Category: Uncategorized

Summary

• ATD.TO closed at C$91.19 on July 10, 2026, down C$2.24 or 2.4% over the latest 10 trading sessions, measured from the June 26 close of C$93.43.
• The period was primarily a consolidation after the post-earnings surge. ATD had jumped 11.7% on June 23 after stronger-than-expected fiscal Q4 results.
• The stock traded as high as approximately C$93.63 on July 8 but failed to retest its recent 52-week high of C$95.15.
• The 2.9% decline on July 9 was partly affected by the stock trading ex-dividend, although the C$0.215 dividend represented only about 0.23% of the share price; most of the decline reflected selling and profit-taking.
• Overall assessment: modest pullback, not a reversal of the earnings-driven improvement.

10-Trading-Day Performance

Date	Closing price	Daily change
June 26	C$93.43	−0.15%
June 29	C$91.50	−2.07%
June 30	C$90.40	−1.20%
July 2	C$90.27	−0.14%
July 3	C$91.38	+1.23%
July 6	C$90.97	−0.45%
July 7	C$91.81	+0.92%
July 8	C$93.15	+1.46%
July 9	C$90.49	−2.86%
July 10	C$91.19	+0.77%

Net change: C$93.43 → C$91.19
Price return: −2.4%
Including the C$0.215 dividend: approximately −2.2% total return.

Key Drivers

1. Profit-taking after strong earnings

ATD’s fiscal Q4 adjusted EPS increased 58.7% year over year to US$0.73, while adjusted EBITDA rose 30.9%. The gains were driven by:

• stronger road-fuel margins;
• organic convenience-store growth;
• acquisitions;
• favourable foreign-currency translation.

The earnings release drove the stock from C$82.26 on June 22 to C$91.87 on June 23. The subsequent 10-day decline therefore appears mainly to be investors taking profits following an unusually large one-day revaluation.

2. Resistance near C$94–C$95

ATD reached a 52-week high of C$95.15 on June 24. During the latest period, rallies toward C$93–C$94 attracted sellers.

This suggests the market had already priced in much of the earnings improvement, at least over the short term.

3. July 9 ex-dividend adjustment

ATD traded ex-dividend on July 9 for its C$0.215 quarterly dividend. In theory, this reduces the share price by roughly the dividend amount when the stock begins trading without entitlement to the payment.

However:

• dividend impact: approximately C$0.215, or 0.23%;
• actual July 9 decline: C$2.66, or 2.86%.

Therefore, the dividend explains only a small part of the decline. The remainder likely represented profit-taking and rejection near technical resistance.

Fundamental Context

Q4 fiscal 2026 metric	Result	YoY change
Adjusted EPS	US$0.73	+58.7%
Adjusted net earnings	US$667M	+51.2%
Gross profit	US$3.5B	+19.4%
Adjusted EBITDA	Not separately stated here	+30.9%
Fiscal-year adjusted EPS	US$3.10	+14.4%

The operating results remain supportive. The main caution is that part of the Q4 improvement came from elevated fuel margins, which can fluctuate materially between quarters. Operating expenses and financing costs also increased.

Scenarios

Scenario	Short-term interpretation
Bull	ATD holds C$90–C$91 and breaks above C$95.15 as investors continue upgrading earnings expectations.
Base	Stock consolidates between approximately C$89 and C$95 while the market waits for evidence that stronger fuel margins and merchandise growth are sustainable.
Bear	A break below C$89 would indicate that the earnings rally is being unwound, potentially exposing the C$86–C$88 area.

Actionable Takeaways

• The latest decline was mainly consolidation and profit-taking, rather than evidence of a new company-specific deterioration.
• C$90–C$91 is the immediate support area; C$94–C$95.15 is the principal resistance zone.
• The next fundamental test is whether ATD can maintain improved fuel margins and convenience-store sales without excessive expense growth.
• The positive thesis would be weakened by declining U.S. merchandise sales, normalization of fuel margins, rising leverage or a sustained break below the post-earnings trading range.

TTCD.TO tracks the S&P/TSX Capped Consumer Discretionary Index, a benchmark for Canadian consumer discretionary stocks (e.g., retailers, auto parts, hotels, and leisure companies like Magna, Linamar, Canadian Tire components, etc.). It is not a single company stock but a sector index.

Recent Performance (Past ~10 Trading Days, late June–July 10, 2026):

The index has been relatively flat to slightly down, showing mild consolidation after earlier strength. Exact daily closes are less granular than individual stocks, but sector peers (MG.TO, LNR.TO, CTC.A.TO) suggest:

• Early July weakness/pullback from June highs.
• Modest recovery in some sessions, but overall limited net movement (likely -1% to +1% range over 10 days, depending on exact window).
• Influenced by broader market sentiment, with mixed results across discretionary names (some resilience in value retailers, softness in cyclical auto/industrial exposure).

Key Drivers/Context:

• Sector Rotation & Macro Factors: Consumer discretionary is cyclical and sensitive to interest rates, consumer confidence, and economic growth expectations. Recent moves may reflect profit-taking, rotation into other sectors, or caution ahead of earnings season.
• Component Influence: Heavy weights in companies like those in auto parts (e.g., MG.TO, LNR.TO) and retail (e.g., CTC.A influences) have seen mixed results—some rebounds but overall sector caution.
• Broader Market: The TSX has been stable, but discretionary sectors can lag or lead depending on risk appetite. No major negative sector-wide news, but individual company volatility (e.g., post-earnings adjustments) contributes.

DOL.TO (Dollarama Inc.) has declined modestly over the past 10 trading days (late June to July 10, 2026), giving back some of the gains from a strong mid-June rally.

Recent Price Action (Closing Prices):

• Jul 10: Closed at 185.25 (+1.06%; ex-dividend adjustment noted)
• Jul 9: Closed at 183.43
• Jul 8: Closed at 186.25
• Jul 7: Closed at 185.86
• Jul 6: Closed at 186.16
• Jul 3: Closed at 188.11
• Jul 2: Closed at 186.57
• Jun 30: Closed at 187.62
• Jun 29: Closed at 191.22
• Jun 26: Closed at 193.93 (recent high area)

Net over ~10 days: From around 193–194 (late June) to ~185 on Jul 10, a decline of roughly 4–5% (including the ex-dividend impact on Jul 10 of $0.12 per share). The stock has pulled back from near-term highs but remains well above its 52-week low (~166).

Possible Reasons for the Decline:

1. Profit-Taking After Rally: Dollarama shares surged in mid-June (e.g., strong move on/after June 11 earnings). The Q1 results beat expectations with solid same-store sales growth driven by cost-conscious consumers, boosting the stock ~7% initially. Markets often see pullbacks as investors lock in gains.
2. Ex-Dividend Adjustment: The stock went ex-dividend on July 10 ($0.12 quarterly). This typically causes a price drop roughly equal to the dividend amount (all else equal), contributing to the recent move.
3. Broader Market/Sector Dynamics: As a high-valuation growth retailer (trailing P/E ~38), DOL can be sensitive to interest rate expectations, consumer spending trends, or rotation out of defensive/consumer staples names. No major negative company-specific news appears to be driving this—recent updates include a normal course issuer bid renewal.
4. Technical Consolidation: After hitting resistance near 195–200+, the stock is consolidating. Volume has been reasonable but not extreme on down days.

Overall Context: This appears to be a healthy pause rather than a fundamental reversal. Dollarama continues to benefit from its dollar-store model in a value-seeking environment, with strong long-term growth (store expansion, private label, etc.). Longer-term performance remains solid despite the recent softness.

Canadian stocks inched higher on Friday, extending the gains from yesterday’s session, as regional mediators are frantically working to bring the U.S. and Iran back for re-negotiations following their recent standoff while June month jobs data showed an unexpected increase.

After opening a little higher than yesterday’s close, today the benchmark S&P/TSX Composite Index remained volatile initially but later traded firmly positive throughout the rest of the session before settling at 35,305.31, up by 104.86 points (or 0.30%).

Five of the 11 sectors posted gains today, with the consumer discretionary sector leading the pack.

Today in Canada, data from Statistics Canada revealed that the unemployment rate eased to 6.50% in June from 6.60% in the previous month, below market expectations that it would remain unchanged and tying for the lowest since July 2024.

Net employment rose by 18,000 positions in June to 21,139,700, supported by part-time positions. Unemployment fell by 13,200 to 1,469,200.

In contrast, manufacturing employment fell by 17,000, reversing much of May’s 15,000 increase.

The Bank of Canada is set to announce its next interest rate decision on July 15. Economists are of the view that the central bank will likely hold its overnight rate at 2.25% as inflation rose to 3.20% in the month of May.

On July 1, the U.S. administration refused to extend the Canada-United States-Mexico Agreement for free trade in its current form until 20236. Instead, the U.S. opted for a 10-year extension with mandatory annual reviews.

The U.S. decision has put Canadian businesses in trouble as they cannot make any long-term plans. Further, an annual review could entitle the U.S. to tweak the agreement in its favor.

Canadian exporters utilized the CUSMA deal to send their goods to the U.S. circumventing the high tariffs imposed by U.S. President Donald Trump last year.

Though product-specific aggressive U.S. tariffs hurt the economy, nearly 90% of U.S. imports from Canada remained duty-free with CUSMA serving as a backstop. As losing this protection could rattle the economy, investors are awaiting how the government handles the situation.

In the recent months, Canada’s Prime Minister Mark Carney set out for various countries in Asia, the Middle East and Europe to explore marketplaces outside the U.S.

Yesterday, Carney signed multiple memoranda of understanding with Saudi Arabia, covering several industries including mining, energy, artificial intelligence, etc.

The U.S. and Iran signed a Memorandum of Understanding on June 17. However, both nations engaged in exchange of fire on July 7 and 8.

Today, via Truth Social, Trump stated that Iran asked the U.S. to continue with the negotiations and added that the U.S. has agreed to it.

Axios reported that officials from Qatar, Pakistan, Turkey, Egypt, and Saudi Arabia conducted multiple phone calls on Wednesday and Thursday with the U.S. as well as Iranian officials, and cited a diplomat as stating that both sides want to come back to the MoU.

Reuters reported that a Qatari team is in Iran to facilitate the next round of negotiations between the U.S.

The Joint Maritime Information Center issued an advisory to mariners indicating the threat level across the Strait of Hormuz as “severe” and urged sailors to remain vigilant.

Major sectors that gained in today’s trading were Consumer Discretionary (1.50%), Consumer Staples (1.23%), Financials 0.94(%), IT (0.59%), and Energy (0.10%).

Among the individual stocks, Aritzia Inc (7.43%), Trekor Metals Limited (4.04%), Gildan Activewear Inc (2.95%), Metro Inc (2.27%), Empire Company Limited (1.91%), and Igm Financial Inc (3.41%) were the prominent gainers.

Major sectors that lost in today’s trading were Utilities (0.04%), Industrials (0.12%), Healthcare (0.17%), Real Estate (0.36%), Materials (0.56%), and Communication Services (0.65%).

Among the individual stocks, Quebecor Inc (3.12%), Lithium Americas Corp (7.11%), Americas Gold and Silver Corporation (3.81%), Colliers International Group Inc (1.49%), Bausch Health Companies Inc (1.60%), and Mda Space Ltd (4.06%) were the notable losers.

Working with a financial advisor comes at a cost, but it can be hard to measure the quality of what you are getting, and keep track of how much you are paying for it.

For people who don’t scrutinize their statements, this can mean giving up a lot of money to both high fees and poor performance.

I recently did a portfolio review for a couple who works with a financial advisor from one of the big investment management companies. As I dug into the details of their investments, my blood started to boil. Their portfolio was full of high-fee mutual funds, and their returns were well below the market’s.

One fund their financial advisor had them invested in was the Mackenzie Bluewater Canadian Growth Balanced Fund. This fund charges a 2.3-per-cent fee – called a management expense ratio (MER) – and gave investors a return of 5.84 per cent a year over the past 10 years.

By comparison, an exchange-traded fund with a similar asset allocation – the iShares Balanced ETF Portfolio (XBAL), which tracks stock and bond indexes – returned 7.95 per cent a year over the past 10 years. A $10,000 investment in the Mackenzie fund over 10 years would have grown to $17,811, but the ETF portfolio would have been worth $21,689, or $3,878 more.

How to know when to change financial advisors

This advisor had other underperforming high-fee mutual funds in their portfolio and this is simply unacceptable.

Advisors like this should be fired by their clients. And investors, don’t fret if you fear your portfolio looks like this. There are other options.

The most cost-effective choice is to move to do-it-yourself investing using index-tracking ETFs, where you will pay fees in the range of 0.1 to 0.2 per cent. Another cost-effective method is to use a robo-advisor, a kind of managed investing, with fees in the range of 0.4 to 0.8 per cent.

These options aren’t for everyone, and some people need or want to work with a financial advisor. But there are still ways to keep those costs in check.

The first step is to understand how you pay your advisor. There are two main models. The first is commission-based, where you don’t pay the advisor directly but they receive compensation from mutual fund companies.

This is commonly through a trailing commission, a payment the advisor receives as long as you stay invested in a mutual fund. The fees are quite high – about 2 to 2.5 per cent– which lower your returns from the fund.

The second compensation arrangement is a fee-based model. A fee-based advisor will charge you a percentage of the money they manage on your behalf. This fee is often around 1 per cent and you will see it come out of your account monthly or quarterly. You will still pay the MER on any funds that you own, but those fees will be lower than the funds that a commission-based advisor will sell you.

This fee-based model can have lower overall costs than the commission-based model. A fee-based advisor can offer you less-expensive mutual funds, called F-series funds, or fee-based funds, which don’t pay a trailing commission.

The advisor can also invest your money in index mutual funds, which have substantially lower fees than the more commonly used actively managed funds because they don’t pay trailing commissions. Some advisors can also invest in ETFs, many of which will have even lower fees than index mutual funds. A fee-based advisor should put these options on the table. If they don’t, ask for them.

Not only will you pay lower fees with index mutual funds and ETFs, but these funds do better than actively managed funds 98 per cent of the time, according to S&P Global, a capital markets company.

Before you begin working with a fee-based advisor, make it clear that you want your fees to be low. Ask them to present you with an investment proposal that uses low-cost funds, and to explain in writing what your total fee will be.

This disclosure is important because it can be hard for investors to see all of the fees they pay. Although advisors have to send you an annual report that discloses their fees, these reports usually leave out the part about the MERs on the mutual funds you own, so you’re not getting the full picture.

Starting in 2027, this disclosure will improve: The Canadian Investment Regulatory Organization will require the report to show how much you are paying on your funds, based on the MER. If you don’t want to wait that long, find the MER for each of your funds by looking online at the fund’s profile, and calculate your total annual fees yourself by multiplying the MER by the amount you have invested.

If your fees shock you, consider that a wake-up call. Push your advisor to explain why your fees are so high, or say goodbye.

Canadian fashion retailer Aritzia Inc. ATZ-T +7.43%increase reported a year-over-year doubling of its profits in the first quarter, and it boosted its sales forecasts for this year, as the brand’s styles continue to prove popular with shoppers.

“It starts with product. Product is central, and it’s the heart of what we do, and we’ve gotten the product right,” chief executive officer Jennifer Wong said on a conference call on Thursday to discuss the company’s earnings.

Aritzia’s spring and summer collections have performed well, allowing the stores to sell fewer items on markdown. The company has also been investing more in marketing to win over new shoppers, and to maintain awareness among its existing customers.

The retailer has developed a healthy balance between new styles and recurring bestsellers, which is continuing to attract people to the stores, Ms. Wong said, along with an ability to keep up with trends.

“An integral part of our business model is our ability to flex our inventory in-season to meet demand,” she said.

The Vancouver-based clothing maker reported net income of $117.3-million, or 99 cents per diluted share, in the quarter ended May 31, compared to $42.4-million, or 36 cents per diluted share, in the same period last year.

Aritzia has been expanding its store footprint in the United States, and the country accounted for roughly two-thirds of its revenues in the first quarter. Sales grew faster south of the border than in Aritzia’s home market, but Canadian net revenue still increased by 25 per cent.

The company reported its total revenue grew by 43 per cent compared to the same period last year, to $951-million.

Comparable sales – a metric that tracks sales growth only in stores open for more than one year to exclude the impact of new store openings – increased by 35 per cent in the quarter.

On Thursday, the company also updated its forecast for the current fiscal year, reporting that it expects annual sales to jump by 23 per cent to 28 per cent, to a range of $4.55-billion to $4.75-billion. Its previous forecast had predicted revenue for the year in the range of $4.4-billion to $4.6-billion.

“I’ve never been more confident in the business than I am right now,” Ms. Wong said.

Some of that growth will be driven by continued store expansion, with 12 to 13 new locations planned for this year, and four to five updates to existing stores, either through renovations or relocations. Most of the new stores will be in the U.S.

In May, Aritzia opened a new distribution centre in British Columbia to support its expansion plans. New stores have been earning back their investment in under a year on average, Ms. Wong said, which has outpaced the company’s expectation of 12 to 18 months.

Aritzia locations have also been getting bigger, which helps each store to generate more sales: Roughly a decade ago, its locations averaged roughly 6,000 square feet, while new stores now average more than 10,000 square feet.

When the company opens new stores, it also sees an approximate 70-per-cent lift in e-commerce sales in the surrounding area in the first year on average, chief financial officer Todd Ingledew said during the call.

“So it continues to be very meaningful contributor to our overall growth, and we’re really pleased with the performance of the new stores,” he said.

A better start to the youth summer jobs market helped the economy record steady employment gains in June, Statistics Canada said Friday.

Employers added 18,000 jobs last month, the agency said, mostly in part-time and private sector work.

That pushed the unemployment rate down a tenth of a point to 6.5 per cent, back to where it stood in January.

Employment gains narrowly topped economists’ expectations heading into the release but mark a slowdown from the 88,000 jobs added in May.

Young workers have struggled in a tough labour market in recent years, but the group was a bright spot in the June jobs report.

Statscan said youth aged 15 to 24 added 33,000 jobs in June, mostly in part-time work. Workers aged 25 to 54 saw similar gains while older members of the labour market faced losses.

The unemployment rate for returning students – those planning to head back to school in the fall – was 15.3 per cent in June, 2.1 percentage points lower than the same month a year ago. This was still higher than the pre-pandemic average of 13 per cent.

The agency noted however that job prospects varied widely within this age group.

Returning students aged 20 to 24 saw an unemployment rate of 8.2 per cent in June, while those aged 17 to 19 faced a jobless rate of 16.5 per cent. Teens aged 15 or 16 recorded an unemployment rate of 30.6 per cent in June as they searched for work in the waning days of the school year.

The wholesale and retail trade industry and the food and accommodation sector – two areas that tend to employ a lot of youth – led job gains in June.

Numerous economists weighing in on Friday’s data release also pointed to the FIFA World Cup as driving up hospitality sector hiring in June.

Manufacturing, meanwhile, shed 17,000 positions last month. The industry is down some 61,000 jobs since a recent peak in January 2025 as U.S. tariffs continue to weigh on the sector, Statscan said.

TD Bank economist Maria Solovieva said in a note to clients Friday that manufacturing “remains a poster child of the uncertainty hanging over the Canadian economy.”

The June jobs report will be the Bank of Canada’s last major look at the state of the economy before making its next interest rate decision on Wednesday.

Solovieva said weakness in trade-exposed sectors of the labour market will help to offset inflationary pressures elsewhere in the economy, allowing the Bank of Canada to remain on hold next week.

As of Friday morning, financial market odds were more than 90 per cent in favour of an interest rate hold from the central bank next week, according to LSEG Data & Analytics.

All told, overall employment was up by 99,000 positions year-over-year in June with growth concentrated in the private sector.

Average hourly wages rose 3.3 per cent annually in June, up from three per cent in May.

“The labour market is still not strong – the unemployment rate is still higher than normal. But economic growth data has also shown signs of picking up in Q2 after stalling over the winter,” said RBC assistant chief economist Nathan Janzen in a note to clients.

Janzen noted that with population growth slowing, Canadians should get used to seeing smaller employment gains on a monthly basis.

But with the unemployment rate ticking lower, he said June’s labour force data support RBC’s view that the jobs market is improving on a per-worker basis. He said he expects the unemployment rate will continue to decline through 2026.

The commodity-linked Canadian dollar strengthened ⁠against ​its U.S. counterpart on Wednesday as oil prices jumped and investors raised bets on a Bank of Canada interest rate hike this year.

The loonie was trading 0.2% higher at ​1.4170 per U.S. dollar, or 70.57 U.S. ‌cents, after moving in a range of 1.4156 to 1.4210.

“The CAD has performed relatively well through the overnight volatility,” Shaun Osborne and Eric Theoret, strategists at Scotiabank, said in a note. “Negative CAD sentiment ‌is moderating but ​spot remains quite ‌elevated.”

The price of oil, one of Canada’s major exports, ​rose 5.2% to US$74.10 a barrel after U.S. ⁠President Donald Trump said an interim agreement to end ⁠the war with Iran was “over” and that the United States was likely ​to launch new strikes on Wednesday night. Stock markets globally fell as the jump in oil prices stoked worries about the inflation outlook and the prospect of tighter monetary policy.

Investors see a roughly 60% chance the BoC ⁠will raise interest rates this year, up from 40% on Tuesday, swap market data showed.

In the options market, three-month USD-CAD risk reversals were trading at an implied volatility of 0.14 percentage points in favor of calls over puts, marking the lowest ⁠premium for the greenback since June ​3.

“The declining premium for USD calls suggests markets have taken ⁠the early July USMCA developments in their stride and might point to some modest ‌upside potential in the CAD,” the strategists said. Last week, the U.S. declined ​to extend the United States-Mexico-Canada Agreement, seeking changes to the trade deal.

Canadian bond yields moved higher across the curve. The 10-year was up as much as 9.5 basis ​points at 3.590%, its highest level since May 21.

Meta Platforms Inc. META-Q -2.11%decreaseplans to spend more than $13-billion to build a massive artificial intelligence data centre in Sturgeon County, Alta., north of Edmonton, marking the technology company’s first such facility in Canada.

Meta described the data centre in a news release as a 1-gigawatt facility, referring to the amount of electricity it will consume. For comparison, the city of Edmonton draws about 1.4 gigawatts. The data centre campus will be built on 1,750 acres of land, according to a company spokesperson, well over the size of Stanley Park in Vancouver.

To meet the electricity needs of the data centre, Pembina Pipeline Corp., Morgan Stanley Infrastructure Partners and Kineticor Asset Management are constructing a $4.6-billion natural gas plant in Sturgeon County. Dubbed the Greenlight Electricity Centre, the project was first announced last year, with Pembina and its partners saying the plant would serve an unnamed data centre customer.

Meta, which owns Facebook and Instagram, did not publicly confirm its involvement until Wednesday.

The company the data centre will employ more than 3,000 workers at the peak of construction and more than 300 jobs once operational in two to three years. Meta is promising to cover the full electricity costs of the data centre, including for new and upgraded infrastructure. It will use an efficient cooling system to reduce water use, the company said, adding that water consumption will be limited to fire safety and equipment maintenance.

Meta, which got its start in social media, is now among the largest developers of AI, and spending big on the infrastructure to power it. The company said earlier this year that its capital expenditures in 2026 will total between US$125-billion and US$145-billion, while chief executive officer Mark Zuckerberg has spent lavishly to recruit AI researchers to its Meta Superintelligence Labs division.

Growing AI adoption and development is leading to unprecedented demand for new data centres, which are large facilities filled with sophisticated computer chips to build and run AI models. Much of the construction is occurring in the United States. Around 70 data centre proposals have been announced in Canada since 2024, but only a handful have started construction, according to data from Aterio, a Vancouver-based company that tracks the industry.

Bell Canada is building a 300-megawatt data centre campus in Saskatchewan, while Telus Corp. is constructing two in Vancouver, including a 100-megawatt facility.

The Alberta government, meanwhile, has been courting tech companies the past couple of years and pitching the province’s abundant natural gas resources as a way to power energy-hungry data centres. Rather than rely exclusively on electricity from the provincial grid, which could compromise reliability and raise prices for consumers, developers are encouraged to build their own power generation capacity.

Pembina has said that the Greenlight power facility will be operational in the second half of 2030, while Meta aims to have its data centre online sooner. To bridge the gap, the Alberta Electric System Operator, which manages the grid, last year allocated more than 900 megawatts of electricity to the Greenlight proponents, allowing the data centre to get online beforehand.

AESO is proposing to allot a further 1.6 gigawatts of electricity to developers building their own power generation facilities so that data centres can become operational beforehand.

Some data centre proposals have run into trouble. The Alberta Utilities Commission rejected an application for a massive development in the town of Olds earlier this year filed by Synapse Real Estate Corp. for containing “significant deficiencies.” The company reapplied, but the commission is still seeking more information from Synapse. Some residents have been vocal in opposing the project, too.

Indeed, data centre proposals have been met with community resistance in other parts of the country, as some Canadians are concerned about the environmental impact of these facilities, as well as the noise they can generate. In June, Manitoba Premier Wab Kinew shot down a large-scale data centre planned for an area southeast of Winnipeg. “There’s a big threat to the environment and not much benefit to the economy,” he said at the time.