What happened in the stock market
All the Canadian markets were up this week:
- CSE with a gain (no data available);
- TSXV with a gain of 0,8%
- TSX with a gain of 1,2%
BMO Financial Group says recent changes to mortgage stress test rules and the cooling of prices and sales in some regions may moderate the country’s housing market. BMO Financial Group says recent changes to mortgage stress test rules and the cooling of prices and sales in some regions may moderate the country’s housing market. BMO Financial Group says recent changes to mortgage stress test rules and the cooling of prices and sales in some regions may moderate the country’s housing market.
In its quarter ended April 30, BMO earned $1.3 billion in net income or $1.91 per share, up from $689 million or $1.00 per share a year ago.
The increase came as BMO’s total provision for credit losses fell to $60 million in its latest quarter compared with $1.1 billion in the same quarter last year when the pandemic brought the economy to a halt.
This Tuesday, the bill C-218 was discussed by the Senate. After the second reading, the bill passed and now is sent to the Committee before being sent back to the Senate for a third and last reading. Besides, there is still no guarantee that C-218 is ultimately passed by the chamber — which prides itself on providing “sober second thought” — or that it becomes law in Canada.
The pace of the bill’s progress may be creating a tense situation for Canadian bettors and backers of C-218. The legislation represents perhaps the best chance in years to bring single-game wagering to the country — potentially sparking a burst of sports-betting activity à la the United States — but the clock is ticking and there is still work left to do.
“If [Bill C-218] doesn’t come out by June, I don’t think we’re going to see it,” Waugh told The Canadian Press.
Even so, Tuesday’s news was likely a welcome sight for members of the sports betting industry that are looking to tap the Canadian market.
Toronto-based Score Media and Gaming Inc. is one such interested party, having already launched theScore Bet app in the U.S.
“With today’s passing of Bill C-218 on second reading in the Senate, we are now one important step closer to legalizing single event sports betting in Canada,” chief executive John Levy said in a statement issued Tuesday night.
Crypto currencies are again under pressure. After flirting with the $41k USD wall, Bitcoin fell again few times this week to the $35k support and now the prices hovers around $38k USD.
Governments are eying more and more about this sector creating some fears from investors. Following China, some countries such as Japan where the Bank of Japan governor slams Bitcoin, calls BTC a speculative asset, Australia will pressure more investors to declare their profit for taxes, or in Great-Britain where cryptocurrency businesses have been struggling to meet Anti-Money Laundering standards set by the Financial Conduct Authority, according to a senior official. The emergence of alt-coins will add more pressure to the crypto market.
For a reminder, the crypto market isn’t regulated like the stock market is . Some high volatility will be more likely to occur.
Top picks of the week
King Global Ventures Inc.
Petroteq Energy Inc.
Water Ways Technologies Inc.
High Tide Inc.
They did their IPO this week
Element Nutritional Sciences Inc.
Sol Cuisine Ltd.