TORONTO – Here are five things to look for in Canadian business this week:
AGMs in the oilpatch: Encana Corp., once a natural gas focused firm that’s been getting oilier over the past year or two, reports its first-quarter results and holds its annual meeting on Tuesday. It spent billions last year to acquire Texas oil assets just before crude prices started their steep descent. Western Canadian crude producer Penn West Petroleum Ltd. also holds its shareholder meeting Wednesday following a tumultuous few years — from a major management shakeup to an accounting scandal and the ongoing pain from low crude prices. Last month, Penn West posted a first-quarter net loss of $248 million.
Canadian Pacific Railway: The Calgary-based railway, with a vast North American network, holds its annual general meeting Thursday. Shareholders will likely be eager to hear what Hunter Harrison, the company’s straight-talking, Memphis-born CEO, has to say about safety measures for oil trains and the outlook for crude-by-rail in the downturn.
Hardware earnings: Home improvement/hardware giants Rona and Canadian Tire both post their first-quarter earnings this week. Quebec-based Rona’s earnings will be released Tuesday, while Canadian Tire holds its annual meeting in Toronto on Thursday. Has the lower Canadian dollar had any impact on either chain?
Air Canada: Analysts predict Air Canada posts first-quarter profits on Tuesday. Its rival, WestJet, reported big profits last week even as passengers gripe about more fees and less legroom. Air Canada’s turnaround plan has impressed some analysts, who have rated its stock the best of the North American airlines.
Home sales: The Canadian Real Estate Association, known as CREA, releases the national home sales figures for the month of April, which was piping hot in both Toronto and Vancouver.