The worst showing by Canadian hockey teams in 41 years isn’t just a downer for fans. It means lost revenue for BCE Inc. and other media companies that are spending at least C$6.5 billion ($5.9 billion) on teams and broadcast rights to profit from the country’s national obsession.
Canadian stocks fell, snapping a four-day rally, as raw-material shares paced declines amid losses in copper and gold while Hudson’s Bay Co. said its Lord & Taylor stores’ sales didn’t rebound as expected.
Quebec Premier Pauline Marois’s success in luring former Quebecor Inc. Chief Executive Officer Pierre Karl Peladeau to be a candidate in the provincial election may alienate the separatist Parti Quebecois’ traditional union supporters.
Quebecor Inc. surged the most in more than four years after spending C$233 million ($210 million) to buy airwaves in a government spectrum auction that positions the company to become Canada’s fourth national wireless operator.
Rogers Communications Inc.’s new chief executive officer vowed to fully review the wireless operator in search of ways to improve performance after profit missed estimates and subscriber growth trailed rival BCE Inc.