Consumer insolvencies are nearing post-2008 highs, with March filings up 10% Y/Y…

… led by Ontario and British Columbia, where the housing and labour markets have faced the most pressure recently.

While we’re watching it, the doom and gloom around the print is currently baseless - with a population-adjusted figure sitting in-line with the long-term average.

Bank of Montreal (BMO) has parted ways with its $14.5B transportation & vendor finance loan book, which was de-emphasized over recent years…

… given its outsized contribution to provisioning activity, which sits consistently above 10% of total commercial provisions while representing ~3% of the book.

Despite some recent signs of a trucking recovery, impaired loans in the segment have been grinding higher since 2023…

… so the $900M goodwill writedown tied to the sale isn’t surprising, with management deciding the ROE impact from capital redeployment is worth taking the bath next quarter.

Pet Valu (PET) shed 14% on its Q1, which came with flat same-store sales…

… and missed big on margins, with pressure from higher fuel costs and value-seeking behaviour from consumers. With management expecting these trends to persist, the margin guide was taken lower…

… and investors are likely cautious on whether that holds, given the series of negative revisions in recent quarters.

Chemtrade Logistics (CHE-U) fell 10% after a Q1 miss, driven by weaker pricing and higher sulfur costs…

… which pressured margins and should continue, with a four-week turnaround at its North Vancouver facility ($15M EBITDA impact) limiting the offset from better caustic soda pricing in Q2. That could keep a lid on valuation near-term…

… until investors get line of sight to fundamental improvement in the back half or progress on its rezoning application.

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