Carney’s picked the next seven projects to be fast-tracked, placing a clear emphasis on mining, power, and LNG. With the news coming after the first five projects in September and the recent budget announcement…

… the market reaction isn’t likely to be substantial, as mine owners Nouveau Monde (NOU) and Northcliff (NCF) have already ripped. Construction names have too…

… helped by recent M&A and nuclear deals.

Building permits rose 4.5% to $11.7B in September, ahead of expectations for a 1% increase…

… driven by residential construction intentions, which jumped nearly 5% in both single and multi-family. At the provincial level, Alberta, Quebec, and Ontario drove the gain while BC tempered it, tracking to recent housing starts.

Non-residential permitting was strong too, up 4% on higher commercial and industrial activity in Alberta and Quebec, respectively. Should a recovery here be sustained…

… Altus Group’s underperforming appraisals unit could stabilize... let’s see.

Baytex Energy (BTE) ran 14% after the $3.3B sale of its Eagle Ford assets, a deal that effectively hits the reset button by cutting out BTE’s U.S. exposure…

… and recapitalizes the balance sheet, putting the company in a net cash position. With the windfall, Baytex will de-lever and return capital to shareholders - potentially through a substantial issuer bid…

… that would put a floor under the stock in the near-term. In the longer term, BTE’s renewed Canadian focus should bring a >10% improvement in breakeven costs, 3-5% annual production growth, and opportunities to bulk up through M&A.

Manulife (MFC) announced a 50/50 JV in India, writing a $400M cheque and committing an additional $140M. Success in this underinsured market would provide a multi-decade tailwind…

… given the country has ~40x more people than we do.

But with the stock up roughly 20% since its $1B private credit deal and trading at peak post-2008 multiples, the investment isn’t likely to drive a meaningful leg higher until it’s closer to breakeven.

Northland Power (NPI) fell nearly 30% on the back of a messy Q3, which came with a >$500M impairment charge related to lower future pricing in its offshore portfolio…

… and a 40% divvy cut, as NPI looks to fund growth internally instead of relying on equity markets and pre-completion revenues (which should come in $200M below guidance).

With how the sector has traded in recent years, the shift in funding strategy makes sense - you have to rip the bandaid off at some point…

… but it’ll take time and execution before investors feel they can trust the story again.

Linamar (LNR) ran 5% on its Q3 print which was in-line on revenue, ahead of expectations on EPS, and came with an improved 2026 guide. Powering the positive revision is LNR’s mobility segment…

… thanks to its $300M Aludyne acquisition. The company has runway for more of those deals, with no shortage of targets…

… and the best leverage profile it’s had in two years, which should still leave plenty of room for buybacks.

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