National Business

NEW YORK — Stocks surged on Wall Street to their highest levels since the business shutdowns took hold in the U.S.

MONTREAL — National Bank of Canada's net income plunged 32 per cent in its second quarter as it put aside five times the provisions for credit losses than it did a year ago due to the economic storm triggered by the COVID-19 pandemic.

MONTREAL — Air Canada is hoping to raise more than $1 billion in share and debt offerings to bolster its cash position amid the financial devastation of the COVID-19 pandemic.

KINGSEY FALLS, Que. — Cascades Inc. says it will close its Brown containerboard plant in Burlington, Ont., by the end of July, a decision that will affect the 45 employees. The Kingsey Falls, Que.

TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (15,148.12, up 72.70 points.) HEXO Corp. (TSX:HEXO). Health care. Down 12 cents, or 11 per cent, to 97 cents on 16.8 million shares.

NANAIMO, B.C. — Tilray Inc. says it will close a licensed cannabis greenhouse in Ontario, which will save the company millions of dollars a year. The Nanaimo, B.C.

TORONTO — Canada's main stock index got a lift from the heavyweight financials sector, while U.S. markets surged to their highest levels in more than two months on improving sentiment from economic reopenings.

FREDERICTON — The COVID-19 pandemic, the economy, and vaccines were among the topics as the New Brunswick legislature got back into session Tuesday.

CALGARY — Western Canadian producers are moving to restore some oil production as crude prices rise with demand thanks to the gradual opening of the world economy and OPEC and Russian output cuts.

OTTAWA — The Canadian Ferry Association says BC Ferries is bleeding cash, with losses of up to $1.5 million per day as the COVID-19 pandemic continues to take a toll on ridership.