Canadian GDP data came in light for February, dropping 25 bps M/M and moderating to a 1.6% Y/Y gain, down from 2.3% in January.

The M/M drop was driven primarily by weaker resource extraction (oil sands down 3.8%), though transportation, construction, and real estate weighed on results too.

If the preliminary data holds, we’ll finish Q1 up 0.4% Q/Q - not bad, all things considered. Certainly better than the U.S. numbers, which came in down 0.3% Q/Q in Q1 and got the market spooked on Wednesday morning.

The pre-market anxiety didn’t hold long though, as surface level results were skewed by tariff front-running, with underlying consumer demand and business investment remaining strong.

We’re continuing our look into the fundamental impacts of a Carney-led government, this time focusing on the Canadian military and the $20B of annual investment needed to bring our defense spend in-line with the 2% NATO target.

In the full piece we cover the companies set to see some of that money, from well-known names to those flying under the radar. Check it out!

If the above link doesn’t work, try this: https://www.bullpen.finance/content/106

Following the election, conservative MP Jamil Jivani was outspoken against Doug Ford, calling him a “hype man for the liberal party” and posting the following on X:

Doug Ford responded in kind, calling out the federal party for their lack of support in his provincial race.

Bit of a messy scene… we know one party that will happily watch it play out.

Flagging Agnico Eagle (AEM) here, as the large insider selling continues. Of the TSX 60 mining companies, they’ve been the worst offender in 2025.

For YTD insider activity, go here: https://www.bullpen.finance/content/94

Celestica (CLS) was up 5% on strong data center read-throughs from U.S. earnings results and commentary, with CapEx targets all held or raised by big tech. We highlighted in March that the data center trade was looking interesting again… might be time to revisit this one.

Bombardier (BBD-B) sold off nearly 10% on the back of its Q1 miss, with profitability, cash balance, and the order backlog under pressure and a cautious outlook from management.

Fairfax Financial (FFH) EPS of $42.70 smashed consensus estimates of $31.92 by >30%, driven by impressive net investment gains which helped offset catastrophe losses from the California wildfires.

Hammond Power Solutions (HPS-A) reported a mixed quarter, with revenue of $201M up 6% Y/Y but below estimates of $213M. Demand seems to be picking up though, with the backlog accelerating 18% Q/Q driven by strong data centre demand.