WEDNESDAY, MARCH 25, 2026 | THE GLOBE AND MAIL G B9 EYE ON EQUITIES DARCY KEITH TRANSALTA (TA-TSX) CLOSE $17.58, UP $1.07 FIRST MAJESTIC SILVER (AG-TSX) CLOSE $27.64, UP $1.32 GO RESIDENTIAL REIT (GO-U-TSX) CLOSE US$9.80, DOWN 21¢ LITHIUM ARGENTINA AG (LAR-TSX) CLOSE $9.71, UP $1.12 JAMIESON WELLNESS (JWEL-TSX) CLOSE $34.57, UP 58¢ National Bank analyst Patrick Kenny upgraded TransAlta Corp. to “outperform,” citing an attrac- tive risk-reward profile given the stock’s recent weakness and sev- eral catalysts ahead. “Since downgrading TA to sector perform in early Novem- ber, the stock is down 22 per cent, and no longer reflects any value, in our view, from its 230 MW Phase 1 Keephills opportunity, US$600mln Centralia conversion project, or any rebound in for- ward Alberta power prices to- wards $75-$85/MWh,” Mr. Kenny said. Target: His price target remains at $22. The average analyst target is $23.55. BMO Capital Markets analyst Kevin O’Halloran upgraded First Majestic Silver Corp. to “outper- form,” noting the company is trading at a historically attractive valuations and with catalysts ahead later this year. “We view AG shares as dis- counted compared to historical trading multiples, with shares trading at 2.2x net asset value and 10x next 12 months CFO [cash flow from operations] … vs. his- torical multiples often exceeding 3x NAV and 15x cash flow,” Mr. O’Halloran said. Catalysts in 2026 include expanding processing capacity at Santa Elena and Gatos, he said. Target: His price target is $35. The average is $39.75. RBC Capital Markets analyst Jim- my Shan upgraded Go Residen- tial REIT to “outperform” from “sector perform,” saying the real estate investment trust now offers “asymmetric risk-reward.” “Post-IPO price action and investor rotation, we see limited downside given valuation level that is now at a discount to U.S. peers, to private market and to recent privatization of its closest comp,” Mr. Shan said. Manhattan real estimate is seeing relatively strong fundamentals, and GO is “proving out” its acquisition the- sis while gaining scale, he said. Target: He dropped his price tar- get by US$1 to US$13.50. The aver- age analyst target is US$15.57. Canaccord Genuity analyst Katie Lachapelle said Lithium Argenti- na AG is continuing “its trajectory as a low-cost and undervalued growth story.” She maintained a “buy” rating in the wake of fourth quarter results and said it remains Canac- cord’s best idea for exposure to lithium producers. “It’s a unique opportunity to own an inexpen- sive producer relative to peers, with exposure to a large growth pipeline that many other North American producers do not have,” she said. Additionally, she notes Lithium Agentina has mini- mal cost exposure to the conflict in the Middle East. Target: Her target went to $17.75 from $17.50. The average is US$9.76. CIBC Capital Markets analyst Ty Collin initiated coverage on Jamieson Wellness Inc. with an “outperformer” rating. “JWEL’s international strategy remains in an investment phase and carries some risks, but has a long runway for additional growth and margin expansion,” he said. “We believe there is potential for modest valuation upside from strong execution … and we see an attractive return profile for JWEL shares under- pinned by mid-teens EPS growth, an improved cash flow profile, and a 2.7 per cent dividend yield.” Target: He set a $43 price target. The average is $44.79. E ven before the latest conflict in the Middle East began, Canadians were planning to cut back on discretionary spend- ing in 2026. Now, with higher oil prices and expectations that interest rate hikes could rise, financial planners say that more people are holding on to cash as a safety blanket. But planners warn that lean- ing too heavily on cash can come with trade-offs that affect long- term financial security. “Uncertainty is pushing Cana- dians to be more cautious, which can be healthy in the short-term, but staying too defensive for too long a period of time can hurt your long-term financial out- come,” said Simon Wong, a certi- fied financial planner and head of financial planning at Blueprint Financial. A survey conducted by TD Bank near the end of 2025 found that 67 per cent of Canadians planned to reduce spending in 2026, up from 51 per cent the year before. Recent data from RBC Economics suggest they are following through: While overall credit-card spending modestly increased in February, RBC found consumers continued to scale back on discretionary purchases. At the same time, Canadians are parking more money in cash. A report released this week by consulting firm McVay and Asso- ciates found that demand deposits – money held in savings and chequing accounts – grew 6 per cent year-over-year in Janu- ary. The report uses data collected from the Bank of Canada and individual bank results from the Office of the Superintendent of Financial Institutions. Even as Canadians look to save more, many lack a clear plan for what that money is for. The TD survey found that only 36 per cent have a formal financial plan for 2026. “This cautious behaviour is understandable, but it does have mixed long-term consequences,” Mr. Wong said. On one hand, pulling back on discretionary spending can help people build stronger financial foundations. Households can save more, rely less on debt and build up cash buffers. But there are downsides if that caution goes too far. Typically, if you’re holding on to cash without a clear purpose, such as a six-month emergency fund or for an upcoming large purchase, then you have too much, Mr. Wong said. Hoarding cash can hurt your long-term growth as inflation will “quietly erode” the value of cash, Mr. Wong said. Staying on the sidelines can also mean missing out on investment opportunities. “If you wait for certainty, you usually miss those early market rebounds, you miss on those lower asset prices and you miss on compounding over time.” Holding excess cash can also shape bigger financial decisions, Mr. Wong said. It can lead people to delay major milestones, such as buying a home, or avoid tak- ing career risks they might other- wise be prepared for. However, planners know many people, especially those nearing and in retirement, feel the need to keep cash on hand as a source of comfort. Even those with healthy nest eggs struggle to spend, fearing they will outlive their money. Mr. Wong suggests a more bal- anced approach by maintaining a cash buffer for an emergency fund while continuing to invest, even if that means putting small- er amounts in the market. Still, Canadians have histori- cally kept too little cash on hand, so the recent shift could help correct that, said Colin White, a certified financial planner and chief executive officer of Verecan Capital Management. “The average person doesn’t keep enough cash on hand. For some people, this is just getting them back to where they should have been all along, even if it’s for the wrong reasons,” Mr. White said. The problem, he said, is when people hold on to cash while carrying higher-interest debt. “The number of people that are sitting with money in their chequing account but a balance on a line of credit would abso- lutely astound you.” More Canadians are holding liquid assets as a safety blanket with higher oil prices and expectations of possible rate hikes, planners say MEERA RAMAN How hoarding cash can affect long-term savings Wall Street indexes lost ground in Tuesday’s volatile session as investors swayed between fears of rising oil prices and hopes for a resolution to the U.S.-Israeli war on Iran as U.S. President Trump claimed progress in talks even as reports suggested that more American troops were headed to the Middle East. U.S. Treasury yields rose on uncertainty about the war and a weak auction of two-year Treasury notes, also adding pres- sure to equity markets. Canada’s main stock index, however, managed to end slightly higher, with higher oil prices lending support. Indexes regained some ground after Mr. Trump told reporters that the United States was talking to “the right peo- ple” in Iran in order to reach an agreement to end hostilities and that Iran has agreed they will never have nuclear weap- ons. But reports that the Pentagon is expected to send thou- sands more troops from the elite 82nd Airborne Division to the Middle East caused some concerns the war could drag on and keep oil prices high. Wall Street indexes on Monday had marked their biggest one-day gain since Feb. 6 as oil prices fell after Mr. Trump had postponed strikes against Iranian power plants and announced talks with Iran even as Tehran denied negotia- tions with the U.S. But energy prices rose on Tuesday with crude oil futures settling up more than 4 per cent. “Stocks are trying to find their footing as investors are keep- ing one eye on social media and the other eye on every head- line. We’re very short-term oriented,” said Carol Schleif, chief market strategist, BMO Private Wealth. “There’s a lot of nerv- ousness. People are watching oil and watching interest rates and worrying do we go higher for longer on both energy and interest rates because that could start negatively impacting growth.” The Dow Jones Industrial Average fell 84.41 points, or 0.18 per cent, to 46,124.06, the S&P 500 lost 24.63 points, or 0.37 per cent, to 6,556.37 and the Nasdaq Composite lost 184.86 points, or 0.84 per cent, to 21,761.89. The Toronto Stock Exchange’s S&P/TSX Composite Index ended up 57.78 points, or 0.2 per cent, at 31,941.59. On Monday, the index posted its biggest gain in five weeks. Still, it has pulled back 7.5 per cent from a record closing high on March 2. The TSX energy sector rose 1.7 per cent as the price of oil settled 4.8 per cent higher at $92.35 a barrel. Gold edged 0.1 per cent lower. Still, the TSX materials group, which includes metal mining shares, added 1.4 per cent. REUTERS, GLOBE STAFF Stocks end mixed over worries about Middle East conflict, interest rates REPORT ON BUSINESS | C anadians like to think of themselves as prudent bor- rowers. But in the mort- gage market, that prudence can look like inertia. The data on mortgage-related search behaviour reveal a pat- tern that should concern policy makers and borrowers: Many Canadians are not truly shop- ping for mortgages. They are defaulting to familiar brands. In the United States, mortgage searches are overwhelmingly generic. Americans search online using terms such as “mortgage rates” far more frequently, at roughly 15 times the volume used by Canadians. But the data change sharply when you look at brand-specific searches. Canadians, in fact, search for the largest banks’ mortgage rates at levels that exceed comparable U.S. brand queries. Searches for “RBC mortgage rates,” for exam- ple, significantly outpace U.S. equivalents such as “Chase mortgage rates” or “Navy Federal mortgage rates.” The implication is clear: Many Canadians, unlike their U.S. counterparts, start with a logo. That is not typical behaviour in a competitive market. It suggests that many borrowers have effec- tively made up their minds before they begin. This goes beyond brand loyal- ty – it is brand dependence. And it has consequences. Part of this brand dependence traces back to the failures of several trust companies in the 1980s and early 1990s, which blurred the line between smaller and riskier lenders. Despite stronger regulation today, many borrowers still equate size with safety and default to large banks. Canada’s largest banks benefit from an ecosystem that rein- forces their dominance: vast advertising budgets, entrenched distribution channels and a regu- latory framework that, inten- tionally or not, favours incum- bents. Smaller lenders, such as credit unions and fintechs, may offer lower rates or more flexible products. But without compara- ble visibility, in many cases, Can- adians don’t consider them. In practical terms, many Cana- dians are not necessarily choos- ing the best mortgage; they are choosing one of the most famil- iar. That may help explain a troubling trend: Despite the arrival of new lenders and fin- tech players, the largest institu- tions have continued to increase their share of the residential mortgage market over the past decade. In a functioning competitive market, new entrants would challenge incumbents. In Cana- da, they barely make a dent. Bor- rowers are not the only drivers; smaller lenders face far greater challenges in securing funding than large banks. It is tempting to see this as a consumer preference. But the reality is more concerning. If bor- rowers never look beyond familiar lenders, they cannot know whether better options exist. Limited awareness weakens competition, and that matters. Competition drives lower rates, better service and innovation. Without it, markets favour incumbents over consumers. There is a long-standing view that Canadians are simply more risk-averse than U.S. consumers. Perhaps. But risk aversion should not mean ignoring options alto- gether. Because in a market as consequential as mortgages, not shopping around enough is not cautious. It is costly. Familiarity over value: The hidden cost of Canada’s mortgage habits HANIF BAYAT OPINION Top mortgage-related search keywords in Canada Estimated monthly search volume Generic keywords Branded keywords mortgage rates mortgage rates Canada mortgage rates Ontario RBC mortgage rates TD mortgage rates CIBC mortgage rates 50K 50K 32K 45K 39K 23K THE GLOBE AND MAIL, SOURCE: SEMRUSH AND AHREFS DATA Top mortgage-related search keywords in U.S. Estimated monthly search volume Generic keywords Branded keywords mortgage rates today mortgage rates current mortgage rates Navy federal mortgage rates Chase mortgage rates Rocket mortgage rates 839K 733K 325K 27K 18K 18K THE GLOBE AND MAIL, SOURCE: SEMRUSH AND AHREFS DATA PhD, CEO and founder of WOWA.ca, a Canadian personal finance platform