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:
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.
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.
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.
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.
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.
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
. 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. 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
. 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
. 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. 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.
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.
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.
What to expect from the Trump-Putin call on Ukraine war
President Donald Trump announced on Sunday that he will likely be speaking with Russian President Vladimir Putin on Tuesday. Putin’s spokesperson, Dmitry Peskov, and the White House have since confirmed the call.
Trump is eager to fulfill his campaign promise by making a deal with Putin to end the war in Ukraine, which he has called a “bloodbath.”
Here’s what to expect and what not to expect from their conversation.
Both Trump and Putin will likely remain cordial and respectful to each other, continuing to showcase their skills and talents in diplomacy. Unlike former President Biden and his VP Kamala Harris, who frequently got exasperated by Putin’s recalcitrance, calling him a “killer,” Trump does not insult Putin. The master of the Art of the Deal knows how to dance the waltz of diplomacy.
Canada’s beer industry will be hit with a $330-million increase to the annual cost of cans if U.S. President Donald Trump refuses to back down from the 25-per-cent tariff he slapped on Canada’s aluminum industry last week.
Aluminum beer cans are currently subject to double tariffs, with the United States imposing a 25-per-cent tariff on raw aluminum imports last week, and the Canadian government levying a 25-per-cent tariff on $30-billion worth of goods imported from the U.S. – including finished beer cans or flattened sheets of aluminum that can be made into cans.
For Canadian breweries, the tariffs by both governments mean the cost of doing business will surge owing to the number of border crossings their cans make before hitting store shelves. Beer Canada president CJ Hélie says tariffs will cost his industry an additional $330-million a year.
“This is a universal concern among every brewer in the country right now,” said Mr. Hélie, whose association has 50 members who account for 90 per cent of all domestic beer brewed in the country. “Canada used to primarily be a refillable [glass] bottle market, and over the last few decades the market has converted to primarily be an aluminum can market.”
Today, 85 per cent of packaged beer in Canada is sold in cans, many sourced from a handful of major manufacturers in the U.S.
Last year, Canada exported more than $10.6-billion worth of unwrought – meaning minimally processed – aluminum to the U.S., which was Canada’s top export market for the product by a long shot.
In 2024, Canadian brewers used about 3.7 billion cans, of which almost 20 per cent were American-made. Although Canada is the source for much of the raw aluminum that is later used to make beer cans of all sizes, its manufacturing capacity sorely lacks key tooling components widely available in the U.S.
Mr. Hélie said Canada does not operate any aluminum rolling mills: facilities that produce large, flat sheets of aluminum that are then cut and formed into aluminum beverage cans.
This interdependence between the two countries means a can is likely to cross the border at least twice on its journey from mine to six-pack, so consumers paying for the final product could see the trickle-down effect of a double tariff.
Erich Schmidt, a spokesperson for the Canadian Beverage Association, said there are two principal suppliers for aluminum cans in the non-alcoholic market. Both of those companies have manufacturing facilities in Canada, but the aluminum sheets and lids come from the U.S.
Mr. Schmidt, whose association represents 90 per cent of the non-alcoholic beverage producers in Canada, declined to comment on how much tariffs could add to the price of cans for the sector, but said as “aluminum prices rise, so does the cost of aluminum beverage containers.”
At Superflux Beer Co. in Vancouver, the specialty brews are served in U.S.-made cans. “Every craft brewery in Canada that you can buy a 16-ounce (473-millilitre) can from, those cans are not made in Canada,” co-founder Adam Henderson said.
Canadian manufacturers exist for certain sizes of cans, Mr. Henderson says, but their supply is spoken for by brands much larger than his.
Owing to his brewery’s size, Mr. Henderson said he has to go through a Canadian distributor to buy his tallboy cans, which are made almost exclusively by manufacturers in the U.S.
“It’s not just that we can’t get cans, but it’s also, as an industry, we’ve been facing a squeeze,” he said.
Toronto-based craft brewer Steam Whistle Brewing Co. said its 16-oz. tallboy can has become the container of choice among customers. But no Canadian manufacturers make those cans, so the company says it could see $1-million in additional annual costs if the trade war bleeds into the busy summer beer season.
Steam Whistle president Bromlyn Bethune said the company was lucky enough to stockpile three months’ worth of pretariff priced inventory. However, she has already been notified by its lid supplier that the next invoice will include tariff-affected prices.
“As a craft brewer, this is extremely challenging,” she said.
Beer Canada’s Mr. Hélie says many small breweries couldn’t stockpile because of a lack of storage space and cash flow, leaving them vulnerable to tariff pricing. The price of aluminum has already jumped almost 80 per cent since January, he added.
Ms. Bethune says increasing the price of a six pack is out of the question, particularly for Steam Whistle, which is already a high-end premium craft beer.
“We don’t want to outprice ourselves on the market during a time when consumers are going to be feeling this all around them.”
To mitigate costs, Steam Whistle and other breweries want to eliminate interprovincial trade barriers, and have asked the Ontario government to re-examine the taxes paid by craft brewers in the province, which Ms. Bethune said are among the highest in the country.
Steam Whistle pays $5-million more a year in provincial tax than a brewery of the equivalent size in Quebec, she said.
“And as a craft brewer, we believe Canadian products should be taxed evenly and fairly across the country when we’re all dealing with what’s coming at us as businesses,” Ms. Bethune added.
Mr. Hélie is hoping the industry will recoup some of its losses if Ottawa returns a portion of what it receives in countertariffs, as it did in 2018, when Mr. Trump imposed a 10-per-cent aluminum tariff.
Supply chains for cider and wine are being sucked into the same tariff trap, and producers also want Ottawa to help.
John Boynton, president and chief executive officer of Arterra Wines Canada, which owns and distributes more than 100 brands, including Growers Cider, and Jackson-Triggs and Open wines, said the cans and bottles used to package these products are made in the U.S.
He said the tariffs affecting canned products have left him in an impossible situation, and he fears bottles could be next. “It’s too big of a number to absorb,” he said.
Shifting his supply chain isn’t a viable option because of the limited number of manufacturers and the time it takes to test out new packaging for products, he said.
For now, his plan involves talking to suppliers and calling on the government for an exemption. Like Steam Whistle, passing on the cost to consumers is out of the question.
“What we’re telling everybody is hold the line on costs. No increases in costs any more. We don’t think consumers can take it.”
Canada’s annual inflation rate showed a surprise jump to 2.6 per cent in February, surpassing expectations as a sales tax break that ended in the middle of last month pushed prices higher amid an already broad-based increase, data showed on Tuesday.
This is the first time in seven months that the rate of increase of consumer prices has crossed the 2 per cent mark, the midpoint of the Bank of Canada’s target range of 1 per cent to 3 per cent. In January, inflation was at 1.9 per cent.
Without the tax break, inflation in February would have been 3 per cent, Statistics Canada said.
The inflation number expanded currency market bets for a pause in the interest-rate-cutting cycle next month to over 70 per cent from 59 per cent before the numbers were released.
The Canadian dollar firmed after the data and was trading up 0.06 per cent at 1.4283 to the U.S. dollar, or 70.01 U.S. cents. Yields on the two-year government bond surged by 5.7 basis points to 2.596 per cent.
On a month-on-month basis, prices rose by 1.1 per cent in February from 0.1 per cent the prior month, Statscan said.
Analysts polled by Reuters had forecast the yearly inflation at 2.2 per cent and 0.6 per cent on a monthly basis in February. The BoC had said last week that it expected inflation to reach 2.5 per cent in March amid price pressures due to tariff-related uncertainty.
While prices increased across almost the entire CPI basket, the major jump was in food purchased at restaurants, some clothing items and alcohol after the tax reprieve was lifted.
“Restaurant food prices contributed the most to the acceleration in the all-items CPI in February,” Statscan said.
Food prices increased 1.3 per cent year over year while clothing and footwear increased by 1.4 per cent on a yearly basis. Other items that added to price pressures in the CPI basket were transportation, which jumped by 3 per cent, and shelter costs, which were up 4.2 per cent.
Economists have said that the sales tax break had distorted overall inflation numbers, and that core inflation was a more accurate gauge of consumer price trends.
The BoC has two preferred measures of core inflation: CPI-median and CPI-trim.
CPI-median, or the centremost component of the CPI basket when arranged in an order of increasing prices, rose to 2.9 per cent in February. CPI-trim, which excludes the most extreme price changes, was also up to 2.9 per cent. Both were at 2.7 per cent in January.
Agnico Eagle’s open-pit operations (like this blast at its Meadowbank mine) contributed to record gold output in 2024