New home prices fell short of estimates, shedding 0.2% versus expectations for a gain of similar magnitude…

… on the back of continued weakness in Ontario and BC, which dragged down a second straight monthly gain in the Prairies.

With unsold inventory balances still elevated, the path to recovery isn’t going to be a straight line.

Industrial product prices rose 2.4% M/M, above expectations for a 1.6% gain…

… driven by a record 27% jump in energy and petroleum products, a move we called out last month as an obvious symptom of the war in Iran…

… which caused a 41% sequential increase in crude product prices…

… making other input cost fluctuations look like child’s play.

With the US and Iran struggling to meet in the middle, April’s print should bring more of the same.

TMX Group (X) big dogged the bidders for Cboe Canada by coming over the top with a $409M bid for both it and Cboe’s Australian business, representing ~16x LTM EBITDA - slightly below where it trades…

… supporting management’s decision to finance with the balance sheet. The multiple is pre-synergies, with duplicate systems and connectivity costs creating margin upside in the Canadian exchange unit…

… while the Australian footprint is more strategic, given its heavier skew towards higher margin recurring and data revenue. With a less mature ETF industry, VettaFi looks well-positioned…

… as is the capital formation business, which should benefit from new fund issues and corporate listings…

… with Cboe’s recently granted license laying the groundwork for TMX to double down on its dominant position in mining.

Mullen Group (MTL) ran 7% on the back of a Q1 beat, with top line growth accelerating thanks to recent M&A…

… and margins remaining stable despite digesting the Cole Group deal. Tightening supply, regulatory enforcement, and Build Canada initiatives could drive upside…

… to both profitability and valuation, with nation building projects and a potential Alaska LNG pipe hauling contract not included in the current guide.

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