Opening Keynote Speaker: Sean Roosen, CEO & Chairman, Osisko Development Corp.
Special Sponsor:  Government of Québec Premier Sponsor:  Laurentian Bank Securities
Platinum/Critical Metals Day Sponsor:  National Bank Financial Markets
Gold Sponsors:  Stifel GMP, IBK Capital, O3 Mining
Silver Sponsors:  PearTree Financial, TMX Group, Mi3 Financial
Copper Sponsors:  Cassels, Crux Investor, Amex Exploration, Domco Group of Canada, INFOR Financial,
Out of the Box Capital, Centre des congrès de Québec, Global Business Reports, Brooks & Nelson
Media & Partners:   BTV, Kitco, Mining Network, MarketOne, VID Media, Newsfile, TSO Associates,
Canadian Mining Magazine, The Northern Miner, EBL Consultants, The Prospector News,
THE Participating Companies 2024
Agnico Eagle Mines Limited
Ressources 1844 Resources ^^
O3 Mining Inc.
iMetal Resources Inc.^^ *
Kirkland Lake Discoveries*
(TSXV: WRLG) (OTCQB: WRLGF)

Toronto, Ontario--(Newsfile Corp. - November 16, 2023) - THE Mining Investment Event of the North (" THE Event ") is pleased to announce that Mr. Sean Roosen, Chief Executive Officer & Chairman of Osisko Development Corp., will be the Opening Keynote Speaker for 2024. Due to unprecedented growth, THE Event '24 will be held in Quebec City at the Centre des congrès de Québec, from Tuesday, June 4 to Thursday, June 6, 2024. "THE Event is one of the fastest growing mining investment conferences in North America with an impressive 100%+ growth year-over-year in only its second year. Canada's Only Tier 1 Mining Investment Conference for issuers, investors and international government authorities continues to ramp up at a steady pace for 2024. We are delighted with the number and calibre of issuers, keynotes and panelists already confirmed for 2024. We look forward to announcing our key sponsors for THE Student Sponsorship and THE ESG/SHE-Co Initiatives in the near future," stated Joanne Jobin, CEO and Founder of THE Event. THE Event is invitation only - Interested investors & issuers please go here https://www.themininginvestmentevent.com/register
or contact Jennifer Choi, choi@irinc.ca
THE Mining Investment Event of the North - Canada's Only Tier I Global Mining Investment Conference is held annually in Québec City, Canada. THE Event is independently sponsored and designed to facilitate privately arranged meetings between mining companies, international investors, and various mining government authorities. THE Event is committed to promoting sustainability in the mining industry via education and innovation through its unique Student Sponsorship and SHE-Co Initiatives. THE Event highlights ESG, diversity and equality issues and provides a platform to hear from some of most influential thought leaders in the sector. The agenda, brochure, participating companies, speakers and panelists, initiatives and registration applications for issuers and investors may be found here: https://themininginvestmentevent.com . Joanne Jobin

THE Mining Investment Event of the North, Quebec City - June 4-6, 2024 Featuring Critical & Battery Metals Day, June 5

Monday’s analyst upgrades and downgrades
Inside the Market’s roundup of some of today’s key analyst actions
Ahead of third-quarter earnings season in the precious metals sector, equity analysts at National Bank Financial Markets remain constructive on spot gold prices over the next year, however they warn of near-term volatility. “In our opinion, over the coming months, we could continue to see the spot gold price swing wildly (+/- one or more percent) around key U.S. economic data points with the U.S. Fed’s latest dot plot calling for one additional rate hike before the end of the year as inflation remains above the target level and the labour market remains robust,” they said. “Generally, we believe that in this gold price scenario, the best gold companies to invest in continue to be those with near-term production growth that is well funded and relatively lower-risk, companies with a strong balance sheet and a good catalyst calendar as well as a strong operational track record.”
In a research report released Monday, the firm updated its price deck for all metals and foreign exchanges rates to incorporate third-quarter average, while it maintained his expectations for the fourth quarter and beyond. “For concentrate producers, provisional pricing adjustments are generally expected to be modestly net negative for 3Q23 earnings with gold, silver, copper finishing lower quarter-over-quarter while lead was higher,” the analysts said. “A number of producers have guided to a back-half-weighted production year, and thus, we expect several companies to have increased production quarter-over-quarter. Several currencies including the BRL and MXN gained strength against the USD and could prove to be headwinds for cost guidance, while the TRY continued to depreciate providing a potential tailwind.”
“At the time of writing, we have conviction in Pan American Silver and Torex Gold missing Bloomberg consensus Adj. EPS estimates, while we expect Agnico Eagle, Kinross and Lundin Gold to beat. Details behind our conviction calls are laid out later in this report.”
With their price deck changes, the analysts adjusted their target prices for stocks in their coverage universe. Eleven companies saw reductions of 10 per cent or more. They are:
Torex Gold Resources Inc. ( TXG-T , “sector perform”)  by 24 per cent to $19 from $25. The average on the Street is $25. Aris Mining Corp. ( ARIS-T , “outperform”) by 16 per cent to $5.25 from $6.25. Average: $8.04. Fortuna Silver Mines Inc. ( FVI-T , “sector perform”) by 15.4 per cent to $5.50 from $6.50. Average: $6. Marathon Gold Corp. ( MOZ-T , “outperform”) by 14.3 per cent to $1.50 from $1.75. Average: $1.93. Pan American Silver Corp. ( PAAS-T , “outperform”) by 13.2 per cent to $29.50 from $34. Average: $25.42. K92 Mining Inc. ( KNT-T , “outperform”) by 13 per cent  to $10 from $11.50. Average: $11.23. Aya Gold & Silver Corp. ( AYA-T , “outperform”) by 12.7 per cent to $12 from $13.75. Average: $14.14. Osisko Development Corp. ( ODV-X , “outperform”) by 12.2 per cent to $9 from $10.25. Average: $10.88. Endeavour Mining Corp. ( EDV-T , “outperform”) by 12.1 per cent to $47 from $53.50. Newmont Corp. ( NGT-T , “outperform”) by 12 per cent to $81 from $92. Average: $41.89. B2Gold Corp. ( BTO-T , “outperform”) by 10 per cent to $7 from $7.75. Average: $7.33. Changes for other senior producers were:
Agnico Eagle Mines Ltd. ( AEM-T , “outperform”) to $86 from $90. Average: $89.98. Kinross Gold Corp. ( K-T , “outperform”) to $10 from $9.75. Average: $8.91. The analysts also revealed their top picks heading into earnings season: “Seniors: Endeavour Mining (EDV, OP, $47.00, DeMarco), Kinross Gold (K, OP, $10.00, Parkin), Newmont (NGT, OP, $81.00, Parkin). Intermediates/Juniors: Aya Gold & Silver (AYA, OP, $12.00, DeMarco) and OceanaGold (OGC, OP, $4.25, Parkin). Royalty Companies: Sandstorm Gold (OP,  $8.50, Nagle).”
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Canacol Energy Ltd. ( CNE-T ) “hits the reset button” with its decision to cancel its Jobo to Medellin pipeline Project and strategic entrance into Bolivia, according to Eight Capital analyst Christopher True, prompting him to downgrade his recommendation for its shares to “neutral” from “buy” previously. The Calgary-based company announced the decision on Oct. 19, citing: “1) the legal, social and security circumstances, 2) dynamics within the Colombian gas market, and 3) the Corporation´s decision to invest in its natural gas exploration programs in the Middle Magdalena Basin and in Bolivia.”
“We think this is a prudent decision in the long run as it 1) removes the pressure of the exploration program to fulfill reserves requirements for the pipeline, 2) allows the company to focus on development and take advantage of higher rate of return projects in a better SPOT market, and 3) will permit CNE to focus on generating FCF and paying down debt, which will be accretive to shareholders,” said Mr. True. “However, in the near term, we expect the stock to be volatile until the development outlook and the size of the FCF yield which can be delivered are better defined. Because of this, we believe it is better to sit on the sidelines until more color is provided, which is the reason for our NEUTRAL rating.”
With the cancellation of the pipeline, Mr. True thinks Canacol “loses a significant growth catalyst,” and he now sees three “critical” area it needs to address: its free cash flow profile over the coming years; a decision on its dividend and “better colour” on growth opportunities moving forward. He dropped his target for Canacol shares to $9 from $30. The average is $18.31. Elsewhere, JP Morgan’s Milene Carvalho lowered Cancol  to “neutral” from “overweight” with a $9 target, falling from $17.50. =====
While Stifel analyst Martin Landry thinks Gildan Activewear Inc. ( GIL-N , GIL-T ) has a “good set-up for 2024 with lower cotton costs, which could results in a potential mid-teen earnings per share growth rate,” he reduced his 2024 EPS estimate by 11 per cent, warning it’s “increasingly clear” that the Montreal-based company will be impacted by the implementation of the Organization for Economic Co-operation and Developments’ global minimum tax rules starting in the first quarter. “In October 2021, the OECD released a two-pillar solution to the tax challenge resulting from multinational enterprises (MNEs) exploiting gaps between different countries’ tax systems,” he said. “As part of the proposed initiative, Pillar Two introduces a global minimum effective tax rate of 15 per cent for MNEs with consolidated revenue over €750-million. As of June 2023, approximately 140 countries have agreed to implement this new tax regime, including Canada, Honduras, Barbados and the Dominican Republic. “On August 4th, 2023, the Department of Finance of Canada released a draft legislation (the Global Minimum Tax Act ‘GMTA’) to implement Pillar Two. Based on the draft legislation, these rules would apply to qualifying companies beginning after December 31st, 2023, in-line with the proposed timing by the OECD. While there might be a ‘grace’ period for companies to adjust to this change and actual timing of implementation could differ, the process appears well underway and could impact Gildan beginning in 2024.”
While Mr. Landry thinks low tax jurisdictions where Gildan is present “may implement mitigating measures to continue to attract investments,” he cautioned that this “visibility on the extent of these measures and timing of implementation is limited.” That prompted him to raise his 2024 tax rate assumption to 15 per cent from 4 per cent previously, leading him to drop his 2024 EPS estimate to $2.92 from $3.30, below the Street’s estimate of $3.10. “In our view, sellside consensus estimates do not appear to properly reflect the upcoming global minimum tax change and 2024 EPS estimates could be revised downward in the coming months,” he said. Mr. Landry made the changes despite see Gildan shares remaining “attractively priced at 10 times forward earnings” ahead of the Nov. 2 release of its third-quarter 2023 results.” Despite the tax obstacles, he also expects “a good set-up for 2024 with lower cotton costs, which could results in a potential mid-teen EPS growth rate.”
For the quarter, Mr. Landry is projecting EPS of 71 US cents, down 16 per cent year-over-year and below the current consensus on the Street of 73 US cents. “We expect Gildan’s Q3/23 revenues to decline by 2 per cent year-over-year, to $833-million, driven by a 5-per-cent decline year-over-year in activewear sales as trade down patterns continue,” he said. “We model an increase of 22 per cent year-over-year in hosiery/underwear sales on new program wins in underwear and to reflect an easy comparable period. The unfavorable product mix is expected to weight on gross margins and to reflect that we model an erosion of 200 basis points year-over-year. Cotton costs are expected to be neutral on a year-over-year basis.”
“Conversations with industry participants indicate that the experiences channel (i.e. music concerts, travel) is seeing strong demand driven by a backlog of events posts the COVID pandemic. However, the digital printing channel, (creator economy) appears to be slowing down. None of our discussion pointed to a major deterioration this summer for the Q3/23 period to be reported by Gildan. However, some industry participants do not anticipate much growth in 2024. While we believe our 2024 forecasts capture these takeaways with a low single-digit growth expectation, there may be further downside risk.”
Maintaining a “buy” recommendation for Gildan shares, Mr. Landry lowered his target to US$34 from US$37. The average on the Street is US$36.62. =====
RBC Dominion Securities analyst Douglas Miehm warns deteriorating foreign exchange headwinds will weigh on thethird-quarter financial expectations for Bausch +Lomb Corp. ( BLCO-N , BLCO-T ). Ahead of the Nov. 1 quarterly release, he’s forecasting revenue of US$984-million, down 4.9 per cent from the third quarter (US$1.035-billion) and narrowly below the consensus forecast of US$992-billion. He’s projecting adjusted EBITDA will fall 4.5 per cent to US$171-million, also below the Street’s expectation (US$184-million). “We believe the strength of the USD vs. the base quarter (Q3/22) will continue to act as a negative influence on reported segmental performance in Q3/23, although to different degrees,” he said. “At the overall level for BLCO, ex-US revenues accounted for approximately 55 per cent of 2022 revenues (down from 57 per cent in 2021 due to weaker FX; FX headwinds were $184-million in FY22 or 5 per cent of revenues). Within the segments, ex-U.S. revenues are the highest for Surgical (approximately 71 per cent), followed by Contact Lenses (64 per cent), Consumer (54 per cent), and Rx (40 per cent). “On the Q2/23 earnings call, management reiterated expectations of $50-million in FX headwinds for FY23, almost all of which were realized in H1/23 ($31-million in Q1/23 and $18-million in Q2/23). Since the Q2/23 earnings call, FX headwinds have worsened. We expect $12-million of FX headwinds for Q3/23 and $16-million of FX headwinds in Q4/23 (vs. our prior expectation of a small FX tailwind in Q4/23). As such, we expect the company to increase the FX headwind guidance from $50-million in FY23 to $75–80-million. Based on current FX rates, we expect FX headwinds to impact reported performance in FY24 ($65-million of FX headwinds).”
Mr. Miehm also expects investor focus on n the momentum in the underlying business. “Peer company Cooper (COO; not rated) noted at a recent conference that pricing growth in the contact lens segment this year has been around 2–3 per cent (vs. 0–1 per cent prior to the pandemic),” he said. “We will look for any commentary on the sustainability of strong pricing over time. We will also look for updates on the supply chain challenges that impacted the surgical and contact lens portfolios in Q2/23. “We expect updated commentary on BLCO’s Rx dry-eye disease (DED) portfolio. Specifically, we will look for commentary on the recently closed Xiidra acquisition and management’s expectations for the product. Xiidra revenues declined 21 per cent year-over-year in H1/23, even as Xiidra TRx were up 4.8 per cent year-over-year in H1/23. Our prior discussions with BLCO management indicated that Novartis (NVS; not rated) was investing in developing a wider market to gain access to more lives, specifically under Medicare, and that resulted in a short-term negative impact on revenue even as volumes were up.”
Maintaining an “outperform” recommendation for its shares, Mr. Miehm lowered his target to US$20 from US$21. The average on the Street is US$21.05. Concurrently, he also trimmed his target for parent company Bausch Health Companies Inc. ( BHC-N , BHC-T ) to US$8 from US$9 with a “sector perform” rating. The average is US$8.75. “We estimate Q3/23 revenue of $2.15-billion (vs. FactSet cons. $2.15-billion) and adj. EBITDA of $773-million (vs. FactSet cons. $811-million),” he said. “We expect the focus to be on: Xifaxan growth, where TRx growth moderated in Q3 (up 0.3 per cent year-over-year for the important 550mg formulation) vs. 2.7-per-cent year-over-year growth in H1/23; updates on the CFO search; and any info on the timelines for a potential distribution of BLCO shares to BHC shareholders under tax-free reduction of capital.”
=====
In other analyst actions:
* CIBC’s Scott Fletcher lowered his target for Dye & Durham Ltd. ( DND-T ) to $26 from $28, maintaining an “outperformer” rating. The average is $25.29. * CIBC’s Cosmos Chiu reduced his targets for Endeavour Silver Corp. ( EDR-T ) target to $6 from $7 with a “neutral” rating and Osisko Gold Royalties Ltd. ( OR-T ) to $27 from $28 with an “outperformer” rating. The averages are $6.86 and $25.11, respectively. * Jeffries’ Stephanie Moore cut her GFL Environmental Inc. ( GFL-N , GFL-T ) target to US$43 from US$44 with a “buy” rating. The average is $42.79. * Jefferies’ Lloyd Byrne increased his Suncor Energy Inc. ( SU-T ) target to $50 from $47 with a “hold” rating. The average is $54. * Stifel’s Michael Dunn raised his Surge Energy Inc. ( SGY-T ) target to $12.50 from $11.75, keeping a “buy” rating. The average is $12.73. * RBC’s Luke Davis raised his target for Tamarack Valley Energy Ltd. ( TVE-T ) to $5.50 from $5 with an “outperform” rating. The average is $6.06.

Monday’s analyst upgrades and downgrades

National Bank strategists: underweight Canadian equities, overweight bonds
Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
The economics and strategy team at National Bank Financial Markets is recommending lower equity weightings in favour of fixed income,
“After reaching multi-month highs in June, global equity markets are struggling at the start of the third quarter. The underperformance of stock markets coincides with increasingly negative economic surprises. Unfortunately, with core inflation still resilient, central banks continue to raise interest rates. Equity market valuations based on P/E ratios appear stretched at this point in the economic cycle as monetary policy becomes increasingly restrictive. The stretched PE argument is particularly valid for the US, where the Federal Reserve continues to show no signs of relenting in its fight against inflation, with the yield on the 3-month T-bill rising to a new cyclical high in July. With the S&P 500 trading at more than 24x trailing earnings, this is the first time since 1997 that the earnings yield on stocks has slipped below the yield on cash. Investors seem to think that the S&P 500 will beat expectations for 7% EPS growth over the next 12 months despite the fact that the ISM manufacturing index fell to a cyclical low of 46 in June. There is no precedent for an acceleration in trailing EPS in the months following such a reading.”
The recommendations are to reduce Canadian equity exposure by 2.0 per cent to 18 per cent of portfolios (16 per cent for U.S. equities), drop cash to 9.0 per cent and increase fixed income to 51.0 per cent. ***
BMO senior economist Robert Kavcic published a brief comment entitled BoC’s Psychological Battle with Housing,
“Whatever the Bank of Canada ultimately decides to do on Wednesday, it should be aware that it is in a long-running psychological battle with the housing market. That is, swings in market activity and price momentum have largely followed changes in BoC policy and messaging. Think of it this way: If demographic, employment and supply-side fundamentals are the structure of your backyard bonfire (pit size and the number of logs), BoC policy is the gasoline, or water. Using weekly polling data from Nanos, it’s pretty clear that expectations of home price growth were ignited by the BoC’s lowfor-long messaging in 2020, and further inflamed by near-zero rates through 2021. Expectations (and the market) turned lower the minute rates were first raised; and they swung higher again the minute the BoC signaled a pause. Now it looks like buyers and sellers are waiting to see the BoC’s next move…”
“BMO: “BoC’s Psychological Battle with Housing”” – (research excerpt) Twitter
***
BofA Securities U.S. quantitative strategist Savita Subramanian has been my favourite source of S&P 500 earnings analysis and her second quarter preview was released Tuesday,
“Following a strong 1Q, S&P 500 2Q consensus EPS has been cut by just 2% since March (vs. -4% historical average) to $52.88 (-8% YoY). While macro headwinds remain, we see several tailwinds into 2Q earnings: 1) a 94th percentile beat in macro data, best since 3Q20 2) strongest guidance ratio since 2021 and 3) improving corporate sentiment. Seven of 11 sectors are expected to see better YoY earnings growth this quarter vs. in 1Q and ex-Energy earnings are expected to be flat YoY. We expect a 3% beat or $54.50, representing a trough quarter at -5% YoY… We expect companies to sound more upbeat than in prior quarters. Companies are likely to highlight bottoming process in business conditions and building momentum throughout the quarter and into July. March-April was likely the trough in business conditions.”
Ms. Subramanian believes economically sensitive stocks will begin to outperform in the months ahead. ***
Diversion: “The Best TV Shows of 2023 (So Far)” – The Ringer
Tweet of the Day: “2023 was meant to be the year China’s economy roared back to life after years of strict Covid-19 controls. Instead, its economy is slowing” – Twitter

National Bank strategists: underweight Canadian equities, overweight bonds

Plus, why big airline stocks are stuck on the runway
Published 34 minutes ago
The economics and strategy team at National Bank Financial Markets published one of the most bearish outlooks I’ve seen from either Bay Street or Wall Street. The upshot of the research report was a recommendation that investors reduce equity exposure to underweight in favour of a large overweight in fixed income. Stéfane Marion, National Bank’s chief economist and strategist, sees equities as expensive, global economies surprising to the downside and inflation still strong. The problems are particularly acute in the U.S., where the earnings yield on stocks – the inverse of the price to earnings ratio – is lower than the T-bill yield for the first time since 1997. Mr. Marion is concerned about the U.S. economy as measured by the ISM Manufacturing survey of purchasing managers. The latest reading was 46. Any reading below 50 represents a month-over-month contraction in activity. The strategist notes the consensus view that U.S. earnings will grow at a 7 per cent pace in the next 12 months. But the problem is that has never occurred with such a weak manufacturing backdrop. Globally, National Bank expects central banks to continue to raise interest rates in what Mr. Marion describes as “the most extensive global tightening cycle in over 50 years.”
The weakening global economy will keep crude prices contained, leaving domestic energy as underperformers, according to Mr. Marion. For this reason, he reduced his recommended Canadian equity portfolio weighting from equal weight, at 20 per cent, to underweight, at 18 per cent. The U.S. equity exposure guidance remains 4 per cent underweight, at 16 per cent of assets, and non-North American equities 4 per cent underweight, at 6 per cent. The recommendation for cash has been reduced from 11 per cent to 9 per cent with the proceeds moved to longer-dated fixed income to benefit from expected capital gains. The advised 51 per cent allocation to fixed income is 6 per cent above benchmark and very defensive. Overall, Mr. Marion’s portfolio weighting recommendations are suitable for investors more concerned about protecting capital (although it is not bulletproof in that regard) than maximizing potential equity market upside. -- Scott Barlow, Globe and Mail market strategist
This is the Globe Investor newsletter, published three times each week. If someone has forwarded this e-mail newsletter to you or you’re reading this on the web, you can sign up for the newsletter and others on our newsletter signup page . The Rundown
U.S. stock investors count on earnings to propel rally after upbeat CPI report
As U.S. inflation cools and growth remains resilient, bullish investors are counting on the upcoming earnings season to provide more fuel for a rally that has taken stocks to their highest levels in months. Lewis Krauskopf of Reuters reports . U.S. earnings recession fades but Wall Street is expensive
A U.S. earnings recession that was consensus thinking only a few months ago has evaporated out of view which, on the face of it, should be a tailwind for Wall Street into next year. The flip side, however, is the degree to which that has already been priced into the powerful tech-driven rally since March – anyone entering the market now is buying at expensive levels. And for those investors with a multiyear horizon, Wall Street’s growth potential and appeal relative to Treasury debt may dim considerably if borrowing costs don’t return to the historically low levels seen in recent years. Jamie McGeever of Reuters explains in this analysis . Will we still need platinum in an EV world? More than 40 per cent of the platinum mined today is used in the automotive industry, predominately in catalytic convertors for gas- and diesel-powered vehicles. So how will the transition to electric vehicles affect demand for this precious metal? Brian Donovan of Canadian fintech StockCalc has some thoughts. U.S. airline stock valuations stuck on runway despite travel boom
Relentless travel demand has sent bookings at U.S. carriers soaring, translating into bumper earnings. However, their shares have not shown the same trajectory as questions linger about the sustainability of consumer spending. What is Nasdaq’s special rebalancing and its impact? A “special rebalance” of the Nasdaq 100 index will take place later this month as exchange operator Nasdaq looks to reduce the concentration of heavyweight companies that account for nearly half of the index’s weight. Here’s a look at what it all means and which stocks stand to benefit. Investors target consumer goods makers on fears of customer exodus over high prices
Top U.S. and European investors are flagging their concerns about high prices to consumer goods companies, with Janus Henderson going so far as to cut some stakes it holds and shorting food makers it believes are at risk of losing customers. Others (for subscribers)
Ask Globe Investor
Question: I have read the pages in Gordon Pape’s TFSA book about how to invest based on percentages and types of investments at certain ages. There is a whole section called Variable Investments which my Manulife Investment Manager has not included in the “Buy and Hold” portfolio he has us in. Is that something we should be concerned about? My husband just turned 65 and has been diagnosed with an aggressive type of cancer. Should we just get out of the market altogether right now? Are those types of investments just not relevant in this unstable market especially going into the next couple of months? Thank you so much. – Valerie Q., Barrie ON
Answer: First, let me extend my best wishes to your husband. As a cancer survivor, I have some idea of what he is going through. I hope the treatments work. As to your question, let’s start with variable income securities. In my TFSA book, I define them as assets that do not pay a predictable yield. These might include exchange-traded funds (ETFs), mutual funds, floating rate preferred shares, etc. Stocks that have a history of dividend volatility (some oil producers for example) also qualify. This is only an important consideration if you need steady, predictable cash flow from your securities. If not, don’t be concerned that there is no separate category in your portfolio. Your other question is more basic: Should you get out of the market in the light of your husband’s condition? There are several factors to consider. First, what is the long-term approach? Presumably, if he passes, you will still want the money invested somewhere. You need to decide where that will be. GICs offer more safety and a reasonable rate of return at this time but tie up your money until maturity. The stock market offers more long-term growth potential but short-term risk. The extent of that risk depends on what you own. Then there are taxes to consider. If you sell your current portfolio, how much will you end up owing the CRA? Is that a cost you want to be saddled with at this time? And while we’re discussing taxes, who owns the accounts? Are they registered, non-registered, or a mix? All this will make a significant difference if your husband dies. I suggest you discuss these issues with your Manulife advisor. He is in the best position to guide you. – Gordon Pape
What’s up in the days ahead
What does the surprise announcement that Laurentian Bank may sell itself mean for the Canadian banking sector overall? David Berman will share his thoughts.

National Bank downgrades recommendation on Canadian equities. Plus, why big airline stocks are stuck on the runway

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Corporate Leaders in Canada's Finance Industry, Recognized for Advancing Equity, to be Honoured at Annual Gala in Toronto
TORONTO, June 12, 2023 /CNW/ -  WCM (Women in Capital Markets), a national not-for-profit created to accelerate equity, diversity and inclusion in finance, today announced the recipients of its 2023 Champions of Change Awards . Recognized for their excellence in leadership and commitment to cultivating and advancing equity in the workplace, the 19 individual recipients represent the best-of-the-best in Canadian finance. The Champions of Change Award recipients will be personally acknowledged at WCM's upcoming Champions of Change Awards Gala , which will be held at the Fairmont Royal York, on June 15, 2023. "Leaders in Canada's finance industry are making great strides in addressing systemic barriers and creating a more equitable workplace," explained Lara Zink, president and CEO, WCM. "This annual award was created as an acknowledgement and a celebration of those who are passionate about driving change and doing the critical work required to make the industry more inclusive. On behalf of WCM, I offer my congratulations and appreciation to those who are committed to fostering an inclusive work environment each and every day." The 2023 Award Recipients are:
Bich-Thanh Ngo, Vice-President, Business Strategy, National Bank Financial Markets
Camille Stewart, Head of Continuous Delivery, Manulife Investment Management
Charles Fortier, Head, Institutional Sales - Canada, HSBC Securities
Charles-Antoine Laplante, Head of Finance and Strategy, Manulife Investment Management
Charley Butler, Chief Pension Officer, Ontario Teachers' Pension Plan
Giorgia Anton, Managing Director and Head, Research, Global Markets, CIBC Capital Markets
Janie Cervera, Managing Director & Head of Client Field Services, BMO
Kevin Li, Managing Director and Head, Global Investment Banking, CIBC Capital Markets
Linda Lavin, Executive Managing Director, TD Securities
Lindsay Jones, Vice President & Market Head of Corporate and Commercial Banking, HSBC Bank Canada
Lori Messer, Global Head, Business and Client Services, RBC Capital Markets
Michael Cherny, Director, Diversity, Equity & Inclusion, Ontario Teachers' Pension Plan
Nicole Frew, Executive Vice President and Chief Compliance Officer, Scotiabank
Paul Scurfield, Managing Director and Global Head of Fixed Income, Currencies and Commodities, Global Banking and Markets, Scotiabank
Rich Kelly, Managing Director and Head of Global Strategy, TD Securities
Samantha Paisley, Partner and Capital Markets Consulting Leader, PwC Canada
Shoshana Baizer, Deals Partner and Member of the Deals Leadership Group, PwC Canada
Victor Tung, U.S. Chief Technology and Operations Officer and Chief Information and Operations Officer, BMO Capital Markets, BMO Financial Group
Yury Shmuylovich, Executive Vice President and Managing Director, Co-Head Global Funding and Treasury, National Bank Financial Markets
Award winners are nominated by WCM's Gold Leadership Sponsors from the following organizations: BMO, CIBC, HSBC, Manulife, National Bank, Ontario Teachers' Pension Plan, PwC Canada, RBC, Scotiabank and TD. "Workplace equity necessitates closing gender and diversity gaps, addressing pay parity, and unconscious bias," added Zink. "This work requires ongoing dedication in order to give every employee equal access to opportunities; and helps organizations attract and retain talent. Research also suggests that diverse and inclusive workplaces in general perform better. It's an absolute necessity for all organizations, regardless of sector." For a list of previous Award recipients, click here . About WCM
WCM (Women in Capital Markets) works to accelerate equity, diversity and inclusion in the Canadian finance industry in partnership with major Canadian bank-owned dealers, independent and foreign dealers, asset managers, insurance firms, major pension plans, regulatory agencies, exchanges, and advisory firms. As a not-for-profit founded in 1995, our community has grown to over 3,700 professional and student members, and our initiatives have impacted the careers of countless students and professionals across the country. To learn more, visit wcm.ca . SOURCE Women in Capital Markets (WCM)
For further information: Janet Gibson Eichner, Director, Marketing and Communications, [email protected] , 416-788-7078
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08:10 ET
WCM Announces 2023 Champions of Change Award Recipients

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National Bank Financial Markets is a financial services provider helping clients with their capital raising, risk management, and advisory requirements. It is based in Montreal, Quebec.

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Work History	Torys
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Status	Current	Subscribe to see more	Subscribe to see more	Subscribe to see more	Subscribe to see more

Wells Fargo Success Story

Professional Services

Platform Overview

National Bank Financial Markets

Executives

National Bank Financial Markets Management Team

9 Team Members