The one bright spot in Canadian equity capital markets this year has been mining and metals companies. But whether that’s a glass half full or half empty for this sector is up for debate.
Firms in the materials sector have raised $1.6 billion on the Toronto Stock Exchange since the beginning of 2023, or about 71 per cent of the total brought in by all firms on the exchange. Moreover, miners, headlined by Capstone Copper Corp.’s $327-million deal announced in March, accounted for eight of the 10 largest issuances.
Mining firms are tapping Canada’s equity markets even as other sectors are struggling to raise funds. The amount of equity issuance on the Toronto Stock Exchange is down 7.5 per cent from this time last year largely due to a 20 per cent drop in total capital raised by companies in the industrial, technology, energy and consumer sectors.
Not all are as sanguine. After a relatively strong start to the year, the momentum in issuance for the base metals sector has started to fade amid a slew of weaker-than-expected economic data from China, which is the largest consumer of industrial metals like copper and steel.
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