$RY.TO

Royal Bank of Canada to Repurchase up to 45-Million in a Normal-Course Issuer Bid

Royal Bank of Canada (RY.TO) on Wednesday said the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions (OSFI) approved its normal course issuer bid to buy back and cancel up to 45-million of its shares.Purchases under the NCIB can start on June 12 and run for 12 months."The maximum number of shares that may be repurchased for cancellation represents approximately 3.24% of the 1,389,738,870 common shares issued and outstanding as at May 29, 2026," said the bank.The bank's previous normal course issuer bid for the repurchase of 35-million shares expires on June 11 and as of closing on May 29, 2026, it repurchased around 19.2-million shares.In a separate release on Wednesday the bank said its RBC Capital Markets unit, became the first Canadian bank to be granted permission by the Korean Ministry of Economy and Finance to trade Korean Won (KRW) directly in Korea's onshore market as a Registered Foreign Institution (RFI)."We've long believed that our clients deserve seamless access to every market that matters to them, and Korea's markets present a significant opportunity," said Haider Ali, Global Head of FX Trading, RBC Capital Markets. "This reflects our strategic commitment to emerging market expansion, with Asia-Pacific and KRW capabilities serving as a key pillar of our growth. It's the result of years of coordinated global efforts and demonstrates our genuine commitment to making international investing better for our clients."Royal Bank of Canada's shares were last seen up $1.21 to $277.22 on the Toronto Stock Exchange.Price: $276.85, Change: $+0.84, Percent Change: +0.30%

RBC Investor Services (RBCIS) Reached C$3.1 Trillion In Assets Under Administration in Q2 2026, Up 15% YoY

RBC Target Lifted $21 at CIBC, But Neutral Reiterated

RBC reported a better second quarter versus the prior one, CIBC said, noting RBC's stock has regained its premium multiple and was trading at 15.4x P/E (NTM consensus), a 7% premium to the group. CIBC's estimates move modestly higher on NII and asset-based fees. CIBC increased its price target to $279 (from $258) based on a higher EPS estimated and a higher industry multiple. CIBC reiterated its Neutral rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $259.91, Change: $-0.63, Percent Change: -0.24%

TSX Closer: The Index Closes Higher For The First Time Since Monday's Record Close

The Toronto Stock Exchange closed higher on Thursday, its first winning session since Monday's record close, with the resource-heavy index buoyed by improved commodity prices, a continuing belief among investors that equity market fundamentals are strong, bullish comments from Canada Prime Minister Mark Carney in New York and cautious positivity on the economy from the Bank of Canada.The S&P/TSX Composite Index closeds up 105.65, or 0.3%, to 34,517.70, having lost more than 400 points over the prior two days. Sectors were mixed, with Info Tech up near 2.6% and Base Metals up 2.3%, helped by a higher gold price. In contrast the Battery Metals Index was down 1.15%, Energy eased near 0.5% despite a modest rise in the oil price, and Financial lost 0.8% even as The Canadian Press reported the 'Big Six' banks see reasons for optimism while navigating a 'period of volatility'.Sluggish trade negotiations between Canada and the United States are finally showing faint signs of life as a milestone looms for renewal of their three-way trade deal with Mexico, CBC News reported on Thursday. The minister responsible for Canada-U.S. trade, Dominic LeBlanc, is planning to travel to Washington, D.C., for trade talks, although his spokespeople haven't confirmed a date, the report noted. Although the Canada-U.S.-Mexico Agreement (CUSMA) is due for its first-ever joint review on July 1, LeBlanc has held just one day of in-person talks over the past seven months with his Trump administration counterpart, U.S. Trade Representative Jamieson Greer, he also noted.That report came out as Prime Minister Mark Carney prepared to pitch Canada as an investment hub at New York's Economic Club at lunchtime today.Employing U.S. President Donald Trump's marquee slogan, PM Carney told a New York City business crowd "Canada strong will help make America great again", reported CTV News. It noted the P.M. detailed his economic diversification strategy, and his plans to recalibrate Canada's relationships and reputation. "We're focused on what we can control, and that means weaving a dense web of international partnerships abroad. That's making us a much stronger, more resilient, more independent country," Carney told the business crowd.Meanwhile, the Bank of Canada on Thursday said Canada's financial system has functioned well through a challenging year as households and businesses remain in stable financial condition, and banks have strengthened their capacity to absorb shocks.However, vulnerabilities have increased in some parts of the system, noted the central bank in its annual Financial Stability Report (FSR). Stock and corporate debt valuations have risen and are high relative to historical norms, the central bank said, adding this makes markets more vulnerable to a sharp correction.The Canadian Press is reporting that Canada's major banks say they're cautiously optimistic as their latest earnings beat expectations, with executives confident they're well equipped to handle potential risks in the Canadian economy. The Big Six grew their profits in the second quarter compared with the same three-month period a year ago, while also posting results above analysts' forecasts, the report noted. Five of those; Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) each hiked their quarterly dividend, it also noted.And while executives expressed confidence in their ability to withstand economic challenges ahead, they also acknowledged macroeconomic concerns that could shift their outlooks, according to the report. Those include the U.S.-Iran war that continues to drag on, pushing international oil prices and inflation higher. High unemployment in Canada and ongoing uncertainty over trade with the United States also cloud the outlook, they said.Of commodities, West Texas Intermediate crude oil closed with a small gain, but fell off early highs following reports the U.S. and Iran agreed to extend their ceasefire even as they earlier traded strikes. WTI crude oil for July delivery closed up US$0.22 to settle at $US$88.90 per barrel after earlier touching US$92.52. July Brent oil was down US$0.64 to US$93.65.Gold was higher midafternoon Thursday, rising off its early lows as the dollar and yields fell after reports the United States and Iran have agreed to extend a ceasefire for 60 days, lowering oil prices and easing inflation worries even a key U.S. inflation measure rose in April. Gold for July delivery was up US$52.50 to US$4,4,534.00 per ounce, after earlier touching US$4,395.60.

National Bank With RBC Q2 First Look Cites Pre-tax, Pre-provision Earnings (PTPP) and Credit Beat; Has Outperform and C$217 Target on RBC

Update: RBC Lodges Q2 Earnings Beat, Lifts Dividend and Announces Buyback Plans

(updates on performance across business units from paragraph 10)Royal Bank of Canada (RY.TO, RY) reported Thursday second-quarter earnings that exceeded expectations, reflecting higher results in Wealth Management, Personal Banking, Commercial Banking, Capital Markets and Insurance, partially offset by lower results in Corporate Support, while it lifted its dividend and announced plays to repurchase common shares.For Q2, RBC reported adjusted net income $5.6 billion, up 23% year-on-year. Its adjusted diluted earnings per share surged 25% to $3.90. The consensus FactSet forecast was for $3.80.The bank posted reported net income of $5.5 billion, up 25% on an annual basis, for the quarter ended April 30. Diluted EPS was $3.85, up 27% over the same period.Revenue rose to $17,453 million from $15,672 million a year earlier, beating FactSet analysts' estimate of $17,315.5 million.The bank said its capital position remains "robust", with a CET1 ratio of 13.5%, supporting solid volume growth and $4.0 billion of capital returned to our shareholders, including $1.7 billion of share buybacks and $2.3 billion of common share dividends.It reported total PCL of $912 million decreased $512 million or 36% from a year ago, primarily due to lower provisions in Commercial Banking and Personal Banking. The PCL on loans ratio of 35 bps decreased 23 bps. The PCL on impaired loans ratio of 34 bps decreased 1 bp.Return on equity, a measure of profitability and efficiency, widened to 17.2% from 14.2% in the same period last year.Its board of directors also declared a quarterly common share dividend of $1.76 per share reflecting an increase of $0.12 or 7%. The bank also announced its intention, subject to the approval of the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions, to commence anormal course issuer bid and to repurchase for cancellation up to 45 million of our common shares, representing approximately 3% of the bank's outstanding common shares as at May 15, 2026."In a world that's constantly changing and becoming more complex, our commitment to delivering trusted advice and helping clients navigate risk continues to produce exceptional outcomes. Our second quarter earnings showcase our consistency in delivering premium profitability and long-term shareholder value, underpinned by solid growth across our diversified businesses and balance sheet strength. Looking ahead, we remain focused on building the bank of the future and evolving with the needs of those we serve," said Dave McKay, CEO of the bank.On operations, RBC reported a net income of $1,870 million in Personal Banking business, up $268 million or 17% from a year ago. It was boosted by higher net interest income reflecting average volume growth of 2% and higher spreads, which included an unfavourable impact from lower accretion of fair value adjustments related to the acquisition of HSBC Bank Canada. Lower PCL, as the same quarter last year reflected higher provisions on performing loans primarily due to the impacts of trade disruptions (including tariffs), as well as higher fee-based client assets reflecting market appreciation and net sales also contributed to the increase.In Commercial Banking, it reported net income of $854 million that rose $257 million or 43% from a year ago, primarily driven by lower PCL, as the same quarter last year reflected higher provisions on performing loans primarily due to the impacts of trade disruptions (including tariffs) and the current quarter reflected lower provisions on impaired loans.RBC reported a net income of $1,185 million in Wealth Management unit that increased $256 million or 28% from a year ago, primarily due to higher fee-based client assets reflecting market appreciation and net sales, which also drove higher variable compensation.In Insurance, net income stood at $218 million, an increase of $7 million or 3% due to higher insurance investment result reflecting lower capital funding costs. Capital Markets' net income was $1,484 million, a jump of $282 million or 23% from a year ago, mainly due to higher revenue in Global Markets and Corporate & Investment Banking. These factors were partially offset by higher taxes reflecting changes in earnings mix and higher compensation on increased results, the bank said.In Corporate Support, net loss was $102 million for the current quarter, primarily due to legal provisions and residual unallocated costs.Shares closed down $0.69 at $261.64 in Toronto on Wednesday.

RBC Lodges Q2 Earnings Beat, Lifts Dividend Increase and Announces Buyback Plans

Royal Bank of Canada (RY.TO, RY) reported Thursday second-quarter earnings that exceeded expectations, reflecting higher results in Wealth Management, Personal Banking, Commercial Banking, Capital Markets and Insurance, partially offset by lower results in Corporate Support, while it lifted its dividend and announced plays to repurchase common shares.For Q2, RBC reported adjusted net income $5.6 billion, up 23% year-on-year. Its adjusted diluted earnings per share surged 25% to $3.90. The consensus FactSet forecast was for $3.80.The bank posted reported net income of $5.5 billion, up 25% on an annual basis, for the quarter ended April 30. Diluted EPS was $3.85, up 27% over the same period.Revenue rose to $17,453 million from $15,672 million a year earlier, beating FactSet analysts' estimate of $17,315.5 million.The bank said its capital position remains "robust", with a CET1 ratio of 13.5%, supporting solid volume growth and $4.0 billion of capital returned to our shareholders, including $1.7 billion of share buybacks and $2.3 billion of common share dividends.It reported total PCL of $912 million decreased $512 million or 36% from a year ago, primarily due to lower provisions in Commercial Banking and Personal Banking. The PCL on loans ratio of 35 bps decreased 23 bps. The PCL on impaired loans ratio of 34 bps decreased 1 bp.Return on equity, a measure of profitability and efficiency, widened to 17.2% from 14.2% in the same period last year.Its board of directors also declared a quarterly common share dividend of $1.76 per share reflecting an increase of $0.12 or 7%. The bank also announced its intention, subject to the approval of the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions, to commence anormal course issuer bid and to repurchase for cancellation up to 45 million of our common shares, representing approximately 3% of the bank's outstanding common shares as at May 15, 2026."In a world that's constantly changing and becoming more complex, our commitment to delivering trusted advice and helping clients navigate risk continues to produce exceptional outcomes. Our second quarter earnings showcase our consistency in delivering premium profitability and long-term shareholder value, underpinned by solid growth across our diversified businesses and balance sheet strength. Looking ahead, we remain focused on building the bank of the future and evolving with the needs of those we serve," said Dave McKay, CEO of the bank.Shares closed down $0.69 at $261.64 in Toronto on Wednesday.

Earnings Flash (RY.TO) Royal Bank of Canada Posts Q2 Diluted EPS $3.85

Earnings Flash (RY.TO) Royal Bank of Canada Reports CET1 Ratio of 13.5%

RBC To Repurchase Up To 45 Million Of Its Common Shares

TSX Closer: The Index Falls for a Second Day After Monday's Record Close Amid Rise In Canadian Credit Stress

The Toronto Stock Exchange closed lower on Wednesday, falling for a second session following Monday's record close, on more profit taking and weak commodity prices, while one analyst said Bank of Nova Scotia's (BNS.TO) credit outlook "becomes more cautious" after it reported fiscal second-quarter earnings and a pair of economists noted credit stress is "rising, not breaking" in Canada.The resources-heavy S&P/TSX Composite Index closed down 241.82 points, or 0.7%, to 34,412.05, adding to the near 170 points lost Tuesday. Most sectors were lower, led by Energy, down 2.35% on lower oil. Base Metals eased about 0.2%, not helped by a drop in the gold price. Among gainers, both Industrials and Telecom rose by about 0.7%, respectively.The Financial sector lost near 0.3% on a day when the trio of Scotiabank, Bank of Montreal (BMO.TO) and National Bank (NA.TO) each reported their respective fiscal Q2 results. Canadian Imperial Bank of Commerce (CM.TO), Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) will each report theirs Thursday.On Scotiabank, National Bank noted it reported Q2 core cash EPS of $2.02 versus a National Bank estimate of $1.87 and consensus of $1.93. Among key takeaways, National Bank said although Scotiabank beat its, and consensus, expectations, it has a "mixed view" of the quarter. On the positive side, National Bank said the Canadian P&C business delivered its best quarter in a long time, an important "deliverable" vis-a-vis Scotiabank's double-digit EPS growth target for the year. But on the negative side, National Bank said Capital Markets results missed consensus expectations and the bank's guidance range. More importantly, it added, credit losses were higher than expected, which resulted in the adoption of more conservative second half credit performance guidance. National Bank has kept a sector-perform rating and C$106 target on Scotiabank's shares.Still on credit stress in Canada, the National Bank Economics and Strategy Group noted total debt in insolvency reached its highest level since the 2009 financial crisis in the first quarter, according to data from Equifax. Economists Daren King and Matthieu Arseneau said this increase may seem alarming and raises concerns about the financial health of Canadian households. But, they asked, is the situation really as concerning as it seems?To gain a clearer picture, the National Bank duo analyzed data from the Office of the Superintendent of Bankruptcy, which tracks the total number of insolvency filings (bankruptcies and consumer proposals) across the country. They noted this data also shows that the number of insolvencies reached its highest level since the financial crisis in the first quarter. However, King and Arseneau said, two adjustments are necessary to correctly interpret the trend in insolvencies. The first concerns seasonality, since the first half of the year is historically associated with a higher volume of insolvencies. The second involves accounting for the strong population growth observed since 2009, as the Canadian population has increased by approximately 25% over this period.According to the pair, once the data is seasonally adjusted and expressed on a per capita basis, the insolvency rate remains well below the peak reached in the wake of the financial crisis and is even below its pre-pandemic level of 2019. They said the upward trend observed since 2022 therefore reflects a normalization from an exceptionally low pandemic trough rather than a widespread breakdown in household credit. This does not mean, however, that the situation should be downplayed, they added."The rise in the insolvency rate over the past year reflects a more fragile labour market, high interest rates, and a still-high cost of living, particularly for housing, food, and energy, which continue to put pressure on many households. However, the data does not support the narrative of systemic credit risk suggested by some media headlines. The most accurate interpretation remains more nuanced: financial strains are increasing, but their magnitude remains moderate by historical standards for now," King and Arseneau said.Of commodities, West Texas Intermediate crude oil plunged 5.6% on expectations the United States and Iran are nearing a deal to reopen the Strait of Hormuz and end the largest-ever energy supply shock. WTI crude oil for July delivery closed down US$5.21 to settle at US$88.68 per barrel, the lowest since April 20, while July Brent oil was down US$5.30 to US$94.28.Also, gold fell to a two-month low, even as the dollar dipped and oil prices weakened ahead of an expected peace deal to end the war on Iran, easing inflation worries. Gold for July delivery was down US$52.60 to US$4,482.40 per ounce, the lowest since March 26.

TSX Closer: The Index Falls From a Record Close Ahead of Canada's Banks Earnings Season

The resources-heavy Toronto Stock Exchange closed lower on Tuesday, falling off the record high set a day earlier on some profit taking and weaker commodity prices, while nagging economic concerns continue to weigh, with Canada's big banks facing rising insolvencies amid a weak housing market and National Bank saying Ottawa's trade-diversification target has a scale problem.The S&P/TSX Composite Index fell 177.02 points, or 0.5%, to 34,653.87. Most sectors were higher, led by the Battery Metals Index, up 5.5%, and Base Metals, up 2%, despite a lower gold price. Decliners were led by Info Tech, down 1.6%, and Health Care, down 1.3%.Financials was also down 0.5% ahead of the start of bank earnings season on Wednesday.Profits at Canada's largest banks are expected to have increased despite trade tensions, the Middle East conflict and broader economic uncertainty, but now face tougher tests as more consumers struggle to pay debts and a subdued housing market weighs on their core domestic business, according to a Reuters preview.The big banks; Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO), which together control more than 90% of the market, are expected to report strong second-quarter earnings starting on Wednesday, helped by trading revenue and their capital markets businesses, Reuters said."Banks have been beating expectations consistently for the past two years, With credit losses stubbornly elevated and margin expansion potentially stalling this quarter, the onus falls on the capital markets business to deliver, yet again," National Bank analyst Gabriel Dechaine is cited as saying.On the economy, National Bank said Statistics Canada's 2025 goods exporter data underscore the scale problem embedded in Ottawa's ambition to double non-U.S. exports within the next decade. The bank cited a chart that shows Canada counts nearly 48,000 goods exporting enterprises, but 82% of them employ fewer than 50 workers despite accounting for only 14.3% of total goods exports, while firms with 500 or more employees represent a tiny fraction of exporters but close to 60% of export value."This is not a marginal complication. Diversification is not simply a matter of redirecting shipments away from the U.S. market; it requires financing, compliance capacity, distribution networks, foreign-market intelligence, currency-risk management and the ability to withstand a long sales cycle before new relationships become profitable," National Bank said."For smaller firms, the constraint is structural because many are embedded in North American supply chains built around proximity, recurring customer relationships, integrated logistics and production specifications that are not easily replicated overseas."National Bank added: "The irony is that Ottawa's target may be easier to meet in aggregate than in substance. Canada can raise non-U.S. export values through commodities and other scale-intensive sectors where global demand is deep and output is more readily redirected across markets. But that path does less for the employment-intensive parts of the export base, where supply-chain links are stickier and diversification costs are proportionally higher. The result is a policy tension that could be masked by headline GDP. A resource-led export pivot may improve the arithmetic of diversification while smaller exporters face higher costs, thinner margins and greater risk of lost capacity. If building scale is part of the desired outcome, then trade policy cannot be separated from the domestic incentives that shape firm size, including the small-business tax kink highlighted in our MCIA/RBI work."Of commodities, gold edged lower by midafternoon Tuesday even as the dollar and yields fell as fresh U.S. strikes on Iran heightened concerns over the progress of peace talks between the two countries. Gold for July delivery was down US$16.90 to US$4,539.50 per ounce.Also, West Texas Intermediate crude oil closed lower on uncertainty around geopolitical tensions across the Middle East. WTI crude oil for July delivery closed down US$2.71 to settle at US$93.89 per barrel, while July Brent oil was last seen up US$3.40 to US$99.54.

Canadian Banks Still Priced For Positive EPS Surprises, National Bank Says in a Q2 Preview

Bank stocks are up 13% so far this year, outperforming the S&P/TSX by 550 basis points, notes National Bank in its second-quarter earnings preview of the sector.Analyst Gabriel Dechaine writes that since the end of the first-quarter reporting season, Canadian banks have outperformed the market by 800 bps."Betting against the banks has been unwise, with them consistently beating expectations over the past two years," he warns, adding that, trading at 14x on forward EPS, the group is priced for positive EPS surprises or revisions. Barring a margin or credit surprise, the onus falls on the Capital Markets to deliver this outcome, which isn't impossible considering several favorable market conditions.Dechaine's top picks are Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO).The U.S. loan growth factor would also be supportive of BMO (BMO.TO), considering the importance of its U.S. P&C segment's top-line expansion towards achieving the 12% ROE mark sometime in 2027, Dechaine adds.Price: $251.72, Change: $-0.71, Percent Change: -0.28%

CIBC Says Strong Earnings From Banks Due to Capital Markets in Q2 Preview, Downgrades National Bank

CIBC recommends investors rotate money out of banks into lifecos, even as it expects a strong second-quarter earnings from the sector when it starts reporting on May 27. Analyst Paul Holden, who notes that the strong earnings will be predominately based on capital markets activity, has also downgraded National Bank (NA.TO) to neutral.Holden says the credit outlook is incrementally worse and he is getting more cautious on credit losses given the weakness in Canadian unemployment, a soft housing market in the GTA, and industry credit metrics. Loan growth is expected to remain muted and net interest margin is also likely to be less of a tailwind this quarter. "We would not be surprised to see the banks report EPS beats again this quarter, but perhaps like the U.S. banks, capital markets-driven beats will no longer be good enough to drive the stocks higher."National Bank is downgraded to neutral from outperform, with Holden pointing out that "two years' worth of returns were delivered in three months". The stock is up ~20% in the past three months and is now trading at the highest multiple in the group (9% premium on F2027 consensus). Fiscal 2028 consensus estimates are giving full credit for ROE expansion, Holden adds.BMO (BMO.TO) is Holden's only outperformer-rated bank as there is still upside potential to consensus estimates relative to its 15% ROE target. "With the recovery in U.S. commercial loan growth, there is also a possibility that U.S. balance sheet growth comes in higher than expected. We also think the relative skew to the U.S. can help with impaired PCLs in the near term."BMO is trading at a 5% discount to the group average P/E and a strong quarter that demonstrates continued progress towards ROE targets should help the stock.Price: $203.95, Change: $-0.69, Percent Change: -0.34%

TD Bank Upgraded, Royal Bank Downgraded at Raymond James

Toronto-Dominion Bank (TD.TO) was upgraded to Outperform from Market Perform, and Royal Bank of Canada (RY.TO) was downgraded to Market Perform from Outperform at Raymond James.Analyst Stephen Boland raised his price target on TD to $152.50 from $141, and on Royal Bank to $265.50 from $248.Boland increased his targets on Bank of Montreal (BMO.TO) to $227 from $214 (Outperform), Bank of Nova Scotia (BNS.TO) to $120 from $117 (Outperform), CIBC (CM.TO) to $157.50 from $148.50 (Market Perform), and National Bank of Canada (NA.TO) to $206.50 from $200 (Market Perform)."We believe TD is reasonably valued relative to improving fundamentals and have increased confidence in management's ability to execute on its strategic priorities," the analyst said in a note to clients."TD also benefits from above-average US exposure, where the NIM and loan growth outlook are more favourable than in Canada," Boland said."We continue to view RBC as a scaled, diversified franchise with a lower-volatility earnings profile," the analyst said. "However, those same attributes may limit relative upside this quarter.""In a stronger trading revenue environment, RBC's greater exposure to rates and credit trading may benefit less than peers with higher exposure to equities, currencies, and commodities," Boland said."With RY trading at roughly a one-turn P/E premium to the peer group (excl. RY), we believe the stock is priced to execute, and the absence of a larger trading revenue uplift could limit near-term upside."

TSX Closer: A Lower Close Amid Uncertainty Over Peace Talks; Rosenberg Research On Canadian Banks

The Toronto Stock Exchange was back in negative territory Thursday with both the Base Metals and Energy sectors lower, and amid reports Iran is still reviewing a peace proposal put forward by the United States, while the two nations wrestle over talks to end the war.The S&P/TSX Composite Index closed down 125.2 points to 33,856.62, as Base Metals, down 1.7%, and Energy, down 1.4%, led decliners. In contrast, the Battery Metals Index led gainers, rising 7.8%.Reflecting the overall negative tone to the market, the Financial sector lost 0.4% even as Rosenberg Research published a note entitled 'Canadian Banks: Quality at a Premium Price' in which it said secular market themes continue to support Canadian banks' premium valuations, as the sector benefits from rising global interest in non-U.S.-dollar, commodity-based economies.Key takeaways from the note written by Mehmet Beceren, Senior Markets Strategist at Rosenberg, include the idea that Canadian banks are benefiting from more than bank fundamentals. As heavyweights in the Canadian equity index, the Big Six are getting a side benefit from global flows into Canada as investors seek exposure to hard assets, commodities, oil, gold, and non-U.S.-dollar markets, Beceren said.Another takeaway is that the quality premium is defensible. "Valuations are not cheap relative to history, but high profitability and supportive thematic tailwinds justify higher multiples in a market that continues to re-rate quality earnings," Beceren added.Of commodities, West Texas Intermediate crude oil fell for a third-straight session, but rose off the day's low on uncertain prospects for a potential peace deal between the United States and Iran. WTI crude oil for June delivery closed down $0.27 to settle at US$94.81 per barrel, after earlier touching US$89.85. July Brent oil was down $0.67 to US$100.60Gold had risen for a third-straight session by midafternoon Thursday on optimism a deal to end the war on Iran may be near, cutting into oil prices and pushing the dollar lower amid easing fears the supply shock around the war would boost inflation and force higher interest rates. Gold for June delivery was up $20.60 to US$4,714.00 per ounce, after rising by US$125,80 on Wednesday.

East Side Games Group Raising Up To $3.5M In Non-brokered Private Placement; Shares Fell 18% To 52 Week Lows Last Friday

East Side Games Group (EAGR.TO), a Canada free-to-play mobile game group, is raising total gross proceeds of up to $3.5 million in a non-brokered private placement of 31,818,182 units at $0.11 each, the company said over the weekend.Each Unit will be comprised of one common share and one full whole warrant. Each whole Warrant will be exercisable at $0.14 per share for a period of three years from issuance. The Warrants will be subject to standard anti-dilution adjustments, the company added.Net proceeds from the private placement will be used to repay indebtedness owing to the Royal Bank of Canada (RY.TO. RY) and for operating expenses and general working capital.Shares in EAGR were down 18.5% or $0.025 at $0.11 last Friday.

Royal Bank of Canada Offering $1.75B of Non-viability Contingent Capital Subordinated Debentures Through its Canadian Medium Term Note Program

OSFI's Annual Risk Outlook Flags Key Risks For Financial Sector, Regulator's Response

The Office of the Superintendent of Financial Institutions (OSFI) on Tuesday said it will focus on achieving "resilience in stress" for the Canadian banking sector.In its 2026-2027 Annual Risk Outlook, released on Tuesday, the regulator flagged real-estate secured lending risks, non-bank financial institution risks, liquidity and funding as the key issues facing the financial sector.Housing and mortgage pressures have increased in some parts of the country. Risks outside the traditional banking system have also expanded, including in areas where non-bank lenders and investment funds are taking on more borrowing. Global uncertainty may also impact confidence in funding markets."Although cost and availability of funding have remained stable, the speed at which a liquidity event could unfold remains a key concern," the report noted.To mitigate these risks, OSFI's supervisory work will include reviewing contingency funding and recovery plans at banks. "We will assess how internationally active institutions consider geopolitical shocks in their plans. We will also focus on the ability of institutions to report liquidity and funding positions under short timelines, including cross-border exposures," the agency said.OSFI will continue to advance work on liquidity-risk guidance for deposit-taking institutions throughout 2026. The most recent revisions to liquidity adequacy requirements will take effect on May 1, 2026, targeting specific retail deposit categories. The regulator will release further updates to liquidity adequacy requirements for consultation as part of the second quarterly release on May 21.OSFI also plans to release a draft internal liquidity adequacy assessment process guidance for consultation as part of the May quarterly release.Price: $202.70, Change: $+1.16, Percent Change: +0.58%