HEADLINES

Bank of Canada to Protect Economy From Risk of Persistent Inflation, No. 2 Official Says

The Bank of Canada's priority is to ensure that higher energy prices stemming from the war in Iran do not morph into an extended period of elevated inflation, the central bank's No. 2 official said.

Officials expect the recent increase in crude-oil and natural-gas costs to lead to higher inflation in the coming months, Senior Deputy Gov. Carolyn Rogers said. Headline inflation in Canada dropped below 2% in February, prior to the sharp jump in energy prices due to the Middle East conflict.

"What we need to guard against is that higher energy prices start to spread to other goods and services and become ongoing, persistent inflation," said Rogers in remarks delivered Thursday in Brandon, Manitoba.

The Bank of Canada's mandate is to set interest-rate policy to achieve and maintain 2% inflation.

BRP Gains Market Share as New Models Lift Sales and Outlook

BRP outlined its growth plans for fiscal 2027 after reporting a stronger-than-expected fourth quarter, with rising revenue helping the company return to profitability.

Shares gained nearly 4% to settle at C$93.08.

The Canadian recreational vehicle manufacturer set its fiscal 2027 targets for revenue to grow to between C$8.9 billion and C$9.15 billion, up from C$8.44 billion in fiscal 2026. The company expects revenue gains in all its main segments, with strong gains in year-round products, its largest unit.

The new guidance topped forecasts of a more modest rise to C$8.84 billion, according to FactSet.

Snowmobiles, Off-Road Vehicles Drive Market-Share Gains Rosy Outlook Backed with 16% Hike to Quarterly Dividend

Payroll Data Indicates Employers Added 45,600 Jobs in January

Canada's less-timely gauge of the labor market indicated employers added workers in January, led by the hiring of teachers. That stands in contrast to Statistics Canada's closely-watched labor-force survey, which reported back in February that the economy shed 24,800 jobs in January.

The data's agency report on nonfarm payrolls said that Canada added 45,600 workers in January, for a year-over-year gain of 0.2%. The report said nine of 20 sectors tracked posted increases in payroll employment, led by the educational services and construction. That was offset by a drop in retail trade.

Some economists believe that Canada's less-timely payroll survey does a better job at tracking the underlying trend in the labor market. The labor-force survey is based on a household survey, whereas the payroll report measures the month-over-month change in employment based on payroll-deduction records and an analysis of date from 15,000 organizations.

Cogeco Communications Slides After TD Cowen Downgrade on U.S. Competition Fears

Cogeco Communications shares fell after TD Cowen downgraded its rating on the Canadian telecommunications company's stock on the back of rising U.S. broadband competition and weak near-term results at its U.S. subsidiary.

Shares fell 8.3% to end at C$70.42.

TD Cowen cut its rating on the stock to hold from buy and lowered its target price to C$85 from C$120, citing a more cautious view on the U.S. cable market following insights from the firm's Fiber-To-The-Home symposium.

Analyst Vince Valentini said in a report that the market is expecting long-term broadband penetration to fall toward 25% for U.S. cable operators, a level that implies sustained share pressure for smaller players such as Breezeline, Cogeco's broadband and cable subsidiary in the U.S.

Nouveau Monde Signs Binding Graphite-Concentrate Supply Framework With Canada Government

Nouveau Monde Graphite has struck a binding commercial framework with the Canadian government for the supply and resale of graphite concentrate from its mine in Quebec.

The battery-materials and mining company said that Canada has agreed to buy 30,000 metric tons of flake graphite concentrate a year from Nouveau Monde's Phase 2 Matawinie mine for seven years under the updated binding term sheet.

Graphite concentrate, once processed, is used to produce anodes used in electric vehicles and batteries, as well as in steelmaking and industrial processes.

The fixed-price deal, to be adjusted annually for inflation, lets Nouveau Monde resell the material and split any gains above the set price with the government.

The term sheet moves the parties toward a final investment decision.

Air Canada CEO Issues Apology Over English-Only Message

Air Canada Chief Executive Michael Rousseau issued an apology about his inability to speak French after facing sharp criticism from Canadian Prime Minister Mark Carney.

Rousseau delivered this week an English-only video message, with French subtitles, about the fatal collision involving an Air Canada Express flight at LaGuardia Airport, killing the two pilots onboard. In the message, he offered condolences to families involved and provided an update on the crash investigation.

"I am deeply saddened that my inability to speak French has diverted attention from the profound grief of the families and the great resilience of Air Canada's employees," Rousseau said in a statement.

CGI, EbankIT to Modernize Caisse Alliance's Digital Banking

CGI said it won a long-term agreement to modernize Caisse Alliance's customer-facing digital banking platform.

The Montreal-based IT and business consulting services group said Thursday that it will deploy EbankIT's nXP digital-banking engine as part of the financial cooperative's overhaul.

The upgrade aims to provide faster access to digital services, more relevant personalized experiences, and accelerated time-to-market for new offerings while maintaining operational stability, CGI said.

CGI and EbankIT will jointly integrate and configure the nXP platform for Caisse Alliance, with CGI handling delivery and implementation.

Winpak Brings Back David Johns as Interim CEO After Muggli Exit

Winpak has named David Johns as interim chief executive, bringing him out of retirement following the departure of longtime CEO Olivier Muggli.

The Winnipeg, Manitoba, packaging manufacturer said Muggli is leaving the company effective immediately, but didn't disclose the reason for his departure.

Muggli led company since 2017, when he succeeded Bruce Berry after serving as the company's chief operating officer. He was with Winpak for nearly 15 years.

Rio Tinto's Last Diamond Mine Closes

Rio Tinto said it has dug the last diamond at its Diavik mine in Canada's Northwest Territories, marking the end of its decades-old diamonds business as the giant miner sharpens its focus on commodities including copper and iron ore.

The world's second-biggest miner by market value said it reached final production at Diavik after producing more than 150 million carats of rough diamonds over 23 years of operations. It has now dug up all the diamonds it can profitably mine there.

The final stones will be polished and sold through 2026 and beyond, Rio Tinto said.

TALKING POINT

Why the Gold Rush Is Over for These Mining Stocks.

By George Glover for Barron's

Mining stocks are on a bad run, and the selloff deepened on Thursday as the apparent lack of progress in peace talks between the U.S. and Iran put investors on edge.

Freeport-McMoRan dipped 2.2%, and Newmont slid 2.1%. Newmont is down more than 22% since the Iran war began, while Freeport has fallen 19% over the same period.

Barrick Mining lost 3.7% to settle at C$51.91. The S&P 500 declined 1.7% lower after President Donald Trump said that Iran's negotiators "better get serious soon," in a post on Truth Social.

Newmont's fortunes are tied closely to the price of gold. The yellow metal has slumped since the Iran war started, even though it's often seen as a safe haven in times of geopolitical uncertainty.

Gold's struggles are linked to inflation. The conflict in the Middle East has disrupted shipping through the Strait of Hormuz, driving up oil prices. Investors are worried that will strengthen the case for central banks to keep interest rates elevated.

Gold tends to struggle when borrowing costs are higher, because it becomes less appealing relative to interest-bearing assets, such as bonds. Higher rates would also weigh on demand for copper, the main metal that Freeport mines.

Thursday's jitters came after Tehran rejected the Trump administration's attempts to start cease-fire talks. Trump said in an early social-media post that Iranian negotiators had been "begging" for a deal but refusing to acknowledge that publicly.

"They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won't be pretty," he added.

Write to George Glover at [george.glover@dowjones.com]

Expected Major Events for Friday

00:01/UK: Mar UK Consumer Confidence Survey

00:01/UK: Feb UK monthly automotive manufacturing figures

00:30/JPN: Feb Detailed Import & Export Statistics

07:00/UK: Feb Retail sales

08:59/JPN: Mar Monthly Economic Report

09:00/ITA: Feb Foreign Trade non-EU

12:30/US: Feb Advance Economic Indicators Report - Suspended

14:00/US: Mar University of Michigan Survey of Consumers - final

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Friday

AgEagle Aerial Systems Inc (UAVS) is expected to report for 4Q.

Airsculpt Technologies Inc (AIRS) is expected to report $-0.04 for 4Q.

Aptose Biosciences Inc (APS.T) is expected to report for 4Q.

Atlantic American Corp $(AAME)$ is expected to report for 4Q.

Aura Biosciences Inc (AURA) is expected to report $-0.41 for 4Q.

Bio-Path Holdings Inc $(BPTH)$ is expected to report for 4Q.

Boston Omaha Corp (BOC) is expected to report for 4Q.

CISO Global Inc (CISO) is expected to report for 4Q.

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March 26, 2026 16:32 ET (20:32 GMT)

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