By Ketki Saxena
Investing.com – The Canadian index tracked Wall Street higher today, with Netflix (NASDAQ:NFLX) results (and a change of CEO) boosting investor sentiment and growth stocks as earning seasons gets into full swing. The next two weeks will be make or break for investor sentiment, and set the tone for 2023, with earnings expected from Microsoft (NASDAQ:MSFT), Tesla (NASDAQ:TSLA), IBM (NYSE:IBM) and Intel (NASDAQ:INTC). Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) report the following week.
The commodity heavy Canadian index also gained support this morning from crude prices, on track for a second straight week of gains on China optimism. Earlier this week, both OPEC and the IEA forecast a rebound in Chinese demand for 2023, with the EIA expecting record demand this year.
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Hexo Corp (TSX:HEXO). has regained compliance with the Nasdaq Stock Market LLC’s minimum bid price requirements on Jan 19, after its shares closed at or greater than the US$1 per share minimum requirement for the last 10 consecutive business days. Hexo had previously become non-compliant with the requirement when its closing price for Nasdaq listed shares dropped below US$1 for 30 consecutive trading days.
Pembina Pipeline (TSX:PPL) is dealing with an “emergency incident” following a leak at its Northern Line natural gas pipeline reported late Wednesday night, around 30 kilometers away from Valleyview. The pipeline has been isolated as the company monitors the situation. “We have contacted residents in the immediate area of the release and advised them of the situation and are supporting those affected by arranging temporary accommodation. Pembina will continue to provide assistance that may be required,” says a statement from the company.
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In Canadian Economics
Retail sales grew 0.5% in December, as per an advance estimate released Friday by Statistics Canada. In volume terms, retail sales declined 0.4% in December. The reading follows a 0.1% drop in November, well above estimates for a 0.5% decline in November sales.
Toronto rental rates soared 16.9% on a yearly basis in 2022, driven by high demand and inflationary pressures, as per a report from Urbanation Inc. The average cost to rent a condo in the Greater Toronto Area reached $2,752 per month in the fourth quarter of 2022, or a $391 rise from the same time in 2021.