February GDP numbers
Statistics Canada is set to release gross domestic product by industry figures for February on Thursday. The February data will not capture the effects of the COVID-19 pandemic, but the agency released a “flash estimate” for March in response to the pandemic, which said GDP declined nine per cent – the biggest monthly drop on record – as the outbreak forced companies to close and workers to stay at home.
Loblaw latest
Loblaw Companies Ltd. will hold a conference call Wednesday to discuss its first-quarter results. Grocers have seen demand spike since the COVID-19 pandemic arrived, and Loblaw rival Metro Inc. reported last week that same-store food sales had jumped 9.7 per cent for the quarter.
CN update
Canadian National Railway Co. executives will discuss first-quarter earnings on Monday after markets close. Rival Canadian Pacific Railway Ltd. reported on Apr. 21 a significantly lowered financial guidance due to the fallout from the COVID-19 pandemic, saying a drop in crude oil and automotive shipments will outweigh gains in grain traffic.
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Oilpatch earnings
Husky Energy and Cenovus Energy will kick off the Q1 oilpatch earnings season on Wednesday. Both companies have been hit hard by the COVID-19-linked slowdown, with Husky recently cutting 80,000 barrels per day from production, and Cenovus suspending its dividend early in April.
Maple Leaf earnings
Maple Leaf Foods discusses first-quarter results on Wednesday. The producer of food products under several brands including Maple Leaf and Schneider’s suspended operations in its poultry plant in Brampton, Ont., on April 8 after three employees at the facility tested positive for COVID-19.
