Category: Canada

Firan Technology Group (TSX:FTG) is a Canadian technology leader specializing in printed circuit boards and aerospace components. Listed on the Toronto Stock Exchange, FTG operates in two segments: FTG Circuits and FTG Aerospace. Over 70% of its revenue comes from high-complexity circuits for defence and telecommunications applications.

FTG manufactures custom-printed circuit boards that are the foundation for computer chips and avionic subsystem hardware, including backlit control panels and integrated switch panels. It focuses on high-value, specialized products rather than standard consumer electronics components.

With approximately 75% of total sales from the United States in OEM (original equipment manufacturer) and subcontract markets, FTG is positioned to capitalize on the $8-9 billion North American PCB (printed circuit board) industry.

FTG has ambitious growth targets. It aims to double its size every five years through organic growth and acquisitions while maintaining a debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) ratio below one.

FTG’s strategic focus on operational excellence and expanding into new markets within the aerospace and defence electronics industries drives its vision as a “partner in performance” with leading companies in these sectors.

Is the TSX tech stock a good buy right now?

Firan Technology Group delivered record financial results for the fourth quarter and full year 2024. In the fourth quarter (Q4), it reported revenue of $45 million, while annual sales surpassed $162 million, a 20% increase year over year.

“2024 was another record year for FTG, and our fourth quarter was another record quarter,” said Chief Executive Officer Brad Bourne, highlighting FTG’s strong performance across key metrics. Bookings reached $184.5 million for the year, up 25% from 2023, helping build a robust backlog of $122.4 million, a 26% increase from the previous year.

The printed circuit board and aerospace components manufacturer saw its adjusted EBITDA rise to $25.8 million, compared to $19.4 million in 2023, while adjusted net earnings increased 47% to $10.3 million. FTG maintained a strong balance sheet, ending the year with just $0.7 million in net debt despite investing over $14.7 million.

The company’s circuits business primarily drove its growth, with sales jumping 28% year over year. Comparatively, aerospace sales increased by 3%, but this was hampered by a six-week work stoppage at its Toronto facility earlier in the year.

What’s next for the TSX stock?

FTG is preparing for potential U.S. tariffs under the new administration by diversifying its global footprint. For instance, last December, it acquired FLYHT Aerospace, adding aftermarket revenue streams and expanding its customer base beyond the United States. The company is also establishing a new manufacturing facility in India, with an estimated investment of $2 million.

“The new U.S. administration appears committed to implementing tariffs on imports into the U.S. This could negatively impact FTG as we estimate about $55 million of sales to customers located in the U.S. originate at FTG sites in Canada or China,” Bourne explained.

FTG’s mitigation strategy includes prioritizing non-U.S. customers for its Canadian operations, focusing on Airbus programs over Boeing due to Airbus’s stronger market position, and strategically aligning manufacturing locations with customer geography.

For 2025, FTG expects continued growth driven by the FLYHT acquisition and mid- to high single-digit organic growth, supported by strong demand from commercial aerospace programs like China’s C919 aircraft and its expanding global operations.

Is FTG stock undervalued?

Analysts tracking the tech stock expect it to increase sales from $162 million in 2024 to $203 million in 2026. Comparatively, earnings are forecast to expand from $0.45 per share in 2024 to $0.61 per share in 2026. In the next two years, its free cash flow is forecast to improve to $22.4 million from $6.9 million.

Priced at 11.8 times forward earnings and 8.1 times forward FCF, the tech stock is cheap and trades at a discount almost 60% given consensus price targets.

Firan Technology Group (TSX:FTG) is a Canadian technology leader specializing in printed circuit boards and aerospace components. Listed on the Toronto Stock Exchange, FTG operates in two segments: FTG Circuits and FTG Aerospace. Over 70% of its revenue comes from high-complexity circuits for defence and telecommunications applications.

FTG manufactures custom-printed circuit boards that are the foundation for computer chips and avionic subsystem hardware, including backlit control panels and integrated switch panels. It focuses on high-value, specialized products rather than standard consumer electronics components.

With approximately 75% of total sales from the United States in OEM (original equipment manufacturer) and subcontract markets, FTG is positioned to capitalize on the $8-9 billion North American PCB (printed circuit board) industry.

FTG has ambitious growth targets. It aims to double its size every five years through organic growth and acquisitions while maintaining a debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) ratio below one.

FTG’s strategic focus on operational excellence and expanding into new markets within the aerospace and defence electronics industries drives its vision as a “partner in performance” with leading companies in these sectors.

Is the TSX tech stock a good buy right now?

Firan Technology Group delivered record financial results for the fourth quarter and full year 2024. In the fourth quarter (Q4), it reported revenue of $45 million, while annual sales surpassed $162 million, a 20% increase year over year.

“2024 was another record year for FTG, and our fourth quarter was another record quarter,” said Chief Executive Officer Brad Bourne, highlighting FTG’s strong performance across key metrics. Bookings reached $184.5 million for the year, up 25% from 2023, helping build a robust backlog of $122.4 million, a 26% increase from the previous year.

The printed circuit board and aerospace components manufacturer saw its adjusted EBITDA rise to $25.8 million, compared to $19.4 million in 2023, while adjusted net earnings increased 47% to $10.3 million. FTG maintained a strong balance sheet, ending the year with just $0.7 million in net debt despite investing over $14.7 million.

The company’s circuits business primarily drove its growth, with sales jumping 28% year over year. Comparatively, aerospace sales increased by 3%, but this was hampered by a six-week work stoppage at its Toronto facility earlier in the year.

What’s next for the TSX stock?

FTG is preparing for potential U.S. tariffs under the new administration by diversifying its global footprint. For instance, last December, it acquired FLYHT Aerospace, adding aftermarket revenue streams and expanding its customer base beyond the United States. The company is also establishing a new manufacturing facility in India, with an estimated investment of $2 million.

“The new U.S. administration appears committed to implementing tariffs on imports into the U.S. This could negatively impact FTG as we estimate about $55 million of sales to customers located in the U.S. originate at FTG sites in Canada or China,” Bourne explained.

FTG’s mitigation strategy includes prioritizing non-U.S. customers for its Canadian operations, focusing on Airbus programs over Boeing due to Airbus’s stronger market position, and strategically aligning manufacturing locations with customer geography.

For 2025, FTG expects continued growth driven by the FLYHT acquisition and mid- to high single-digit organic growth, supported by strong demand from commercial aerospace programs like China’s C919 aircraft and its expanding global operations.

Is FTG stock undervalued?

Analysts tracking the tech stock expect it to increase sales from $162 million in 2024 to $203 million in 2026. Comparatively, earnings are forecast to expand from $0.45 per share in 2024 to $0.61 per share in 2026. In the next two years, its free cash flow is forecast to improve to $22.4 million from $6.9 million.

Priced at 11.8 times forward earnings and 8.1 times forward FCF, the tech stock is cheap and trades at a discount almost 60% given consensus price targets.

Canada’s main stock index struggled for direction on Thursday, a day after U.S. President Donald Trump’s announcement of tariffs on auto imports intensified the global trade war.

Toronto Stock Exchange’s S&P/TSX composite index was down 0.04% at 25,151.30.

In a late-night announcement on Wednesday, Trump unveiled his plan to implement 25% tariffs on imported cars and light trucks effective on April 3, the day after he plans to announce reciprocal tariffs aimed at the countries he blames for the bulk of the U.S. trade deficit.

Earlier this week, investor sentiment had slightly improved after Trump indicated that not all of his threatened reciprocal levies would be imposed on April 2 and that some countries may get breaks.

“The short term trading today is completely tied to the announcements and expectations of the tariffs,” said Colin White, president and chief executive officer at Verecan Capital Management.

“But additional announcements from either the U.S. administration or any other administration are going to be very closely scrutinized.”

On TSX, information technology fell for the second straight session, down 1%, the most among all sectors.

TSX rises as potential US tariff exemptions keep spirits high

Blockchain farm operator Bitfarms dropped about 1%, after it reported its fourth-quarter results and bitcoin fell 1.1%.

Consumer discretionery fell 0.6%; Magna International declined the most, down 7%.

Keeping losses in check, materials gained 1.5%, tracking higher gold prices that scaled a record peak, as investors fled to safe-haven assets after Trump’s new tariff announcement.

“Precious metals and energy … have been very positive for maintaining the overall market value of the Canadian market”, White said. Domestic investors are awaiting Canada’s January GDP figures and the U.S. Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditure (PCE) data, that are set to be released on Friday.

• Despite a late upturn, the ASX 200 closed 0.38% in the red on Thursday

• Blame factor 1: Trump and his 25% US auto import tariffs, set to come into play early April

• Blame factor 2: A Wall Street tech rout, which Trump had a hand in, too 

Instead, Thursday took a sharp, Trump-induced droop right out of bed, that levelled out into an afternoon malaise, as this Google graph clearly shows.

Okay, a slight tail up at the very end there almost puts paid to the narrative.

Regarding some macro conditions affecting the local market today, see our Lunch Wrap coverage, which went into most of the details you need to know.

But… to quickly recap, tech stocks took a pounding today on the back of a Wall Street dump across the sector, with AI behemoth Nvidia leading losses with a 6% stumble.

According to reports, fears around the company’s business in China sent investors into a bit of a tizz, after the White House added several Chinese companies to a trade blacklist.

Per a report in The Australian:

The US has added dozens of Chinese companies to a trade blacklist over national security concerns. American businesses seeking to sell technology to these companies will need approval from the government.

One of those companies blacklisted is Inspur Group – China’s largest server maker and one of the key Chinese customers of Nvidia.

The Trump effect didn’t end there, his newly announced 25% US auto import tariffs (set for April 3) also wrought havoc on global markets, with Tesla, among other carmakers, feeling the sting.

Where’s the good news, then? Gold, that’s where. It’s the obvious playbook right now, and for good reason.

Goldman Sachs released a prediction today that the record breaking run in the yellow metal isn’t about to slow down any time soon. In fact, the US investment bank reckons it’s set to turn on the gas even more, noting the medium-term price risks for gold “remain skewed to the upside” and “in tail-risk scenarios, gold can exceed $4,200 by end-2025.”

Meanwhile, Bitcoin’s a ‘safe haven’ like gold, too, right? Right…?

Hmm, we’ll get back to you on that one. The leading crypto is still a risky bet but… it’s travelling pretty darn well all things considered over the past 24 tech-brutalised hours. As it was at lunch, it’s still changing hands for about US$87,400 at the time of publishing this article.

ASX market news

A few headline acts from today…

Discount store chain The Reject Shop (ASX:TRS) had a beaut day, bagging itself a 110% gain on the back of a $259 million takeover offer from Dollarama, a Canadian giant in the bargain basement biz.

Dollarama is based in Montreal and listed on the Toronto Stock Exchange and the takeover, if approved by shareholders, is expected to be completed in the second half of this year.

The takeover has the backing of the Aussie company’s largest shareholder, Kin Group, controlled by billionaire Raphael Geminder.

TRS said it had entered into a binding scheme implementation agreement with Dollarama for the takeover price of $6.68 per share, representing a 112% premium to the company’s most recent closing price.

Tim Boreham gave us a spark of good news earlier in the day, noting the ASX healthcare’s version of the “Magnificent 7” has been in fine fettle despite “the downbeat narrative about US healthcare policy and cuts to funding agencies”.

Per Tim:

Leading  the posse, Syntara (ASX:SNT) shares have soared 90%, followed by Paradigm Biopharmaceuticals (ASX:PAR) (57%), Botanix Pharmaceuticals (ASX:BOT) (48%), and Actinogen Medical (ASX:ACW) (42%).

Telix Pharmaceuticals (ASX:TLX) , Mesoblast (ASX:MSB) and Dimerix (ASX:DXB) shares are around 25% to the good.

Bell Potter says the key thread is that these stocks have moved on company-specific catalysts, which transcend the general market conditions.

Still on healtchcare, Opthea hasn’t shared the good form. Valerina Changarathil at The Australian, noted that investors in ASX-listed biopharma Opthea “remain in brace position” awaiting the outcome of its survival talks with funds providers – following failed trial results in a key clinical study.

Opthea’s shares have been suspended for trading until March 31 following negative topline results from the first of two phase III clinical trials of its lead wet age-related macular degeneration candidate OPT-302.

“The negative results mean it may need to make sizeable payments under its Development Funding Agreement to investors that have security over its assets. Opthea has flagged the possibility of no longer trading as a going concern,” wrote Changarathil.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Other than the Reject Shop, what else caught the eye today in small caps? These…

Lykos Metals (ASX:LYK) has risen 73% today after  announcing it has raised ~$400,000 via a placement of ~44,42 million fully paid ordinary shares at 0.09 cents (A$0.009) per share.

The placement issue price is at a 18.2% discount to the last close and includes one free attaching unlisted option for  every two shares issued, exercisable at  2 cents ($0.02) with an expiry date of three years  from the date of issue and subject to shareholder approval.

The Funds raised will go towards exploration and development of its existing projects along with new opportunities and working capital. LYK said it “kept the raise small … to minimize dilution” while it looks for new projects. It remains optimistic the Bosnian Government will deliver a ‘near term favourable outcome’ on a renewed grant of its Sockovac (Petrovo) project after Lykos reduced its application area from 44km2 to 10km2, covering its key drill targets.

Sunstone Metals (ASX:STM) is also up 17% today and has been on the fundraising trail, receiving firm commitments for $4m (before costs) via an oversubscribed share placement at 0.5c per share to new, existing institutional and sophisticated shareholders.

STM says placement proceeds  will  be  used  to  fund  working  capital  “as  it  progresses  the ongoing  corporate  discussions  to  a  conclusion”.

The company has been pursuing partnership opportunities to unlock the value of its gold and copper discoveries.

For more, check out today’s Resources Top 5.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

IN CASE YOU MISSED IT

Adisyn (ASX:AI1) has secured early access to an Atomic Layer Deposition (ALD) system through a strategic partnership with Tel Aviv University’s TAU Nano Center. This allows AI1’s semiconductor arm, 2D Generation, to run two ALD systems in parallel, accelerating progress toward a key milestone – depositing graphene on metallic and non-metallic surfaces at sub-300°C.

First Lithium (ASX:FL1) is moving toward a maiden resource estimate for its Blakala lithium project in Mali as the government resumes issuing mining licences. The company has secured $1.2 million in funding to support the licence renewal process and further project development.

Sunshine Metals (ASX:SHN) is raising $3 million to advance drilling at four shallow gold targets in Queensland. Funds will also support metallurgical studies and mining assessments at the Ravenswood consolidated project.

Recharge Metals (ASX:REC) is finalising plans for drilling at its Carter uranium project in Montana, with target generation and geological reviews nearing completion. The team recently visited the site, engaging with key stakeholders and advancing permitting for the next exploration phase.

At Stockhead, we tell it like it is. While Adisyn, First Lithium, Sunshine Metals, Recharge Metals, Chariot Corporation, Singular Health Group and Scorpion Minerals are Stockhead advertisers, they did not sponsor this article.

Originally published as Closing Bell: Tech tumble and Trump tariffs trample Thursday

• The ASX 200’s upbeat mood didn’t last long. The index has slipped today after a tech rout on Wall Street

• Trump’s auto import tariffs announcement has absolutely not helped matters on a macro level

• Hey-ho, at least The Reject Shop has found itself a bargain

At the time of writing, the ASX 200 is down 0.53% after a tough session on Wall Street.

The S&P 500 shook off a percentage point overnight, the Dow Jones dipped 0.3 per cent and the tech-heavy Nasdaq slumped 2 per cent.

In fact, along with Trumpian tariffs rearing their ugly head(s) again, it was partly a tech sell-off that has set the tone for today, with ‘Magnificent Seven’ stocks including Nvidia and Tesla taking a hammering.

AI darling Nvidia was hit hardest, falling 6% to bring its loss for the year so far to 15.5%. Other AI stocks took collateral damage.

Tesla copped a 5.58% loss meanwhile as it continues to attempt to absorb some politically charged anger being thrown at CEO Elon Musk.

Meanwhile, other US automakers were wrecked after the White House revealed that President Donald Trump would be announcing tariffs on auto imports, confirming a 25 per cent tariff.

“US auto giants have already spread their production around North America following prior free-trade deals encompassing the United States, Canada and Mexico. General Motors sank 3.1%. Ford Motor went from an early gain to a loss and back before inching up by 0.1%,” wrote Bloomberg.

Per The Australian’s reporting, the US will start collecting the auto tariffs on April 3. The 25 per cent tariff will be added on top of existing duties, including a 2.5 per cent tariff currently imposed by the US.

Meanwhile, Asian carmakers have been feeling the tariffs fear, too.

Per The Australian:

In Japan, Toyota Motor shares were recently down 3.2 per cent, Nissan Motor was 3 per cent lower and Honda Motor was off by 2.3 per cent.

In South Korea, Hyundai Motor was 2.9 per cent lower and Kia was down 1.7 per cent.

Anyhoo, what else, before we look at some ASX market headlines? How’s the crypto market holding up? Better than expected, really (for now). Bitcoin is floating around US$87,400, just trading within the fairly tight $86k-$89k range it’s been in for the past few days.

The Aussie dollar, meanwhile, is trading around US62.84c.

Here’s what the sectors looked like a short time ago. Tech… yikes.

ASX market news

Discount store chain The Reject Shop (ASX:TRS) was soaring about 110% earlier today after a big takeover offer (more details below) from a Canadian giant in the bargain basement biz – Dollarama, which is based in Montreal and listed on the Toronto Stock Exchange.

The takeover, if approved by shareholders, is expected to be completed in the second half of this year.

Meanwhile, WiseTech Global (ASX:WTC) was attempting to stem its bleed earlier after major shareholder AustralianSuper’s $50m selldown. The tech rout overnight won’t be helping matters for the embattled software player, either. At time of writing, WTC is down 2.6%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for March 27 :

The Reject Shop (ASX:TRS), as mentioned briefly above in ASX Market News, has been flying today, to the tune of 110%, after announcing Canadian retailer Dollarama has made a $259 million takeover offer. It has the backing of the Aussie company’s largest shareholder, Kin Group, controlled by billionaire Raphael Geminder.

TRS said it had entered into a binding scheme implementation agreement with Dollarama for the takeover price of $6.68 per share, representing a 112% premium to the company’s most recent closing price.

Linius Technologies(ASX:LNU) is continuing its upward trend, rising 33% in morning trade following yesterday’s announcement it was establishing a $750,000 convertible note facility and binding commitments for $300,000 in notes from professional and sophisticated investors.

LNU will use the extra funding as an additional runway for unlocking growth, delivering on a growing pipeline and scale from new and existing partnerships with industry leaders Prime Focus, Fujitsu, Magnifi and Avid along with its goal of achieving cashflow breakeven.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for March 27 :

IN CASE YOU MISSED IT

Lithium explorer Chariot Corporation (ASX:CC9) is raising up to $2 million through convertible note financing, with an initial drawdown of $600,000. The structure offers capital flexibility while minimising the dilution associated with a standard equity raise.

Medical technology company Singular Health Group (ASX:SHG) has completed a $500,000 raise through the issuance of over 5 million new shares to Provider Network Solutions (PNS) as part of a cornerstone investment. The company has also issued 50,000 shares from the exercise of options, with the PNS shares subject to a 9-month voluntary escrow.

Scorpion Minerals (ASX: SCN) has secured commitments to raise $250,000 through the issuance of 12.5 million shares at 0.2 cents per share, with proceeds going toward advancing the Murchison Gold Strategy and near-term drilling.

At Stockhead, we tell it like it is. While Chariot Corporation, Singular Health Group and Scorpion Minerals are Stockhead advertisers, they did not sponsor this article.

Originally published as Lunch Wrap: Tech stocks take a beating; Trump’s auto tariffs weigh

Every dormant trend comes back to life sooner or later. Like baggy jeans. Or diversifying your investments. This is investment reporter Tim Shufelt and today we’re talking about investors rediscovering the virtues of a well-rounded portfolio. We’ll also look back at the peak of the dot-com bubble 25 years ago and how investors have fared since, plus a few Canadian stock picks that could pop once we finally get some clarity on tariffs.

DIVERSIFICATION

Of eggs and baskets

Just a few short months ago, the U.S. stock market was still the only game in town. It was assumed that Trump 2.0 would only strengthen the era of American exceptionalism that had dominated financial markets through the decade prior. Over that time, U.S. equities generated an incredible 15 per cent annualized rate of return, more than doubling the performance of non-U.S. stocks, which had lots of investors wondering why they needed to bother with international equities at all.

Then Trump manufactured a shock that has put a U.S. recession back on the table and has revived the spectre of inflation. Consumer confidence is tanking. Big Tech has hit a brick wall. Suddenly, there’s life outside of U.S. stocks. Let’s look a little closer at some diversifiers getting a fresh look by investors.

Non-U.S. stocks

Few expected long-ignored European stocks to be the hottest trade in 2025, but here we are. The MSCI Europe Index is up by 15 per cent since the start of the year, compared to a decline of about 3 per cent in the S&P 500. At this point, you may be thinking you missed out on the European comeback. Two points to keep in mind. First, the valuation gap has closed a bit, but not by much. European stocks are still relatively cheap at around 14 times forward earnings, compared to the U.S. multiple of around 20 times earnings.

Secondly, there has been a complete role reversal in terms of government spending. The U.S. fiscal position is weakening after years of enormous budget deficits, which, incidentally, helped prop up U.S. stocks. “A hyper-accommodative fiscal policy in the eurozone provides a margin of safety to the economy and stocks, while the opposite is true in the U.S. with the Trump administration determined to shrink the budget deficit,” Martin Roberge, portfolio strategist at Canaccord Genuity, wrote in a note.

Canadian stocks also have a valuation advantage, which is perhaps one reason foreign investors seem to be returning to the TSX, according to Brian Belski, chief investment strategist at BMO Capital Markets. “Our view on Canada remains resolute,” Belski wrote Wednesday. “Canada remains a strong relative value play that can and will continue to converge with the U.S.”

Bonds

This is traditionally where investors park money in moments of economic distress, and for good reason. “Bonds have been the best place to be in most previous recessions,” Morningstar portfolio strategist Amy Arnott writes. The problem is, that might not hold up this time around. Bonds are a defensive investment, in part, because central banks tend to cut rates as a stimulus effort, which in turn, elevates bond prices. But inflation is perking up, which could keep the Federal Reserve from cutting rates even if the U.S. economy falters.

This is why investors need to think about “diversifying their defensives,” writes Craig Basinger, chief market strategist at Purpose Investments.

Gold

The forces that drive gold prices can be a difficult thing to pin down. Gold has long been thought of as a hedge against inflation. But when consumer prices went haywire in 2021-22, gold went nowhere. Then gold prices shot up last year as inflation came back down to target.

The primary driver of gold’s latest run? The rise of global economic uncertainty, according to Econofact, which is published by Tufts University. Nearly half of the rally in gold over the last year or so can be chalked up to spiking uncertainty indicators, the authors said.

The upshot is gold should do well as long as economic uncertainty remains high. For more on that, check out the chart below.

MARKET PEAKS

Oh, no! I invested at the top!

If you’re like nearly every other investor in the world, you’re a terrible market timer. But don’t despair, the stock market has a way of fixing even the most poorly timed trades.

Tuesday marked the 25th anniversary of the peak of the dot-com bubble, as measured by the S&P 500 index. Money invested on that day would have lost nearly half of its value over the next two-and-a-half years. But even such a star-crossed investment would have turned out fine eventually.

From the market peak to today, the S&P 500 generated annualized returns of more than 7.5 per cent over those 25 years, including dividends. Bespoke Investment Group compiled a list of “100-baggers” – stocks in the Russell 2000 index that grew by at least 10,000 per cent over that time.

As I wrote a few months ago, money invested at the worst possible moments of the past century will recover given enough time in the stock market.

CHART OF THE DAY

Uncertainty in Canada has literally gone off the charts. The Economic Policy Uncertainty Index for Canada scans major media for indicators of uncertainty related to things like government spending, regulation, tax and central bank policy. And it catapulted to unprecedented highs in February, towering over previous calamities like the COVID-19 pandemic, the global financial crisis, and the popping of the dot-com bubble. Such is the power of Donald Trump’s tariff debacle to cast doubt over Canada’s economic future on a bewildering, existential scale.

What does this mean for investors? You may have heard it repeated four or five times daily that the stock market hates uncertainty. So, it follows that even a sliver of clarify about Canada’s economic fate could prove positive for domestic stocks that have been hit hard by the trade war. ATB Capital Markets identified four TSX listings that could see some relief: Air Canada, Cargojet Inc., Exchange Income Corp., and NFI Group Inc.

THE ESSENTIALS

Looking for our updates on market movers, analyst actions, stock technicals, insider trades and other daily, weekly and monthly insight? Click here to visit our Inside the Market page.

Globe Investor highlights

Norman Rothery updates us on how his stable dividend portfolios are performing

Investing professor Dr. George Athanassakos thinks we’re in a new era of deglobalization and even bottom-up value investors need to price in the risks

The rosy U.S. earnings vista is at odds with a gloomy growth outlook, warns Reuters’ Jamie McGeever

Forex markets – including traders in the Canadian dollar – still suspect Trump is bluffing

What’s up next

Buckle up for some potentially market-moving economic readings later this week. Most notably, on Friday, the U.S. will release the PCE price index for February – closely monitored by the Fed for any signals of inflationary pressures – as well as the latest University of Michigan consumer sentiment index. Friday also brings Canada’s GDP report for January, which is forecast to rise modestly. Of course, the biggest market event will likely need to wait until April 2, when Mr. Trump is promising “Liberation Day” for American trade. Get your bets in now for what he’s about to unveil, because it’s almost anyone’s guess at this point.

See our full economic and earnings calendar here (You can bookmark the page – it gets updated weekly)

TFSA Investors, we want to hear from you

Last year, we launched our new TFSA Trouncers series, where we profiled Canadian investors who’ve accomplished incredible feats with their tax-free savings accounts. We’re still on the lookout to find more Canadians who wish to share their experiences – especially those who’ve had tremendous success or failures to tell us about. To participate, drop us an e-mail at dakeith@globeandmail.com.