TSX companies bought back $20B last quarter, CPI holds steady at 1.7%

Eli Rodney
June 25, 2025
TSX
1D %
YTD %
26,718.62
0.4%
7.3%
TSXV
1D %
YTD %
712.52
0.3%
15.4%
S&P 500
1D %
YTD %
6,092.18
1.1%
3.8%
NASDAQ
1D %
YTD %
19,912.53
1.4%
3.3%
US 10Y
1D
YTD
4.30
5 bps
27 bps
DJIA
1D %
YTD %
43,089.02
1.2%
1.6%
CA 10Y
1D
YTD
3.27
0 bps
5 bps
CAD/USD
1D %
YTD %
0.729
0.1%
4.8%

WHAT'S ON TAP

  • CPI holds steady, key categories moderate

  • Age demographics favour senior living

  • Buyback activity ramps up

  • CFA executive embezzled $5M

  • Oil completes the round trip

HOT OFF THE PRESS

CPI holds steady, key categories moderate

May’s CPI print shaped up largely as expected, with headline inflation of 1.7% tracking in-line with expectations thanks to continued weakness in energy prices.

While energy costs were the primary driver, inflation across the main buckets (food, shelter, transportation) moderated

… shelter in particular, falling from 4.5% in January to 3% in May as growth in servicing costs (rent/mortgage) continues to slow down.

For a breakdown of the main categories: https://www.bullpen.finance/content/174

Small deal for Sienna, big tailwinds for LTC

Sienna Senior Living (SIA) expanded its presence in the GTA this week with the $60M purchase of Credit River Retirement Residence, a 133-suite complex (+1.5%) that SIA expects it can increase to 95% occupancy (from 90%) in the first year of operations.

The deal looks accretive but the stock was up small, because that’s not really what’s driving the sector. Age demographics are finally in the sweet spot where demand growth is here and has years of runway…

… justifying a big acquisition pipeline and creating a window for what has historically been a dead money trade to handily outperform markets.

Buybacks ramp up, do valuations justify it?

Canadian companies are ramping up buyback activity again, as evidenced by an aggregate ~$17B spent by ~350 of the largest TSX names last quarter - the most since 2022.

If you’ve kept an eye on market news lately that shouldn’t come as a surprise, but in the context of valuation it’s a bit of a head-scratcher - as the trough multiples that fueled the last buyback cycle are a distant memory.

Combined with the fact that insider activity has been far from bullish this year it should make you wonder, is this the right use of capital right now?

FUNNY BUSINESS

Turns out ethics don’t matter at the top of the organization, only when you’re on your 8th ZYN and 300th hour of studying ahead of the exam.

INSIDER TRANSACTIONS

InsiderCompanyValue
Jonathan KrauklisPropel (PRL)$180K
Michael SteinPropel (PRL)$1.8M
Paul BrinkFranco-Nevada (FNV)$3.3M
Michael MaugerKinaxis (KXS)$1.0M
Delaney FisherPan American (PAAS)$355K
Sava KlevenFairfax (FFH)$446K
Chris VollmershausenAgnico Eagle (AEM)$853K
John HooksPHX Energy (PHX)$229K
Tony GuogaSol Strategies (HODL)$1.6M
Per Niklas FrankEldorado (ELD)$310K
Jakub BrogowskiKiwetinhok (KEC)$506K

Flagging the Propel (PRL) sale, as insiders have been steadily shedding stock since 2024.

ON OUR RADAR

GAINERS & LOSERS

Marimaca (MARI)
1D %
YTD %
6.96
15.4%
31.6%
LQWD Tech (LQWD)
1D %
YTD %
7.55
17.0%
259.5%
Tornado Infra (TGH)
1D %
YTD %
1.85
10.1%
68.2%
Rupert (RUP)
1D %
YTD %
4.87
7.9%
15.1%
Encore (EU)
1D %
YTD %
3.48
9.4%
28.3%
Surge (SGY)
1D %
YTD %
6.11
5.3%
5.7%

EARNINGS

YESTERDAY’S EARNINGS
CompanyActualConsensus
🇨🇦 Blackberry (BB)0.020.00
🇺🇸 Fedex (FDX)6.076.04
TODAY’S EARNINGS
CompanyTimeConsensus
🇨🇦 NovaGold (NG)AM-0.05
🇨🇦 AGF Mgmt. (AGF)AM0.41
🇨🇦 Evertz (ET)PM0.15
🇨🇦 Medexus (MDP)PM-0.13
🇨🇦 Couche-Tard (ATD)PM0.48
🇺🇸 Micron (MU)PM1.61

ECONOMIC DATA

YESTERDAY’S ECONOMIC RELEASES
ReleaseActualConsensus
🇨🇦 Inflation Y/Y1.7%1.7%
🇨🇦 Core Inflation Y/Y2.5%-
🇨🇦 CPI Median Y/Y3.0%3.0%
🇨🇦 CPI Trimmed-Mean Y/Y3.0%3.0%
🇨🇦 Mftg. Sales M/M Prel.-1.3%-
🇺🇸 S&P Home Price Y/Y3.4%4.0%
🇺🇸 Home Price Index M/M-0.4%0.1%
🇺🇸 Consumer Confidence93100
🇺🇸 Richmond Mftg. Index-7-7
TODAY’S ECONOMIC RELEASES
ReleaseTimeConsensus
🇺🇸 New Home Sales10:00AM0.69M

COMMODITIES

WTI Crude
1D %
YTD %
64.91
5.3%
9.6%
Gold
1D %
YTD %
3,323.51
1.3%
26.6%
Nat Gas
1D %
YTD %
3.54
3.7%
1.6%
Silver
1D %
YTD %
35.90
0.6%
24.3%
Lumber
1D %
YTD %
608.11
0.4%
10.5%
Copper
1D %
YTD %
4.89
0.3%
22.9%
Soybean
1D %
YTD %
1,046.98
1.1%
4.8%
Aluminum
1D %
YTD %
2,575.85
0.5%
0.8%
Corn
1D %
YTD %
415.05
1.0%
9.4%
Wheat
1D %
YTD %
535.39
3.1%
2.9%

As alluded to on Monday those >$100 oil calls will have to wait, with the Iran narrative dying down after a ceasefire was reached.

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