Category: Canada

Energy stocks led Canada’s main stock index higher on Thursday, as investors took stock of U.S.-Japan trade negotiations, although sentiment remained fragile amid tariff uncertainties.

Toronto Stock Exchange’s S&P/TSX Composite Index rose 0.16% to 24,141.14 points, and was poised for its largest weekly advance since September 2024, if gains hold.

On the day, the energy sector powered the gains, climbing 1.8% as oil prices reached their highest level in two weeks.

Markets have been focused on the rapidly evolving trade policies under the Trump administration, with investors awaiting potential agreements between the U.S. and its trading partners.

On Wednesday, U.S. President Donald Trump touted “big progress” in tariff talks with Japan. Japanese representative Ryosei Akazawa revealed limited details but confirmed a second meeting is scheduled for later this month, noting Trump called a deal with Japan a “top priority.”

“Markets tend to respond positively when protectionist risks recede,” said David Ferreira, portfolio manager at Harbourfront Wealth Management.

Resource shares help lift Toronto stock market to weekly gain

“A stable trading relationship between two major global economies reinforces confidence in global supply chains and demand forecasts — both of which are key for Canadian exporters and commodity producers”.

Bond proxy utilities rose 1.3%, as Canada’s 10-year bond yield fell to 3.090% after sharply rising in the previous session. Heavy-weighted financials added 0.3%.

Capping the gains, materials group which include metal mining shares, dropped over 1% as gold prices pulled back from a record high on profit booking.

Healthcare stocks were down 0.3%, with cannabis firm Tilray Brands falling 5% to the bottom of the benchmark index.

The Canadian stock markets will be closed on Friday for the Good Friday holiday.

Ark Invest CEO Cathie Wood rose to fame when the exchange-traded funds (ETFs) managed by her investment firm soared by over 100% each in 2020, at the height of the COVID-19 pandemic.

Wood is popular for her singular investing strategies and bets on disruptive, high-growth firms, including generative artificial intelligence (AI), genome development, autonomous robots, space exploration, cryptocurrency, and 3D printing.

She often makes bold trades, believing that today’s disruptive innovation will shape tomorrow’s future.

Yesterday, Wood’s Ark Invest made several portfolio changes, investing millions of dollars in Robinhood Markets (NASDAQ:HOOD), the 3iQ Solana Staking ETF, and selling shares of BTC ETF and biotech firms.

Buying The Robinhood Dip

Wood purchased 60,266 shares of Robinhood Markets, valued at roughly £1.85 million ($2.45 million), on Wednesday. The stock price declined by over 7% to close at £30.73 ($40.66) following US Federal Reserve Chair Jerome Powell’s warnings about rising inflation and threats emerging from the escalating trade war with China. Powell’s comments sparked further volatility in the stock market, dragging down benchmark indexes by several percentage points, as he forecast softer growth for Q1 2025.

Benchmark indexes, including the S&P 500, Nasdaq Composite, and Dow Jones, were down between 3% and 1.73% on Wednesday.

Robinhood relies primarily on retail trading. Hence, the stock price could be strongly correlated with market volatility since its user base of mostly retail investors might lower trading activity during economic upheavals, putting downward pressure on the brokerage’s revenue streams and overall performance.

Buys 500,000 Shares of a New Solana Staking ETF Trade

Ark Invest also bought 500,000 shares of the 3iQ Solana Staking ETF (SOLQ.U) via its Ark Fintech Innovation and Ark Next Generation Internet ETFs for an estimated £3.92 million ($5.20 million) based on Wednesday’s closing price of £7.81 ($10.34).

The Solana Staking ETF was listed on the Toronto Stock Exchange yesterday. The fund’s top investors include SkyBridge Capital, which was founded by Anthony Scaramucci. The new ETF prioritises investing in long-term holdings of Solana purchased from over-the-counter counterparties and strives to offer investors lucrative ‘staking rewards.’ According to a 3iQ press release release, the fund describes itself as the first Digital Assets Managed Account Platform globally.

The new ETF listing potentially played a role in driving Solana prices by almost 6% to over £100.45 ($132.95) per token in the past day.

Wood Offloads Shares in Bitcoin ETF and Biotech Firms

Wood’s ARK Next Generation Internet ETF fund offloaded 31,817 shares worth £2.04 million ($2.7 million) of the ARK 21Shares Bitcoin ETF, which closed at £63.60 ($84.15) yesterday. However, this trade coincided with signs of recovery across BTC ETFs following extreme downward pressure in recent weeks. Bitcoin ETFs reportedly witnessed over £57.43 million ($76 million) in net inflows, signalling a comeback after massive outflows. Bitcoin prices were marginally up 0.46% at £63,717 ($84,312.30) in the past day.

Wood also sold nearly 10,000 shares of multiple biotech firms, including Repare Therapeutics (NASDAQ:RPTX) and Prime Medicine (NASDAQ:PRME) collectively in her latest investment move.

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn’t indicate future returns.

J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>FTSE 100 to open 68 points in the green 

7.25am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates from Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

“>5am: What to watch on Thursday”>J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more “>5 am: What to watch on Thursday”>5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>“>

7.25 am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates fom Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>9.25 am: Footsie remains in the red; metal bashers take a bashing 

The blue-chip index remained in the red with no signs of it emerging any time soon.

The escalating trade tensions between the US and China seem to be front of mind.

We entered the session on a generally positive note from Asia, where sentiment was tilted towards a thawing of relations.

The mood music out of Beijing certainly suggested there may be room for a more cordial dialogue.

Enter JD Vance, who looks to be upping the ante once more with a trip to India, the de facto alternative location for America’s cut-price electronics.

The queasy feeling set back in. With the Sino-American stand-off far from settled, the UK’s engineers, big exporters, and tariff targets took the brunt of the selling activity.

Defence contractor BAE Systems was hardest hit, followed by GKN owner Melrose and pump maker Weir.

8.30 am: Sainsbury realistic about its prospects

The FTSE 100 defied the pre-market positivity from Asia to nudge into the red on the last trading day ahead of the long Easter weekend.

The big corporate news came from Sainsbury, which is predicting its profits will be flat this around the £1 billion mark. 

The market seems to have taken this as a positive, with the shares up 3% in early trading. And given the headwinds (national insurance and a looming trade war), you can understand the sentiment.

Shore Capital’s Clive Black, a veteran of the sector and widely followed, thinks there may be headroom for Sainsbury to improve on performance as the year unfolds. “A rational market could see upward revision in time,” he said in a note.

7.25 am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates fom Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more “>Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) generated US$61.9 million in revenue from selling 22,750 ounces of gold in the first quarter and has removed all its gold hedges.

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) is collaborating with DuPont Water Solutions to trial nanofiltration membrane technology aimed at improving lithium recovery in its processing operations.

88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported operational progress across its portfolio and ended the first quarter with A$10.60 million in cash.

Iofina PLC (AIM:IOF, OTC:IOFNF) said it produced 124.1 tonnes of crystalline iodine in the first quarter, slightly up from 123.7 tonnes last year, despite weather-related disruptions in Oklahoma.

“>Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) generated US$61.9 million in revenue from selling 22,750 ounces of gold in the first quarter and has removed all its gold hedges. Read more ...

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) is collaborating with DuPont Water Solutions to trial nanofiltration membrane technology aimed at improving lithium recovery in its processing operations. Read more …

88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported operational progress across its portfolio and ended the first quarter with A$10.60 million in cash. Read more …

Iofina PLC (AIM:IOF, OTC:IOFNF) said it produced 124.1 tonnes of crystalline iodine in the first quarter, slightly up from 123.7 tonnes last year, despite weather-related disruptions in Oklahoma. Read more …

“>1:20pm: FTSE down 45 points at lunch

London’s blue-chip benchmark remains on the backfoot, down 45 points or 0.55% at 8,230, as traders wait the long bank holiday without taking any chances.

Looking to Wall Street, the US stock futures were mixed with the Dow Jones Industrial Average futures falling sharply by over 500 points, down 1.5%.

In contrast, futures tied to the S&P 500 and Nasdaq-100 showed modest gains, indicating a partial rebound following Wednesday’s tech-led selloff.

Federal Reserve Chair Jerome Powell’s comments on trade tariffs added pressure to market sentiment.

Speaking in Chicago, Powell warned that tariffs are likely to increase inflation and could slow economic growth, creating a “challenging scenario” for the central bank.

Eli Lilly shares jumped over 11% after its diabetes drug showed strong results in a late-stage trial.

Taiwan Semiconductor also reported better-than-expected first-quarter profits, up 60% year-on-year, supported by demand for AI-related chips.

Meanwhile, Nvidia shares remained flat after revealing a $5.5 billion charge linked to US export restrictions.

1:15pm: ECB cuts rates to 2.25%

The European Central Bank lowered its benchmark interest rate by 25 basis points to 2.25%, marking its third rate cut in 2025.

The decision follows increasing concerns over slowing eurozone growth and escalating trade tensions linked to new tariffs imposed by the United States.

The ECB said the move is aimed at ensuring inflation remains on track to meet a 2% target while supporting growth amid weakening economic conditions​.

11:59am: Proactive small-cap headlines

Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) generated US$61.9 million in revenue from selling 22,750 ounces of gold in the first quarter and has removed all its gold hedges. Read more ...

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) is collaborating with DuPont Water Solutions to trial nanofiltration membrane technology aimed at improving lithium recovery in its processing operations. Read more …

88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported operational progress across its portfolio and ended the first quarter with A$10.60 million in cash. Read more …

Iofina PLC (AIM:IOF, OTC:IOFNF) said it produced 124.1 tonnes of crystalline iodine in the first quarter, slightly up from 123.7 tonnes last year, despite weather-related disruptions in Oklahoma. Read more …

11:05am: FTSE 100 still soft

Late in the morning, the FTSE 100 was down just over 60 points, off 0.77%, changing hands at 8,211.

Thursday’s ‘softness’ in London comes despite somewhat reassuring mood-music in Asia, highlighted AJ Bell investment director Russ Mould.

“Discussions between the US and Japan on trade and noises that China might be open to its own negotiations on trade helped improve the mood music in Asia,” Mould said in a statement.

“Elsewhere, Taiwanese chip manufacturer TSMC provided some reassurance as it posted strong growth and, probably more significantly, said it had not seen any changes in customer behaviour off the back of tariffs.

“Whether that will continue to be the case and whether the situation deteriorates remains an open question.”

10.15 am: Defensives in demand 

Sainsbury’s trading update was met with a collective sigh of relief, lifting sentiment across the sector and pulling Tesco higher alongside it.

In a climate of rising labour costs and intensifying price competition, driven in part by Asda, Sainsbury’s decision to hold guidance was taken as a reassuring signal.

Elsewhere, Rentokil’s muted trading statement was treated with similar leniency, with the shares up 3% in early trading.

There was a broader shift towards defensive stocks, as investors looked for stability in companies seen as resilient during economic uncertainty. Supermarkets and consumer staples led the move, with steady updates helping to anchor sentiment in an otherwise cautious market.

Turning to the broader market, the Footsie continued its slide into the red amid renewed trade war fears.

9.25 am: Footsie remains in the red; metal bashers take a bashing 

The blue-chip index remained in the red with no signs of it emerging any time soon.

The escalating trade tensions between the US and China seem to be front of mind.

We entered the session on a generally positive note from Asia, where sentiment was tilted towards a thawing of relations.

The mood music out of Beijing certainly suggested there may be room for a more cordial dialogue.

Enter JD Vance, who looks to be upping the ante once more with a trip to India, the de facto alternative location for America’s cut-price electronics.

The queasy feeling set back in. With the Sino-American stand-off far from settled, the UK’s engineers, big exporters, and tariff targets took the brunt of the selling activity.

Defence contractor BAE Systems was hardest hit, followed by GKN owner Melrose and pump maker Weir.

8.30 am: Sainsbury realistic about its prospects

The FTSE 100 defied the pre-market positivity from Asia to nudge into the red on the last trading day ahead of the long Easter weekend.

The big corporate news came from Sainsbury, which is predicting its profits will be flat this around the £1 billion mark. 

The market seems to have taken this as a positive, with the shares up 3% in early trading. And given the headwinds (national insurance and a looming trade war), you can understand the sentiment.

Shore Capital’s Clive Black, a veteran of the sector and widely followed, thinks there may be headroom for Sainsbury to improve on performance as the year unfolds. “A rational market could see upward revision in time,” he said in a note.

7.25 am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates fom Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>Fresnillo PLC (LSE:FRES) and Endeavour Mining were among the top FTSE 100 fallers going into the final hour of Thursday trading, with shares down 5% and 3.6% respectively. The declines come as gold prices ease following a sharp rally that has seen the metal gain more than 10% over the past six sessions.

Although the broader outlook for gold remains strong, supported by central bank demand, geopolitical uncertainty and a soft US dollar, the market looks technically stretched. Prices briefly touched 3,300 dollars an ounce, a key resistance level, before pulling back.

Technical analysts suggest a move lower toward 3,200 dollars could be healthy, offering a chance for value investors to re-enter. Despite today’s weakness, the uptrend appears intact. Some traders are now eyeing 3,500 dollars as a medium-term target, although near-term consolidation looks likely as momentum cools.

“>

J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>FTSE 100 to open 68 points in the green 

7.25am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates from Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

“>5am: What to watch on Thursday”>J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more “>5 am: What to watch on Thursday”>5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>“>

7.25 am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates fom Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>9.25 am: Footsie remains in the red; metal bashers take a bashing 

The blue-chip index remained in the red with no signs of it emerging any time soon.

The escalating trade tensions between the US and China seem to be front of mind.

We entered the session on a generally positive note from Asia, where sentiment was tilted towards a thawing of relations.

The mood music out of Beijing certainly suggested there may be room for a more cordial dialogue.

Enter JD Vance, who looks to be upping the ante once more with a trip to India, the de facto alternative location for America’s cut-price electronics.

The queasy feeling set back in. With the Sino-American stand-off far from settled, the UK’s engineers, big exporters, and tariff targets took the brunt of the selling activity.

Defence contractor BAE Systems was hardest hit, followed by GKN owner Melrose and pump maker Weir.

8.30 am: Sainsbury realistic about its prospects

The FTSE 100 defied the pre-market positivity from Asia to nudge into the red on the last trading day ahead of the long Easter weekend.

The big corporate news came from Sainsbury, which is predicting its profits will be flat this around the £1 billion mark. 

The market seems to have taken this as a positive, with the shares up 3% in early trading. And given the headwinds (national insurance and a looming trade war), you can understand the sentiment.

Shore Capital’s Clive Black, a veteran of the sector and widely followed, thinks there may be headroom for Sainsbury to improve on performance as the year unfolds. “A rational market could see upward revision in time,” he said in a note.

7.25 am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates fom Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more “>Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) generated US$61.9 million in revenue from selling 22,750 ounces of gold in the first quarter and has removed all its gold hedges.

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) is collaborating with DuPont Water Solutions to trial nanofiltration membrane technology aimed at improving lithium recovery in its processing operations.

88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported operational progress across its portfolio and ended the first quarter with A$10.60 million in cash.

Iofina PLC (AIM:IOF, OTC:IOFNF) said it produced 124.1 tonnes of crystalline iodine in the first quarter, slightly up from 123.7 tonnes last year, despite weather-related disruptions in Oklahoma.

“>Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) generated US$61.9 million in revenue from selling 22,750 ounces of gold in the first quarter and has removed all its gold hedges. Read more ...

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) is collaborating with DuPont Water Solutions to trial nanofiltration membrane technology aimed at improving lithium recovery in its processing operations. Read more …

88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported operational progress across its portfolio and ended the first quarter with A$10.60 million in cash. Read more …

Iofina PLC (AIM:IOF, OTC:IOFNF) said it produced 124.1 tonnes of crystalline iodine in the first quarter, slightly up from 123.7 tonnes last year, despite weather-related disruptions in Oklahoma. Read more …

“>1:20pm: FTSE down 45 points at lunch

London’s blue-chip benchmark remains on the backfoot, down 45 points or 0.55% at 8,230, as traders wait the long bank holiday without taking any chances.

Looking to Wall Street, the US stock futures were mixed with the Dow Jones Industrial Average futures falling sharply by over 500 points, down 1.5%.

In contrast, futures tied to the S&P 500 and Nasdaq-100 showed modest gains, indicating a partial rebound following Wednesday’s tech-led selloff.

Federal Reserve Chair Jerome Powell’s comments on trade tariffs added pressure to market sentiment.

Speaking in Chicago, Powell warned that tariffs are likely to increase inflation and could slow economic growth, creating a “challenging scenario” for the central bank.

Eli Lilly shares jumped over 11% after its diabetes drug showed strong results in a late-stage trial.

Taiwan Semiconductor also reported better-than-expected first-quarter profits, up 60% year-on-year, supported by demand for AI-related chips.

Meanwhile, Nvidia shares remained flat after revealing a $5.5 billion charge linked to US export restrictions.

1:15pm: ECB cuts rates to 2.25%

The European Central Bank lowered its benchmark interest rate by 25 basis points to 2.25%, marking its third rate cut in 2025.

The decision follows increasing concerns over slowing eurozone growth and escalating trade tensions linked to new tariffs imposed by the United States.

The ECB said the move is aimed at ensuring inflation remains on track to meet a 2% target while supporting growth amid weakening economic conditions​.

11:59am: Proactive small-cap headlines

Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) generated US$61.9 million in revenue from selling 22,750 ounces of gold in the first quarter and has removed all its gold hedges. Read more ...

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) is collaborating with DuPont Water Solutions to trial nanofiltration membrane technology aimed at improving lithium recovery in its processing operations. Read more …

88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) reported operational progress across its portfolio and ended the first quarter with A$10.60 million in cash. Read more …

Iofina PLC (AIM:IOF, OTC:IOFNF) said it produced 124.1 tonnes of crystalline iodine in the first quarter, slightly up from 123.7 tonnes last year, despite weather-related disruptions in Oklahoma. Read more …

11:05am: FTSE 100 still soft

Late in the morning, the FTSE 100 was down just over 60 points, off 0.77%, changing hands at 8,211.

Thursday’s ‘softness’ in London comes despite somewhat reassuring mood-music in Asia, highlighted AJ Bell investment director Russ Mould.

“Discussions between the US and Japan on trade and noises that China might be open to its own negotiations on trade helped improve the mood music in Asia,” Mould said in a statement.

“Elsewhere, Taiwanese chip manufacturer TSMC provided some reassurance as it posted strong growth and, probably more significantly, said it had not seen any changes in customer behaviour off the back of tariffs.

“Whether that will continue to be the case and whether the situation deteriorates remains an open question.”

10.15 am: Defensives in demand 

Sainsbury’s trading update was met with a collective sigh of relief, lifting sentiment across the sector and pulling Tesco higher alongside it.

In a climate of rising labour costs and intensifying price competition, driven in part by Asda, Sainsbury’s decision to hold guidance was taken as a reassuring signal.

Elsewhere, Rentokil’s muted trading statement was treated with similar leniency, with the shares up 3% in early trading.

There was a broader shift towards defensive stocks, as investors looked for stability in companies seen as resilient during economic uncertainty. Supermarkets and consumer staples led the move, with steady updates helping to anchor sentiment in an otherwise cautious market.

Turning to the broader market, the Footsie continued its slide into the red amid renewed trade war fears.

9.25 am: Footsie remains in the red; metal bashers take a bashing 

The blue-chip index remained in the red with no signs of it emerging any time soon.

The escalating trade tensions between the US and China seem to be front of mind.

We entered the session on a generally positive note from Asia, where sentiment was tilted towards a thawing of relations.

The mood music out of Beijing certainly suggested there may be room for a more cordial dialogue.

Enter JD Vance, who looks to be upping the ante once more with a trip to India, the de facto alternative location for America’s cut-price electronics.

The queasy feeling set back in. With the Sino-American stand-off far from settled, the UK’s engineers, big exporters, and tariff targets took the brunt of the selling activity.

Defence contractor BAE Systems was hardest hit, followed by GKN owner Melrose and pump maker Weir.

8.30 am: Sainsbury realistic about its prospects

The FTSE 100 defied the pre-market positivity from Asia to nudge into the red on the last trading day ahead of the long Easter weekend.

The big corporate news came from Sainsbury, which is predicting its profits will be flat this around the £1 billion mark. 

The market seems to have taken this as a positive, with the shares up 3% in early trading. And given the headwinds (national insurance and a looming trade war), you can understand the sentiment.

Shore Capital’s Clive Black, a veteran of the sector and widely followed, thinks there may be headroom for Sainsbury to improve on performance as the year unfolds. “A rational market could see upward revision in time,” he said in a note.

7.25 am: Green for go

It’s all about respect, baby. Bloomberg has said, citing an unnamed Beijing official, that if the US can drop the invective, the Chinese are ready to engage in positive conversations that could prevent a trade war. Wouldn’t that be nice?

So, the markets are currently guardedly optimistic at the prospect, with Asia’s main bourses in positive territory

In the UK, London is set to open 68.2 points higher at 8,251.5 for a 7.7% gain over the last five trading days. Year-to-date, the UK’s top stocks index is now at parity.

Looking ahead, we have updates fom Sainsbury’s and Deliveroo, along with what is likely to be a tense shareholder meeting for BP’s management.

5 am: What to watch on Thursday

After Tesco ‘got out the knuckledusters’, as analyst said, with its results and a warning that it is prepared to see profits fall this year amid a heightening of competition in the market, it is time for J Sainsbury PLC (LSE:SBRY) to have its say on Thursday…read more 

Deliveroo PLC (LSE:ROO) last month confirmed two major milestones — its first-ever net profit and positive free cash flow — but shares are little moved since. Some analysts reckon the market has got it wrong…read more

The BP PLC (LSE:BP.) annual shareholders’ meeting could be a tense one, with both the company and activist investor Elliott Management having been preparing for a potential battle…read more

Later on, the European Central Bank will unveil its latest policy decision in the early afternoon, with a rate cut expected as US tariffs threaten to drag the bloc into a recession. 

In the evening, after the US markets have closed, there will be earnings from Netflix, which will act as a prelude to the first of the so-called Magnificent Seven, which begin to post their earnings from next week.   

Announcements due on 17 April:

Trading updates: Deliveroo, Dunelm Group, Ninety One, Rentokil Initial

Finals: J Sainsbury

Overseas earnings: American Express, Blackstone, DR Horton, Marsh & McLennan, TSMC, UnitedHealth Group (all premarket), Netflix (post-market)

AGM: BP

Economic announcements: ECB Rate Decision (EU), Building Permits, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index (all US)

Ex-dividends to reduce FTSE 100 by: 7.65 points (BAE Systems, Rolls-Royce Holdings, London Stock Exchange Group, Unite Group, Fresnillo, Antofagasta, Weir, Convatec)

“>Fresnillo PLC (LSE:FRES) and Endeavour Mining were among the top FTSE 100 fallers going into the final hour of Thursday trading, with shares down 5% and 3.6% respectively. The declines come as gold prices ease following a sharp rally that has seen the metal gain more than 10% over the past six sessions.

Although the broader outlook for gold remains strong, supported by central bank demand, geopolitical uncertainty and a soft US dollar, the market looks technically stretched. Prices briefly touched 3,300 dollars an ounce, a key resistance level, before pulling back.

Technical analysts suggest a move lower toward 3,200 dollars could be healthy, offering a chance for value investors to re-enter. Despite today’s weakness, the uptrend appears intact. Some traders are now eyeing 3,500 dollars as a medium-term target, although near-term consolidation looks likely as momentum cools.

“>

LEAMINGTON — Cannabis company Tilray Brands Inc. is proposing a reverse stock split for its shares.

Tilray chairman and chief executive Irwin Simon says the reverse split would better align Tilray’s number of shares outstanding with companies of its size and scope, while a higher price per share would ensure compliance with Nasdaq’s continued listing requirements.

The company also expects cost savings from the change, which would reduce the costs associated with its annual meeting.

It is asking its shareholders to approve a plan that would allow a reverse stock split of its common shares at a ratio ranging from 1-to-10 to 1-to-20.

The exact ratio would be determined by the Tilray board of directors if the plan is approved by a shareholder vote set for June 10.

Tilray shares closed down a penny at 66 cents on the Toronto Stock Exchange on Wednesday.

This report by The Canadian Press was first published April 17, 2025.

Companies in this story: (TSX:TLRY)

The Canadian Press

CI Global Asset Management (“CI GAM”), in partnership with Galaxy Asset Management, announces that CI Galaxy Solana ETF (“the ETF” or “SOLX”) has closed its initial offering of units and begins trading today on the Toronto Stock Exchange under the tickers SOLX.B and SOLX.U

Excited to launch the CI Galaxy Solana ETF today in partnership with CI.

SOLX.B/SOLX.U

The first of its kind in Canada for exposure to the Solana ecosystem with staking while providing the benefits of an ETF wrapper.@SteveKurz @jennsinopoli

👇👇👇https://t.co/xu4arwLmb0

— Paul Cappelli (@thepaulcappelli) April 16, 2025

SOLX is also launching with a management fee of 0%, as CI GAM is fully waiving the management fee of 0.35% until July 16, 2025.

SOLX invests directly in Solana tokens (“SOL”), one of the world’s largest digital currencies by market capitalization and the cryptocurrency that powers the Solana blockchain network. The ETF is available in two series: U.S. dollar-denominated unhedged units (SOLX.U) and Canadian dollar-denominated unhedged units (SOLX.B). The ETF is managed by CI GAM and sub-advised by Galaxy Asset Management (“Galaxy”).

“The fee waiver demonstrates our commitment to providing investors with convenient exposure to emerging digital asset classes and the remarkable growth potential of decentralized finance,” said Jennifer Sinopoli, Executive Vice-President and Head of Distribution for CI GAM. “Solana has become one of the core blockchain networks driving innovation and change, making SOLX a timely addition to our lineup of cryptocurrency investment solutions.”

The Solana network is known for its speed, efficiency and ease of use and today supports a wide and growing variety of applications such as payments processing, lending, non-fungible tokens, smart contracts, web3 platforms, decentralized finance models and decentralized physical infrastructure projects.

SOLX leverages the deep expertise of Galaxy, one of the world’s largest investment managers of digital assets and blockchain exposures. Galaxy executes all SOL trading on behalf of the ETF and facilitates staking arrangements, which can earn additional rewards for the ETF.

“We’re excited to partner with CI to bring the CI Galaxy Solana ETF to investors and offer easy access to one of the fastest-growing and most innovative blockchain ecosystems,” said Steve Kurz, Global Head of Asset Management at Galaxy. “As one of the largest validators on the Solana network, Galaxy brings deep expertise to support the launch of SOLX and offer valuable industry insights. Introducing Solana’s combination of speed, scalability, and staking potential through an ETF wrapper provides investors with direct exposure and opportunities for additional yield through staking rewards within the evolving landscape of digital assets.”

The ETF intends to stake a portion of its SOL holdings in order to earn rewards of additional SOL tokens. Staking is part of a process that validates transactions and helps to secure the Solana network. CI GAM as manager of the ETF is entitled to up to 35% of the net rewards from staking, while no less than 65% will accrue to the ETF.

“As an ETF, SOLX provides a convenient and transparent way to invest in SOL and SOL staking,” said Ms. Sinopoli. “Investors benefit from liquidity, real-time pricing, eligibility for registered plans, and the professional management provided by CI GAM, one of Canada’s largest investment firms, and Galaxy, a global leader in managing digital assets. The ETF’s sub-custodians also store SOL holdings in offline cold storage, providing an additional layer of security.”

The investment objective of SOLX is to provide unitholders with exposure to SOL through an institutional-quality fund platform. The ETF will invest directly in SOL with its SOL holdings priced based on the Bloomberg Galaxy Solana Index (the “Solana Index”), which is designed to measure the performance of a single SOL traded in U.S. dollars. The Solana Index is owned and administered by Bloomberg Index Services Limited.

Source: CI GAM

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TLDR

• Over $120 million has been bridged to Solana from other blockchains in the past 30 days
• Solana-based memecoins like FART, POPCAT, and BONK have seen double-digit price rallies recently
• Canada launched the first spot Solana ETFs in North America on April 16
• SOL is forming an inverse head and shoulders pattern with potential 40% upside toward $190
• SOL must stay above $120 to maintain bullish momentum; dropping below could send price back to $100 or lower

Crypto investors have bridged more than $120 million in liquidity to Solana from competing blockchains over the past 30 days. This signals a renewed confidence in the network that had previously faced challenges.

The highest amount came from Ethereum at $41.5 million, followed by $37.3 million from Arbitrum, according to data from Debridge.

Users on Base, BNB Chain, and Sonic moved $16 million, $14 million, and $6.6 million respectively to the Solana blockchain.

This influx of liquidity marks a reversal from Solana’s recent troubles. Following Argentina’s LIBRA memecoin scandal, which involved President Javier Milei, Solana had seen investors move $485 million to other blockchains including Ethereum and BNB Chain.

The current return of funds to Solana comes alongside double-digit price rallies from Solana-based memecoins. POPCAT rose 79%, FARTCOIN jumped 51%, BONK increased 25%, and WIF gained 21% over the past seven days.

Technical Analysis Shows Mixed Signals

From a technical perspective, Solana’s price action shows mixed signals that could affect its short-term movement.

SOL must close a daily candle above $147 to confirm a bullish trend shift. The cryptocurrency currently remains under the $140 level, with the 50-day exponential moving average acting as strong resistance.

On lower timeframes, SOL has exhibited a bearish divergence between price and the relative strength index (RSI). This pattern has historically signaled correction periods for Solana in 2025.

The 4-hour chart shows SOL has formed an inverse head and shoulders pattern. If confirmed, this textbook bullish reversal pattern points to a potential 40% upside toward $190.

SOL has reclaimed its 200-4H exponential moving average as support, with momentum building steadily. Its RSI levels support further upside, with no immediate signs of overbought conditions.

Critical Support Levels to Watch

Traders should watch the $120-$125 price zone carefully as it represents the point of control (POC) – the area where most of SOL’s annual trading volume has occurred.

If SOL drops below $120, it could plunge back to the $100 level or lower. The last time SOL broke below this critical support, the price dropped to $96.

Glassnode reported a major shift in Solana’s realized price distribution, with over 32 million SOL (5% of total supply) bought at the $130 level in recent days. This suggests $130 could become a strong support level.

#Solana’s URPD shows a major shift in cost basis over the past two days, forming the largest supply cluster (>5%) at $129.79 with over 32M $SOL. This zone could act as a support during future drawdowns, reflecting high investor engagement at this price level. pic.twitter.com/mrunKSjKZL

— glassnode (@glassnode) April 15, 2025

Below $129, there are 18 million SOL (3%) at $117.99, while above, 27 million SOL (4.76%) sit at $144.54. In the short term, $144 could act as resistance and $117 as the lower bound of the price range, with $129 serving as the key pivot zone.

Canada Launches First Spot Solana ETFs

In a major development for institutional adoption, Canada became the first country in North America to offer direct exposure to SOL through regulated investment products.

On April 16, several financial firms including 3iQ Corp., Evolve Funds, CI GAM, and Purpose Investments launched spot Solana ETFs on the Toronto Stock Exchange following approval from the Ontario Securities Commission.

“We are very proud and excited that Canada is [a leader] again in crypto,” said Vlad Tasevski, chief innovation officer at Purpose Investments.

These ETFs differ from US offerings by giving investors direct access to SOL’s spot price rather than just tracking Solana futures. This development mirrors Canada’s earlier lead in launching spot Bitcoin and Ether ETFs in 2021.

The approval and launch of these ETFs could bring increased institutional interest and investment flows to Solana, potentially supporting price growth in the coming months.