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The 2025 edition of the Awards will recognise and celebrate the strides being made by banks across the continent with a focus on innovation, transformation and also the promotion of inclusivity and gender equality. 58 nominees have made the shortlist for the 2025 awards, which has become a fixture on the African banking calendar.
LONDON, England 2 May, 2025 -/African Media Agency(AMA)/- African Banker magazine has announced the shortlist of nominees for this year’s edition of its annual African Banker Awards.
The winners will be made known during the official gala ceremony scheduled for May 28th in Abidjan, Côte d’Ivoire, as part of the official programme of the Annual Meetings of the African Development Bank.
The 2025 edition of the African Banker Awards is organised by African Banker magazine and IC Events under the patronage of the African Development Bank. The ceremony’s platinum sponsor remains the African Guarantee Fund, a fund created to share risks with commercial banks to encourage them to lend to the SME sector while ATIDI, which provides facilities to ensure against country risks and other associated insurance services, comes in as exclusive cocktail sponsor.
The African Banker Awards has, since its inception in 2007, sought to recognise and celebrate the exceptional individuals and organisations driving Africa’s rapidly transforming financial services sector.
The shortlist of nominees for the African Banker Awards 2025 was selected from over 200 entries submitted in nine categories by banks spread across the African continent. This year, two female bank executives have emerged as nominees for the prestigious “Banker of the Year” award, underlining the leading role women continue to play in shaping Africa’s banking and finance landscape.
Speaking on the awards, Omar Ben Yedder, Chair of the Awards committee commented on the increasing focus on SME, sustainable banking practices and the role of fintechs in the ecosystem. “Banks have performed strongly last year despite headwinds and currency devaluations in major countries. We also received entries in the deals category that shows that there are numerous transformative transactions taking place. And yet, the message remains. Interestingly, SMEs proved to be a profitable asset class and one that banks are paying greater attention to. The advent of AI and other technological advancements are at the centre of bank strategies too. The continent needs even bigger banks to support our growth agenda.”
The nominees for the African Banker Awards 2025 are as follows:
Bank of the Year
Banker of the Year
Sustainable Bank of the Year
Fintech of the Year
DFI of the year
SME Bank of the Year
Deal of the Year – Infrastructure
Deal of the Year – Debt
Deal of the Year – Equity
Distributed by African Media Agency. on behalf of IC Publications
About the African Banker Awards
The African Banker Awards are prestigious awards that celebrate excellence and best practices in banking and finance in Africa. These annual awards honour outstanding individuals and remarkable financial institutions that are transforming the continent’s financial sector and contributing to economic development and financial inclusion in Africa.
Organised by African Banker magazine in partnership with IC Events, the Awards bring together industry leaders from across the continent to honour innovation, resilience and competitiveness in the African banking sector.
For more information about the African Banker Awards, please visit our website at www.AfricanBankerAwards.com.
About African Banker
African Banker is a pan-African publication dedicated to the banking industry across the continent. African Banker provides in-depth analysis and commentary on the trends shaping Africa’s financial landscape.
As a trusted source of information, African Banker offers a unique perspective on the challenges and opportunities facing the African banking sector.
For any further information, please contact Constance Haasz at the following address: c.haasz@icpublications.com
CALGARY, AB, May 5, 2025 /PRNewswire-HISPANIC PR WIRE/ — Sunoco LP (NYSE: SUN) (”Sunoco” or the “Partnership”) and Parkland Corporation (TSX: PKI) (”Parkland”) announced today that they have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately U.S.$9.1 billion, including assumed debt (the “Transaction”).
“This strategic combination is a compelling outcome for Parkland shareholders,” said Michael Jennings, Executive Chairman of Parkland. “The Board unanimously recommends the proposed transaction, recognizing Sunoco’s commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada. This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.”
“Today marks a significant milestone,” said Bob Espey, President and CEO of Parkland. “This transaction delivers immediate value for shareholders, including an attractive 25% premium. Sunoco shares our commitment to growth, customer service, operational excellence, and ongoing investment in Canada, making our combined business stronger and better positioned for sustained success.”
Strategic Rationale
Continued Commitment to Canada and Responsible Stewardship
Transaction Details
Under the terms of the agreement, Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share, implying a 25 per cent premium based on the 7-day VWAP’s of both Parkland and Sunoco as of May 2, 2025. Parkland shareholders can elect, in the alternative, to receive C$44.00 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share, subject to proration to ensure that the aggregate consideration payable in connection with the transaction does not exceed C$19.80 in cash per Parkland share outstanding as of immediately before closing and 0.295 SUNCorp units per Parkland share outstanding as of immediately before close. For a period of two years following closing of the transaction, Sunoco will ensure that SUNCorp unitholders will receive the same dividend equivalent as the distribution to Sunoco unitholders.
The proposed Transaction will be effected pursuant to a plan of arrangement under the Business Corporations Act (Alberta), which is required to be approved by an Alberta court. The Transaction will require approval by 66 2/3 per cent of the votes cast by the shareholders of Parkland. The agreement also contains an option whereby Sunoco, at its election any time before the Meeting (defined below), may elect to effect and complete the Transaction on the same terms by way of a take-over bid, which would require support from Parkland shareholders owning at least 50 per cent of Parkland’s outstanding shares. The directors and senior officers of Parkland, collectively holding 0.7 per cent of the Parkland shares, have entered into customary voting support agreements, pursuant to which they have committed to vote their common shares held in favour of the Transaction.
In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including approvals under the Investment Canada Act, approval of the listing of the SUNCorp shares to be issued under the Transaction on the NYSE, and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Transaction is expected to close in the second half of 2025. The agreement includes customary deal protections, including fiduciary-out provisions, non-solicitation covenants, and the right to match any superior proposals, subject to Parkland paying a break fee in the amount of $275 million in certain circumstances.
Full details of the Transaction will be included in the Parkland management information circular.
Board of Directors Recommendation
On March 5, 2025, Parkland announced that its Board of Directors had initiated a review of strategic alternatives aimed at identifying opportunities to maximize value for all shareholders. A special committee of independent directors (the “Special Committee”) was appointed to oversee and lead this comprehensive review.
Following this announcement, discussions with Sunoco intensified significantly, leading to the Transaction.
Based on the unanimous recommendation of Parkland’s Special Committee, and following thorough consultation with its financial and legal advisors, Parkland’s Board of Directors has unanimously approved the Transaction. The Board strongly recommends that shareholders vote in favour of the Transaction.
Goldman Sachs Canada Inc. and BofA Securities have each provided opinions to the Parkland Board of Directors, and BMO Capital Markets has provided an opinion to the Parkland Special Committee, to the effect that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated in each such opinion, the right to receive, at the option of each Parkland shareholder, either (i) an amount in cash equal to the quotient obtained by dividing C$19.80 by 45%, (ii) the number of common units representing limited liability company interests in SUNCorp equal to the quotient obtained by dividing 0.295 by 55% or (iii) a combination of C$19.80 in cash and 0.295 common units representing limited liability company interests in SUNCorp is fair, from a financial point of view, to the shareholders of Parkland (other than Sunoco and its affiliates). The full text of each such fairness opinion, which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken in connection with each such opinion, will be included in the Parkland management information circular. None of BofA Securities, Goldman Sachs Canda Inc. or BMO Capital Markets express an opinion or recommendation as to how any Parkland shareholder should vote or act in connection with the Transaction or any other matter.
Annual and Special Meeting
Parkland intends to hold a special meeting of Parkland shareholders on June 24, 2025, to approve the Transaction. The annual general meeting of Parkland shareholders, which was originally scheduled for May 6, 2025, has been cancelled and will instead be held on June 24, 2025 concurrent with the special meeting (the annual and special meeting of Parkland Shareholders is referred to as the “Meeting”), allowing Parkland’s shareholders adequate time to fully evaluate the Transaction and its benefits. Shareholders as of the record date of May 23, 2025 will be eligible to vote at the Meeting. In addition to the business of the Meeting already described in Parkland’s management information circular dated April 7, 2025, Parkland will file a new 2025 management information circular, which will also contain information about the Transaction.
The current directors have agreed to stand for election at the upcoming Meeting in order to consummate the Transaction, if supported by Parkland’s shareholders. These directors have agreed to stand down in favour of any alternative slate if the Transaction is not supported.
Advisors
Goldman Sachs Canada Inc. and BofA Securities served as financial advisors to Parkland. BMO Capital Markets acted as financial advisor to Parkland’s Special Committee. Norton Rose Fulbright Canada LLP acted as Parkland’s legal advisor. Torys LLP acted as legal advisor to Parkland’s Special Committee.
Barclays and RBC Capital Markets served as the exclusive financial advisors to Sunoco. Barclays and RBC Capital Markets provided committed financing. Stikeman Elliot LLP, Weil, Gotshal & Manges LLP, and Vinson & Elkins LLP acted as Sunoco’s legal advisors.
Conference Call Information
Sunoco LP and Parkland Corporation management will hold a conference call on Monday, May 5 at 8:30 a.m. Eastern Standard Time (7:30 a.m. Central Standard Time) to discuss the transaction. To participate, dial 877-407-6184 (toll free) or 201-389-0877 at least 10 minutes before the call and ask for the Sunoco LP conference call. The conference call will also be accessible live and for later replay via webcast in the Investor Relations section of Sunoco’s website at www.SunocoLP.com under Webcasts and Presentations.
About Parkland
Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.
Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization.
About Sunoco
Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. The Partnership’s midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements the Partnership’s fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. SUN’s general partner is owned by Energy Transfer LP (NYSE: ET).
Forward-Looking Statements
Certain statements contained herein constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “continue”, “commit”, “enhance”, “ensure”, “expect”, “increase”, “will”, “would” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: expected benefits from the Transaction including but not limited to financial benefits for shareholders and increased cash flow generation for reinvestment and distribution growth; Sunoco acquiring all outstanding shares of Parkland in the Transaction, including assumed debt; Sunoco’s intention to list SUNCorp on the New York Stock Exchange; the expectation that SUNCorp will be treated as a corporation for tax purposes; Sunoco’s commitment to maintaining significant employment levels in Canada and retaining the Alberta head office; the belief that the combined company will be the largest independent fuel distributor in the Americas; the forecast that the Transaction will be immediately accretive with 10%+ accretion to distributable cash flow per common unit and U.S.$250 million in run-rate synergies by Year 3; the belief that the Transaction will enhance scale enabling advantaged fuel supply and further diversify Sunoco’s portfolio and geographic footprint; the expectation that the Burnaby Refinery will continue to operate and supply fuel within the Lower Mainland; the belief that combined company’s expanded free cash flow will provide additional resources for reinvestment in Canada, the Caribbean, and the United States in support of both existing and new opportunities; the anticipated timing for closing of the Transaction; the anticipated timing for holding of the special meeting of Parkland shareholders; the filing of Parkland’s new 2025 management information circular including information about the Transaction; the effect, implementation, and completion of the plan of arrangement; the expectation that the current directors of Parkland will stand down in favour of any alternative slate at the upcoming AGM if the Transaction is not supported; and the timing of the joint conference call of Sunoco LP and Parkland.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; the completion of the Transaction on anticipated terms and timing, or at all, including obtaining key regulatory approvals and Parkland shareholder approval; anticipated tax treatment; potential litigation relating to the Transaction that could be instituted against Sunoco or Parkland; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the announcement or completion of the proposed transaction; certain restrictions during the pendency of the Transaction that may impact Parkland’s ability to pursue certain business opportunities or strategic transactions or otherwise operate its business; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form dated March 5, 2025, and under the headings “Forward-Looking Information” and “Risk Factors” included in the Q4 2024 Management’s Discussion and Analysis dated March 5, 2025, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca.
The forward-looking statements contained herein are expressly qualified by this cautionary statement.
U.S. energy company Sunoco LP has signed an agreement to buy Parkland Corp. in a cash-and-stock deal valued at $9.1 billion US, including assumed debt.
The deal comes as Calgary-based Parkland faces an attempt by Simpson Oil Ltd., its largest shareholder, to replace a majority of its board of directors.
Parkland cancelled its annual meeting set for Tuesday and rescheduled it to June 24, when shareholders will also be asked to approve the Sunoco deal.
Parkland executive chairman Michael Jennings said it is a compelling outcome for shareholders.
“The board unanimously recommends the proposed transaction, recognizing Sunoco’s commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada,” Jennings said in a statement.
“This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.”
Parkland and Cayman Islands-based Simpson have been at odds over the fuel refiner and retailer’s performance and governance for about a year.
Simpson owns just under 20 per cent of Parkland’s shares and wanted nine of its directors added to Parkland’s board at a shareholder meeting, which has been postponed.
Under shareholder pressure, Parkland said in March it would review options to boost its share price, including a sale of the entire company. Earlier this month, longtime Parkland CEO Bob Espey announced plans to step down before year-end.
As part of the deal, Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units.
Parkland shareholders will receive 0.295 SUNCorp units and $19.80 Cdn for each Parkland share. Parkland shareholders may also elect to receive $44 Cdn per Parkland share in cash or 0.536 SUNCorp units for each Parkland share, subject to limits.
Parkland shares closed at $36.28 Cdn on the Toronto Stock Exchange on Friday.
In addition to shareholder and court approvals, the deal is subject to regulatory approvals, including approval under the Investment Canada Act. Sunoco has committed to maintain a Canadian headquarters in Calgary and significant employment levels in Canada.
It has also committed to continuing to invest in Parkland’s refinery in Burnaby, B.C.
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In an effort to appeal to a broad range of investors during a critical geopolitical and economic moment, Global X Investments Canada Inc. has launched 11 new ETFs with varying strategies, including a defence sector index ETF and two bitcoin-focused covered call funds.
Given recent geopolitical tensions, market volatility and slower growth, the funds are meant to provide investors with options “to potentially move around some of their exposures and their positioning [in their portfolios] based on what their market views and expectations are,” said Chris McHaney, head of investment management and strategy with Global X.
“We think it’s important to give investors that choice and that ability to go to areas that we think could resonate over the next few years,” McHaney said.
The new funds include:
McHaney spoke to some of the motivating factors behind the product launches.
He said geopolitical tensions, and a signal from governments that they intend to increase their defence spending, was what motivated Global X to launch SHLD. It seeks to replicate, to the extent possible and net of expenses, the performance of the Global X Defence Tech CAD Index.
The fund was also inspired by similar defence sector ETFs that Global X’s U.S. counterpart has listed south of the border, which have garnered “a lot of interest recently, given geopolitical fallout that we’ve seen over the last several months or so.”
“With defence spending in general, globally, becoming such a talking point, we felt this was a great time to bring this one to market here in Canada,” McHaney said.
The bitcoin ETFs — BCCC and BCCL — were launched to respond to investor demand for alternative asset classes, given the “market turmoil and market selloff” in stock and bond markets in recent weeks, he said.
One standout feature for these bitcoin ETFs is that they offer a novel bi-weekly approach to distributions.
“A semi-monthly distribution kind of starts to mimic a paycheque. Investors get paid twice a month from their job and now they can get paid twice a month from their investments as well,” McHaney said.
“Certainly that’s something that could be expanded to other areas as well, and other strategies,” he said, “if there’s demand for it.”
Global X also decided to launch ETFs in a few concentrated sectors that it expects to perform well, such as REIT, UBNK, UMRT and MEDX.
Of UBNK and UMRT, which seek to replicate the performance of the Mirae Asset Equal Weight U.S. Banks Index and Mirae Asset Equal Weight U.S. Groceries and Staples Index, respectively, McHaney said these “more timely sectors” are meant to give investors a defensive position “with the economy sort of slowing down.”
A full breakdown of the products and their investment strategies is available here.
Vancouver-based Travelers Capital Corp. (TCC) has launched a new liquid alternative mutual fund that will aim to deliver stable, double-digit annualized net yields.
The new Travelers Capital Private Credit Fund, which has a mutual fund trust structure, is composed of TCC’s portfolio of private credit business loans, which leverage the collateral value of the borrower’s tangible owned assets, such as vehicles, aircraft and heavy equipment, a release said.
In an interview, Mark Breakspear, head of capital and investor relations with TCC, said his firm has long offered products for institutional investors, but it wanted to respond to demand from retail investors for similar offerings.
“We wanted to create that opportunity to allow more people to get involved in what we’re doing, and then also create another leg of our capital stack and our capital raising capabilities,” Breakspear said.
The new fund invests in loans to small and medium-sized companies, “which are backed by senior security, so the loan-to-value ratio is extremely conservative and easily covers the outlay capital,” he explained.
Further, its underlying fund returned 12 – 13% over the last four years, “so we’re very confident in being able to maintain that level of return,” Breakspear said.
“We’ve got four years of track record behind this fund. We’ve just created a mutual fund trust wrapper to make it registered-plan eligible,” he added.
The Travelers Capital Private Credit Fund has a 1.35% management fee and redemptions will be available on a quarterly basis.
BMO Asset Management Inc. announced on Friday the launch of an ETF that provides exposure to a diversified portfolio of AAA-rated collateralized loan obligations (CLOs).
The BMO AAA CLO ETF is now available in Canadian-dollar units (Cboe: ZAAA), hedged units (CA: ZAAA.F) and U.S.-dollar units (Cboe: ZAAA.U).
The fund aims to provide income and preserve capital by investing — directly or indirectly — primarily in a diversified portfolio of AAA-rated CLOs of issuers outside of Canada, a release said.
For the hedged units of the fund, the BMO ETF will also invest in or use derivative instruments to seek to hedge U.S. currency exposure, the release noted.
The new ETF has a 0.2% management fee.
As market volatility continues to impact investor sentiment, Mackenzie Investments has rolled out several new fixed-income mutual funds and ETFs, which it says are designed to provide investors with tools to diversify their portfolios in a “relatively predictable” and low risk way.
The new funds include the:
MAAA provides access to AAA-rated CLOs that adjust their yields to the prevailing benchmark interest rates. The actively managed fund provides investors “with the potential to increase returns without proportionally increasing their risk exposure,” a release said.
The Mackenzie Target 2027 North American IG Corporate Bond Fund and Mackenzie Target 2029 North American IG Corporate Bond Fund, and their corresponding ETFs (MTBA and MTBB), will hold bonds to their target maturity dates and “aim to offer investors attractive returns in varying interest rate environments while minimizing risk,” the release noted.
The new offerings are managed by Mackenzie’s fixed-income team.
Harvest Portfolios Group Inc. has brought two new bitcoin ETFs to the Canadian market.
The Harvest Bitcoin Enhanced Income ETF (Cboe: HBIX) and the Harvest Bitcoin Leaders Enhanced Income ETF (Cboe: HBTE) began trading on Wednesday.
HBIX seeks to provide investors with “long-term capital appreciation” through purchasing and holding, on a levered basis, an ETF or a portfolio of ETFs that provide exposure to the underlying price movements of the U.S. dollar price of bitcoin. It will also aim to provide “high monthly cash distributions,” a release said. HBIX has a 0.65% management fee.
Meanwhile, HBTE seeks to provide investors with monthly cash distributions and “the opportunity for capital appreciation” by investing, on a levered basis, in 15 publicly-traded companies that either directly hold bitcoin, mine bitcoin or by provide services to customers “interested in transacting or holding bitcoin.” It has a 0.75% management fee.
Both funds will generally write covered call options on up to 50% of the option eligible portfolio securities held in their portfolios. However, the level of covered call option writing may vary based on market volatility and other factors, the release noted.
Hamilton Capital Partners Inc. has launched a new mixed-asset ETF.
The Hamilton Enhanced Mixed Asset ETF (TSX: MIX) seeks to replicate — to the extent reasonably possible and before the deduction of fees and expenses — “a 1.25-times multiple of the Solactive Hamilton Mixed Asset Index,” the firm said in a release.
“Combining a 60/20/20 allocation to U.S. stocks, U.S. Treasuries and gold, with modest 25% leverage to enhance growth and diversification, MIX offers investors a modern, all-in-one portfolio solution,” said Pat Sommerville, senior partner and co-president with Hamilton ETFs, in the release.
The fund will have a 0% management fee until at least April 30, 2026, Sommerville noted.
CIBC has launched 15 new Canadian Depositary Receipts (CDRs) that invest in U.S. stocks, bringing its total CDR count to 101.
CDRs allow investors to own fractional shares of companies across the world in Canadian dollars, mitigating the currency risk associated with global investing.
CIBC’s latest CDRs include:
Canada Life Investment Management Ltd. (CLIML) has announced a sub-advisor change to the Canada Life Global Small-Mid Cap Equity Fund.
Franklin Templeton Investments Corp. will replace Fiduciary Trust Company of Canada as one of the fund’s sub-advisers, effective on or about April 30.
In a release, CLIML said the fund will continue to be managed by the same individual portfolio managers and there will be no changes to its investment objectives and strategies.
SLGI Asset Management Inc., a subsidiary of Sun Life Financial Inc., has announced a fund closure and the upcoming maturity of another fund.
In a release, the asset manager said it’s decided to close Sun Life Wellington Opportunistic Fixed Income Private Pool.
The fund is no longer open to purchases or switches by new accounts as of April 25. Any accounts that already hold units of the fund may continue to hold, purchase or switch in additional units. The fund will be terminated at market close on Aug. 29.
Meanwhile, the Sun Life Milestone 2025 Fund, which will mature on June 30, is no longer available for purchases or switches in by both new and existing investors as of April 25. Once the fund matures, investors will receive the guaranteed value of their units of the fund. More information is available here.
Accelerate Financial Technologies Inc. will soon launch a Canadian dollar-hedged series of its private credit ETF.
The new series of the Accelerate Diversified Credit Income Fund (TSX:INCM) is designed to offer Canadian investors diversified exposure to the primarily U.S. dollar-denominated private credit market while mitigating currency risk.
The fund’s Canadian-dollar-hedged series is expected to be listed on the Toronto Stock Exchange on May 6 or later, under the ticker symbol INCM.B, a release said.
BMO Investments Inc. has announced the mergers of two target-date funds as the products approach their target end-dates.
The BMO LifeStage Plus 2025 Fund will be merged into the BMO Money Market Fund. Meanwhile, the BMO Target Education 2025 Portfolio will be merged into the BMO Target Education Income Portfolio.
As of June 30, unitholders of the terminating BMO LifeStage Plus 2025 Fund and BMO Target Education 2025 Portfolio will receive units, on a dollar-for-dollar basis, of Series A, Series F or Advisor Series of their corresponding mutual fund.
The mergers will be implemented on a tax-deferred basis on or about July 11. And the BMO LifeStage Plus 2025 Fund and BMO Target Education 2025 Portfolio will be terminated “as soon as reasonably possible” following the mergers, a release said.
TD Asset Management Inc. has launched a new all-equity ETF portfolio.
The TD All-Equity ETF Portfolio (TEQT) “seeks to provide long-term capital growth by investing primarily in units of other equity-oriented ETFs, emphasizing those with greater potential for capital growth,” a release said.
The product began trading on the Toronto Stock Exchange on April 15.
It has a management fee of 0.15%.
TSX ends up 1% at 25,031.51
For the week, the index adds 1.3%
Canadian National Railway gains 5.7%
Magna falls 5.8% after earnings miss
May 2 – Canada’s main stock index rose to a one-month high on Friday, led by gains for industrial shares, as stronger-than-expected U.S. jobs data contributed to increased investor confidence that a recession can be avoided.
Toronto Stock Exchange’s S&P/TSX composite index ended up 235.96 points, or 1%, at 25,031.51, its highest closing level since April 2. For the week, the index was up 1.3%.
Trade tariff developments, as well as the strength of the U.S. jobs report and corporate earnings “suggest that we’re moving further away from the worst case scenarios,” said Angelo Kourkafas, senior investment strategist at Edward Jones.
“We’re looking at a potential slowdown, not a recession, in the U.S., or Canada for that matter.”
Wall Street stocks also advanced on signs of easing trade tensions between the U.S. and China and after the U.S. economy added more jobs than expected last month.
Prime Minister Mark Carney said he would be in Washington next Tuesday for what he expects will be “difficult but constructive” talks with U.S. President Donald Trump, who he has accused of trying to break Canada.
Industrials rose 2.1% as Canadian National Railway Co added 5.7% after its quarterly results beat estimates.
Technology was up 1.6% and heavily weighted financials ended 1.2% higher.
Imperial Oil Ltd posted its highest-ever first-quarter earnings, driven primarily by stronger margins in its refining and fuel sales business. Its shares rose 1.2%.
The energy sector added 0.9% even as U.S. crude oil futures settled 1.6% lower.
The materials group was one of just two major sectors to end lower, falling 0.4%, as the price of gold edged down.
Auto parts supplier Magna International Inc missed quarterly earnings estimates and said it plans to implement cost-saving measures to cushion the hit from tariffs. Its shares ended 5.8% lower.
This article was generated from an automated news agency feed without modifications to text.
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