters on Monday as police cleared a three-week rail barricade in southern Ontario. On Monday, police arrested some of the Tyendinaga Mohawk campaigners who had barricaded the line in solidarity with the Wet'suwet'en from British Columbia, who are seeking to stop construction of a gas pipeline over their land. The new rail blockade is located at a junction of three busy Canadian National Railway lines, for both freight and passengers.
Police moved in on Monday morning to clear a rail blockade by an indigenous group in eastern Canada that had been stopping freight and passenger traffic for more than two weeks on one of the country's busiest lines. Canadian National Railway Co obtained an injunction against those preventing rail traffic from moving along its trunk line near Belleville, Ontario, on Feb. 7, but provincial police had taken a cautious approach until now. Dozens of Ontario Provincial Police descended on the site of the rail blockade a little after 8 a.m. ET.
Canadian indigenous groups are leading the charge against fossil-fuel development in a country with the world's third-largest proven oil reserves, using rail blockades as leverage and putting Prime Minister Justin Trudeau in a bind. Members of the Wet'suwet'en Nation in British Columbia have been fighting the construction of TC Energy Corp's planned Coastal GasLink pipeline for a decade, but now savvy social media use and years of outreach have drawn allies. For almost two weeks, protesters across the country have taken up their cause, bringing freight and passenger traffic to a standstill in parts of Canada.
Canadian Prime Minister Justin Trudeau on Monday called for a peaceful solution to end rail blockades by indigenous rights groups protesting the construction of a natural gas pipeline. Indigenous communities across Canada have blocked key rail lines for nearly two weeks to oppose construction of the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co, to shut operations in eastern Canada.
As you might know, TC Energy Corporation (TSE:TRP) recently reported its annual numbers. TC Energy missed revenue...
Canadian Prime Minister Justin Trudeau has canceled his planned trip to Barbados to help resolve widespread rail disruptions caused by indigenous rights activists opposing the construction of a natural gas pipeline, his office said on Sunday. Indigenous communities across Canada have been blocking some key railway lines for nearly two weeks in protest against the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co , to shut operations in eastern Canada.
Jennifer Rowland, Edward Jones Sr. Equity Analyst, joins On The Move to discuss how the spread of the coronavirus and OPEC disagreement is impacting dividends and affecting both big and small oil companies.