Category: Canada

Willow Biosciences to cease operations following sale of subsidiary

Canada-based biotech firm Willow Biosciences (TSX: WLLW) (OTCQB: CANSF) this week reported a net loss of C$6.1 million despite posting a roughly threefold increase in revenue in 2024. The company also appears poised to close down entirely, with operations slated to cease as soon as the sale of a subsidiary goes through.

Willow said in a press release that CEO Dr. Chris Savile and Senior Vice President of Research and Development Dr. Trish Choudhary will be terminated as soon as the company’s sale of Epimeron USA  closes, “as the Company will no longer be carrying on active operations.”

Willow announced the sale of the subsidiary to an unnamed buyer in the United Kingdom for US$3.3 million. That’s expected to improve Willow’s cash on hand from C$333,000 at the end of 2024 to C$1.1 million, the company forecast, while most of the proceeds from the sale will be used to pay off debts.

Even the sale, should it close, won’t be enough to keep Willow listed on the Toronto Stock Exchange, the company said in a press release, and shared that it expects to be suspended from the exchange.

The sale is expected to close by the end of April.

According to the company’s quarterly financial filing, Willow’s revenues increased substantially year-over-year to C$4.6 million from C$1.1 million, and it cut its annual losses by more than half, to C$6.1 million from C$13 million.

As of Dec. 31, Willow had C$2.4 million in total assets, including C$333,000 in cash, against C$2.9 million in total liabilities and a whopping C$127.8 million deficit.

Rogers Communications 1Q25 Investment Community Teleconference April 23, 2025 at 8:00 a.m. ET


Rogers Communications 1Q25 Investment Community Teleconference April 23, 2025 at 8:00 a.m. ET – Toronto Stock Exchange News Today – EIN Presswire




















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TSX rises as potential US tariff exemptions keep spirits high

Canada’s main stock index rose on Tuesday, building on the previous day’s gains as optimism about narrower-than-feared tariffs kept investor hopes high.

Toronto Stock Exchange’s S&P/TSX composite index was up 0.41% at 25,408.87 — near the three-week high reached in the previous session.

U.S. President Donald Trump on Monday suggested that not all proposed levies would be enforced by April 2, with some countries potentially receiving exemptions.

“Yesterday everything went higher up based on what the market perceived as positive news out of the White House on tariffs,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.

“I think today is just a little bit carried forward from the previous session”.

On TSX, the materials and energy led the sectoral gains, rising 1.4% and 0.6%, respectively.

Gold prices rose on demand for safe-haven amid uncertainty over Trump’s tariff plans for next week that could potentially boost inflation.

Copper prices also gained as traders kept up speculative buying based on expected tariffs.

Meanwhile, oil prices rose for the fifth consecutive day on expectations that global supply may tighten after the U.S. announced tariffs on countries buying Venezuelan crude.

South of the border, a conference board report showed that an index tracking consumer confidence dropped to 92.9 in March, at a time when worries persist that a global trade war could fan inflation and slow the economy. Economists were expecting a reading of 94.

ShoreOne, Trisura join forces to enhance coastal homeowners’ insurance  

ShoreOne, a provider of insurance solutions for coastal homeowners, has teamed up with Trisura Specialty Insurance Company.  

This collaboration is said to enhance ShoreOne’s capacity to serve homeowners in select coastal regions, leveraging Trisura’s financial strength. 

It adds a third carrier partner to ShoreOne’s portfolio.  

Independent agents are anticipated to benefit from the partnership through improved underwriting capabilities.  

Set up in 2019, ShoreOne offers one policy that includes both traditional homeowners’ perils and flood coverage.  

ShoreOne chief operating officer and president Cameron Rhodes stated: “We take our role as stewards of insurance and reinsurance capital quite seriously and look forward to continue building on the track record we have established to date. The professional team at Trisura have been an absolute delight to work with and we are grateful to share this coastal homeowners programme (including flood) with them.” 

Trisura US Programmes CEO Michael Beasley said: “We have been very selective in our approach to homeowners business over the last few years, and we are very excited about our new partnership with ShoreOne. We find them to be a very talented team who understands their business model very well and has a demonstrated track record of success in this space. We look forward to a long and successful partnership with the ShoreOne Team.” 

Trisura Group, listed on the Toronto Stock Exchange, operates in surety, risk solutions, corporate insurance and fronting.  

The group has investments in subsidiaries conducting insurance and reinsurance operations, mainly in Canada and the US. 


Euro Sun Mining Included on European Union’s List of Strategic Assets


Euro Sun Mining Included on European Union’s List of Strategic Assets – Toronto Stock Exchange News Today – EIN Presswire


















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Shopify Takes Steps to Pull In Billions From Passive Funds

(Bloomberg) — Shopify Inc. is making moves that could allow it to enter major stock indexes, which would direct a flood of investor money into shares of the Canadian e-commerce platform.

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The Ottawa-founded company is set to transfer its US-listed shares from the New York Stock Exchange to start trading on the Nasdaq Global Select Market from March 31. The move could pave the way for a spot in the tech-heavy Nasdaq 100 Index, which is designed to track the performance of the hundred largest Nasdaq-listed non-financial firms.

“Being included in that index would equate to more buying power for a stock,” said Matthew Maley, Chief Market Strategist at Miller Tabak + Co, citing inflows into funds tracking the Nasdaq 100 in recent years.

Shopify, which has a larger market capitalization than all but 24 Nasdaq-listed stocks, has risen 16% — more than the broader index — since announcing last week that it would transfer its US-listed shares to the marketplace. Even after Shopify moves to the Nasdaq, it will continue to have a dual listing on the Toronto Stock Exchange.

Size, and a listing on the exchange, are the main factors that determine whether a company is added to the Nasdaq 100, but there is no certainty on whether and when Shopify will make it in. Representatives for Nasdaq and Shopify declined to comment on the potential addition to the index.

Inclusion in benchmarks is becoming more important for companies in a world increasingly dominated by passively-managed investment funds. These products — including mutual funds and exchange traded funds, or ETFs — are required to buy the shares of member companies to reflect the index’s composition.

Bloomberg Intelligence estimates that 21% of the shares of the average publicly-listed US stock are owned by passive funds — more than triple what it was in 2013. And products tied to the Nasdaq 100 control hundreds of billions of dollars.

In the last five years, 48 newcomers to the Nasdaq 100 gained an average of 3.7% in the time between the announcement and the addition to the index, according to data compiled by Bloomberg. In the 25 days that followed, half the stocks erased those gains.

“In large part there’s some preheating the inclusion and the benefits to be had by these companies, but in the case of names that are already broadly recognized, the impact is diminished,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

Joining an index can also mean that a company’s stock returns are more closely tied to the performance of the broader market over time.

“It’s a two-way street,” Miller Tabak’s Maley noted. “Once the stock has become part of a big index/ETF, the selling can become bigger during a bear market.”

Canadian Companies

Shopify’s move represents, in at least one way, a step up for Canadian stocks. Out of the 520 companies earning a spot in the Nasdaq 100 this century, just three have been domiciled in Canada. Two of those were been removed from the index: ATI Technologies Inc., a chipmaker acquired by Advanced Micro Devices Inc. in 2006 and BlackBerry Ltd., the early smartphone maker that fell victim to the success of Apple Inc.’s iPhone. The only Canadian firm currently in the index is Lululemon Athletica Inc., the Vancouver-based athleisure brand.

Shopify has jockeyed with Royal Bank of Canada, which is only listed in Toronto, for the title of the largest Canadian company.

Last month, Shopify surprised investors by filing a domestic issuer 10-K instead of the foreign issuer 40-F form that it has submitted in the past to the US Securities and Exchange Commission. The new filing mentions New York as a “principal executive office” alongside its Canadian address.

That led some analysts to conclude that Shopify might be gearing up for an official domicile change that could set the scene for S&P 500 membership. Shopify has made over 60% of its revenue in the US every year since at least 2012. Its home country accounted for less than 6% of sales in 2024.

The company’s decision plays into Canadian angst about the flows of goods and investments into and out of the US as President Donald Trump pursues tariffs against Canada and threatens to turn it into the 51st US state.

Even if Shopify changes its legal domicile, it could remain in the S&P/TSX Composite Index for Toronto-listed stocks. A few days after the filing mentioning Shopify’s New York presence, the S&P Dow Jones Indices proposed changes to its eligibility criteria that would allow companies that aren’t domiciled in Canada to remain part of the Canadian index.

Tech Chart of the Day

German software giant SAP SE overtook Danish weight-loss drug maker Novo Nordisk A/S to become Europe’s most-valuable public company on Monday.

Top Tech Stories

  • Tesla Inc.’s sales have fallen in 10 of the last 12 months in Europe, with the carmaker struggling mightily at the beginning of this year.

    • Cathie Wood’s Ark Investment Management LLC remains bullish on Tesla and expects the stock will hit $2,600 in five years, or almost 10 times its current price.

  • Alibaba Group Holding Ltd. Chairman Joe Tsai warned of a potential bubble forming in datacenter construction, arguing that the pace of that buildout may outstrip initial demand for AI services.

  • DeepSeek released updates to its V3 model that promise to deliver better programming capabilities, underscoring the Chinese AI startup’s intent to remain a step ahead of competitors.

  • Samsung Electronics Co. co-Chief Executive Officer Han Jong-Hee, who is credited for growing the Korean conglomerate into the world’s top electronics company, has died. He was 63.

  • A TikTok executive responsible for its core advertising business is stepping aside as part of a reorganization, the latest management change at the company facing an April 5 deadline to reach a US sale deal.

  • Xiaomi Corp. raised about $5.5 billion in an upsized share sale, as the Chinese tech firm capitalizes on a surge in its stock price to help raise funds to expand its electric-vehicle business.

Earnings Due Tuesday

(Updates Nasdaq 100 detail, chart)

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