Oil prices rose on Tuesday for a fifth day on concerns global supply will tighten after the U.S. announced tariffs on countries that buy Venezuelan crude.

Brent crude futures were up 27 cents to $73.27 a barrel. U.S. West Texas Intermediate crude climbed 26 cents to $69.37.

Both benchmarks gained more than 1% in the previous session after U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela. Oil is Venezuela’s main export and China, which is already the subject of U.S. tariffs, is its largest buyer.

This move could mean a fairly sizeable tightening in the global oil balance, ING analysts wrote in a note on Tuesday.

They added oil, along with broader risk assets, also benefited from suggestions the Trump administration may take a more targeted approach with reciprocal tariffs the U.S. is set to enact on April 2.

“Investors fear Trump’s various tariffs could slow the economy and curb oil demand, but the prospect of tighter U.S. sanctions on Venezuelan and Iranian oil constraining supply, along with his swift policy shifts, make it difficult to take large positions,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.

“We expect WTI to stay around $70 for the rest of the year, with potential seasonal gains as the U.S. and other countries enter the driving season,” he added.

Last week, the U.S. issued new sanctions intended to hit Iranian oil exports.

The Trump administration also on Monday extended a deadline to May 27 for U.S. producer Chevron to wind down operations in Venezuela.

The withdrawal of Chevron’s license to operate could reduce production in the country by about 200,000 barrels per day, according to ANZ analysts.

Trump also said automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks, a move Wall Street took as a sign of flexibility on a matter that has roiled markets for weeks.

Meanwhile, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, will likely stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction.

• The Conference Board’s measure for future expectations tumbled 9.6 points to 65.2, the lowest reading in 12 years.
• The board’s monthly confidence index of current conditions slipped to 92.9, a 7.2-point decline and the fourth consecutive monthly contraction.

https://www.cnbc.com/2025/03/25/consumer-confidence-in-where-the-economy-is-headed-hits-12-year-low.html

​The impending U.S. tariffs, scheduled to take effect on April 2, 2025, are poised to have significant repercussions on the Canadian economy. Key anticipated impacts include:​

Economic Growth and Potential Recession:

The Organization for Economic Cooperation and Development (OECD) has revised Canada’s economic growth forecasts downward, projecting a growth rate of 0.7% for both 2025 and 2026, a decrease from previous estimates. The OECD warns that sustained tariffs could push Canada into a recession within six months, with potential job losses reaching up to 100,000 positions in provinces like Quebec. ​MarketWatchWikipedia

Inflationary Pressures:

The Bank of Canada is actively monitoring the situation to prevent tariff-induced price increases from becoming widespread. In February 2025, Canada’s inflation rate rose to 2.6%, surpassing expectations. The central bank acknowledges that tariffs could exacerbate inflationary trends, complicating efforts to maintain its 2% inflation target. ​WSJ

Currency Volatility:

The Canadian dollar has experienced fluctuations amid tariff uncertainties. For instance, on March 21, 2025, the loonie saw a slight decline against the U.S. dollar, influenced by falling retail sales and ongoing tariff concerns. Despite these challenges, the currency managed a modest gain for the week, marking its third consecutive weekly increase. ​Reuters+1Reuters+1

Government Response and Trade Diversification:

In reaction to the tariffs, Canadian Prime Minister Mark Carney has emphasized the need to bolster internal trade and reduce reliance on the U.S. market. The government aims to achieve free internal trade by July 1, 2025, to mitigate the adverse effects of U.S. tariffs. Additionally, relief packages are being prepared for those affected by the trade conflict, and efforts are underway to expedite resource projects, including a proposed oil pipeline from Alberta to Eastern Canada. ​Reuters+1Financial Times+1AP News

Sector-Specific Impacts:

• Agriculture: The tariffs are expected to increase input costs for Canadian farmers, particularly for fertilizers like potash, which are subject to new U.S. duties. This could lead to reduced profitability and shifts in crop selection. ​Midland Daily News
• Manufacturing: Industries such as steel and aluminum are directly targeted by the tariffs, potentially leading to increased production costs and reduced competitiveness in international markets. ​New York Post
• Consumer Goods: The tariffs may result in higher prices for various consumer products, including groceries and household items, as increased import costs are passed on to consumers. ​Business Insider

In summary, the April 2 U.S. tariffs are expected to pose substantial challenges to the Canadian economy, affecting growth, inflation, currency stability, and specific sectors. The Canadian government’s proactive measures aim to mitigate these impacts through internal trade enhancements and strategic economic policies.​Reuters

In mid-March 2025, the share price of Bank of Montreal (BMO.TO) experienced a decline, primarily influenced by a combination of external economic factors and internal corporate developments:

1. Impact of U.S. Tariffs and Trade Tensions: The U.S. announcement of tariffs on Canadian imports, including those related to financial services, created significant market volatility. This geopolitical tension led to a cautious investment climate, particularly affecting Canadian banks with substantial cross-border operations.
2. Economic Uncertainty and Interest Rate Changes: The broader economic context, including uncertainties around global growth and potential changes in interest rates by central banks, also played a role. These factors can affect banks due to their impact on borrowing costs, loan demand, and overall economic activity.
3. Loan Default Concerns: There was also concern about a potential increase in loan defaults. With many fixed-rate mortgages in Canada coming due in 2025, there was apprehension about borrowers’ ability to meet their obligations under possibly higher rates, which could affect the bank’s loan portfolio.
4. Mixed Analyst Sentiments: Despite some analysts maintaining positive long-term views on BMO, citing its strong market position and dividend growth, the immediate response to current events was more conservative. Some analysts might have adjusted their expectations or ratings based on these near-term challenges.
5. Dividend and Corporate Actions: BMO’s financial strategies, including dividend declarations and other corporate actions, could also influence investor sentiment. Any significant changes or announcements in these areas could lead to short-term price movements.

These factors collectively contributed to the observed volatility in BMO’s share price during this period. For the most accurate and specific details, investors and stakeholders typically look to the latest earnings reports, analyst briefings, and news releases from the bank.

4

George Weston Limited (WN.TO) experienced a decline in its share price in mid-March 2025, influenced by several factors:​

1. Insider Selling Activity

During this period, several insider transactions were reported:​

• March 5, 2025: Director Willard Galen Garfield Weston sold 57,463 shares at an average price of C$231.03, totaling approximately C$13.28 million.​RTTNews+2MarketBeat+2MarketBeat+2
• March 10, 2025: Director Willard Galen Garfield Weston sold an additional 7,248 shares at an average price of C$236.64, amounting to about C$1.72 million.​

Such insider selling can raise concerns among investors about the company’s future prospects, potentially contributing to stock price volatility. ​MarketBeat

2. Technical Sell Signals

Technical analysis indicated potential challenges for WN.TO:​

• A sell signal was issued from a pivot top point on March 7, 2025, with the stock falling by approximately 2.78% subsequently.​StockInvest
• The short-term moving average positioned above the long-term average suggested a general buy signal; however, the recent sell signal and price decline introduced caution. ​StockInvest

3. Recent Earnings Report

On February 26, 2025, George Weston reported its fourth-quarter and fiscal year-end results for 2024, ending December 31. While detailed financial outcomes were not specified in the available sources, earnings reports can influence stock performance based on market expectations. ​RTTNews+2George Weston+2MarketBeat+2

4. Stock Buyback Program

The company announced an Automatic Share Purchase Plan (ASPP) on March 21, 2025, allowing the repurchase of up to 6,646,057 common shares between May 27, 2024, and May 26, 2025. While buybacks can signal confidence, they might also prompt questions about capital allocation, especially if conducted during periods of stock price volatility. ​RTTNews+1Yahoo Finance+1

In summary, the decline in George Weston Limited’s share price in mid-March 2025 was influenced by insider selling activities, technical sell signals, recent earnings announcements, and the initiation of a share buyback program. These factors, individually and collectively, may have contributed to investor uncertainty and stock price fluctuations during this period.

CALGARY, AB, March 17, 2025 /CNW/ – Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today said that United Steelworkers (USW), representing approximately 600 clerical and intermodal employees in Canada, has ratified a new four-year collective agreement.

“We are pleased to have received strong support for another collective agreement, the third in Canada reached this year at the bargaining table providing long-term labor stability, increased wages and improved benefits for thousands of CPKC employees across the country,” said CPKC President and Chief Executive Officer Keith Creel. “With this agreement and ratification, made possible through collaboration with the United Steelworkers, our railroaders remain focused on continuing to safely and efficiently serve our customers, moving Canada’s supply chain and supporting the North American economy.” 

This is the third new collective agreement ratified this year by CPKC employees in Canada. Teamsters Canada Rail Conference Maintenance of Way Employees Division representing approximately 2,300 engineering services employees in Canada and Unifor representing approximately 1,200 mechanical employees both ratified new four-year collective agreements in February.

About CPKC
With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf of México to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR

Agnico Eagle Mines (AEM) – the world’s third-largest gold producer – saw its share price climb significantly in March 2025​

The stock traded around C$150 by mid-March, near its 52-week high of C$153.94​

marketbeat.com. This surge was driven by a combination of strong company performance, favorable gold market conditions, bullish analyst sentiment, and supportive geopolitical/macro factors. Below, we outline the main drivers behind AEM’s March 2025 rally and their context.

Robust Earnings and Record Production

Agnico Eagle’s open-pit operations (like this blast at its Meadowbank mine) contributed to record gold output in 2024​

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Agnico Eagle reported exceptional fourth-quarter and full-year 2024 results, which bolstered investor confidence heading into 2025. The company achieved record annual gold production of 3.49 million ounces in 2024 at impressively low unit costs (production cost of ~$885/oz and total cash costs of ~$903/oz)​

stocktitan.net. High output and cost control drove robust profits and cash flow – AEM posted record quarterly adjusted net income of $632 million in Q4 and generated $570 million in free cash flow, enabling it to reduce net debt by $1.3 billion over the year (leaving just $217 million net debt at 2024’s end)​

stocktitan.net. This strong operational performance and strengthened balance sheet signaled that the company was in excellent financial health, which positively influenced investor sentiment.

Agnico’s management also maintained a shareholder-friendly stance, declaring a quarterly dividend of $0.40 per share (paid in March 2025)​

. Additionally, the company’s forward guidance remained solid: gold production is forecast at 3.3–3.5 million ounces annually from 2025 through 2027​

stocktitan.net, with manageable cash costs ($915–$965/oz expected in 2025). Agnico also modestly grew its reserves and resources, indicating an ability to sustain output long-term. It announced that gold mineral reserves increased to 54.3 million ounces (a slight 1% uptick year-over-year) while inferred resources grew by ~9%​

stocktitan.net​

stocktitan.net. This combination of record production, healthy earnings, low debt, steady dividends, and stable future output projections provided a strong fundamental foundation that helped lift AEM’s stock price.

Gold Price Rally and Macro Tailwinds

Gold prices hit a historic milestone of $3,000/oz in March 2025 amid a rush to safe-haven assets​

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Agnico Eagle’s fortunes are closely tied to the price of gold, and March 2025 saw gold prices soar to record highs. On March 14, spot gold reached the $3,000 per ounce milestone for the first time​

Investors flooded into gold as a safe-haven to protect against economic uncertainties sparked by renewed trade tensions – notably U.S. President Donald Trump’s tariffs on imports, which stoked inflation concerns and market volatility​

Just a few days later, gold pushed even higher: following the mid-March Federal Reserve meeting, it hit an all-time high of around $3,052/oz​

The Fed kept interest rates on hold but signaled potential rate cuts by late 2025, a dovish shift that further boosted gold’s appeal​

. Expectations of easier monetary policy (amid persistent inflation pressures) made non-yielding assets like gold more attractive, as lower rates reduce the opportunity cost of holding gold​

Broader geopolitical developments added to gold’s safe-haven demand. Ongoing global tensions – for example, the Russia-Ukraine conflict continuing into 2025 – and uncertainty around international trade contributed to an “elevated” sense of risk in markets​

. In this environment of inflation worries and geopolitical stress, investors sought refuge in gold, which climbed over 15% year-to-date by mid-March​

Agnico Eagle, as a major gold miner, benefited directly from this gold price rally. Higher gold prices translate to higher margins and revenue for producers; with AEM’s all-in costs around $900/oz, gold above $3,000/oz dramatically boosts its profit per ounce. The record gold market thus significantly lifted investor enthusiasm for gold mining stocks like AEM, propelling its share price upward in tandem with the bullion price.

Analyst Upgrades and Positive Sentiment

Sell-side analysts reacted positively to Agnico Eagle’s strong performance and the favorable gold outlook, further fueling the stock’s rise. In early March, after AEM’s earnings release, Royal Bank of Canada (RBC) raised its price target for the stock (to C$105) and reiterated an outperforming “Buy” rating​

. Around the same time, National Bank Financial boosted its target price from C$160 to C$190 and maintained an “Outperform” recommendation​

marketbeat.com – a bullish call that implied substantial upside, given the stock was trading in the $140s–$150s (CAD). Later in the month, Stifel Canada took an even more optimistic stance by upgrading AEM to a “Strong-Buy” rating in a late-March report​

marketbeat.com. These endorsements reflected confidence in Agnico’s operational execution and leverage to rising gold prices.

Overall, AEM enjoyed a consensus “Buy” or better rating on the Street, with multiple firms highlighting its compelling outlook. By late March, at least four analysts had AEM rated “Buy” and two designated it a “Strong Buy,” with the average 12-month price target around C$129 (well above where the stock began the year)​

. Such analyst upgrades and target hikes likely reassured investors and attracted additional buyers, contributing to the share price strength. Positive commentary – citing Agnico’s record production, improving cost profile, and robust growth pipeline – helped reinforce the market’s favorable view of the company during this period.

Strategic Growth Initiatives and News

Investors also took note of Agnico Eagle’s strategic moves to expand its resource base and future production, which added to the positive sentiment. In the first quarter of 2025, Agnico completed the acquisition of O3 Mining, a junior gold developer. AEM had launched an all-cash offer in late 2024, and by March 2025 it closed a deal to acquire 100% of O3 Mining for about $1.67 per share (a 58% premium to O3’s pre-offer price)​

​

stocktitan.net. This transaction brings O3’s assets – notably the promising Marban project in Québec’s Abitibi gold belt – fully under Agnico’s ownership. Management noted the acquisition will allow Agnico to advance the Marban project (sometimes called the Marban Alliance) more efficiently as a wholly owned venture​

stocktitan.net. The market generally views such acquisitions of near-term development projects as a positive for a miner’s growth pipeline, so completing the O3 deal likely added incremental support to AEM’s stock.

Around the same time, Agnico Eagle announced investments in other exploration opportunities. In mid-March 2025, the company took a strategic 15% stake in Collective Mining Ltd., an early-stage gold exploration firm in Colombia​

stocktitan.net

. Agnico spent roughly C$63 million on this private placement and warrant exercise, aligning with its strategy of acquiring toehold positions in geologically prospective projects​

stocktitan.net. Earlier in the quarter, the company also increased its stake in Cartier Resources, and it provided an update on exploration progress at its own mines (highlighting successful drilling at projects like Upper Beaver and the Odyssey zone at Canadian Malartic)​

stocktitan.net​

stocktitan.net. These developments signaled that Agnico is not only delivering results now but also actively investing in its future growth. By shoring up its project pipeline and extending mine lives, AEM demonstrated long-term planning, which can improve investor confidence in the sustainability of its production and cash flow. All of these “other news” items – acquisitions, exploration updates, and joint-venture investments – painted a picture of a company on the front foot, which helped underpin the strong stock performance in March.

Conclusion

In summary, Agnico Eagle’s share price strength in March 2025 was fueled by a confluence of factors: outstanding financial and operating results (record gold output and hefty cash flows), a surge in gold prices to all-time highs (driven by inflationary pressures, Fed policy shifts, and safe-haven demand amid uncertainty), and growing optimism from analysts and investors. The company’s proactive growth moves, such as acquisitions and increased exploration spending, further reinforced the positive narrative. This combination of favorable gold market tailwinds and solid company-specific execution led to a significant increase in AEM’s stock price during the month, as investors grew confident in Agnico Eagle’s near-term performance and long-term prospects.

Quarterly Highlights

• Net earnings attributable to shareholders of the Corporation were $641.4 million for the third quarter of fiscal 2025 compared with $623.4 million for the third quarter of fiscal 2024. Adjusted net earnings attributable to shareholders of the Corporation¹ were approximately $641.0 million compared with $625.0 million for the corresponding quarter of last year, representing an increase of 2.6%.
• Net earnings attributable to shareholders of the Corporation were $0.68 per diluted share for the third quarter of fiscal 2025 compared with $0.65 per diluted share for the third quarter of fiscal 2024. Adjusted diluted net earnings per share¹ were $0.68, representing an increase of 4.6% from $0.65 for the corresponding quarter of last year.
• Total merchandise and service revenues of $5.3 billion, an increase of 5.0%. Same-store merchandise revenues² decreased by 0.1% in the United States, while it increased by 0.2% in Europe and other regions¹, and by 2.8% in Canada.
• Merchandise and service gross margin¹ increased by 0.9% in the United States to 34.0%, decreased by 0.2% in Europe and other regions to 39.0%, and decreased by 1.8% in Canada to 32.4%.
• Same-store road transportation fuel volumes decreased by 3.0% in the United States, by 0.9% in Europe and other regions, while it increased by 3.6% in Canada.
• Road transportation fuel gross margin¹ of 44.28¢ per gallon in the United States, an increase of 1.09¢ per gallon, US 9.29¢ per liter in Europe and other regions, an increase of US 0.73¢ per liter, and CA 13.54¢ per liter in Canada, an increase of CA 0.55¢ per liter.

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ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS THIRD QUARTER OF FISCAL YEAR 2025

Canadian retailer Alimentation Couche-Tard ATD-T +3.68%increase missed third-quarter revenue estimates on Tuesday, hurt by sluggish demand in its convenience stores and fuel businesses amid rising inflationary pressures.

Consumers facing financial strain have increasingly scaled back on expensive as well as non-essential purchases, prompting growing concern among retailers including Circle-K owner Couche-Tard.

U.S. retail giants such as Walmart and Target warned of a demand slowdown owing to muted spending as they braced for the impact from import tariffs proposed and implemented by President Donald Trump.

The Canadian company, which has shown an unwavering commitment to buy Japan’s Seven & i Holdings, saw its quarterly revenue rise 6.5 per cent to $20.90 billion from a year ago. Analysts had estimated a quarterly revenue rise of 8 per cent to $21.19 billion, according to data compiled by LSEG.