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Risk-Off Sentiment Weighs On TSX; Commodities Rebound; Nuvei Shares Tank

Stock Markets Aug 09, 2022 10:16
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By Ketki Saxena 

Investing.com - At 10:15 a.m in Toronto, the S&P/TSX Composite Index was at 19,610.13 points, down 0.30% shortly after the opening bell as investors await tomorrow’s U.S. inflation data. The much awaited CPI is expected to show signs of peaking but remain at multi-decade highs, and offer further insights on the Federal Reserve’s next move.

Further losses on the Canadian index were capped by strength in commodities, which helped it outperform Wall Street benchmarks this morning. 

Commodities

While oil prices slipped overnight on the possibility that the Iran nuclear deal which would boost supply, crude sharply reversed its decline following Russia’s announcement that oil exports to Europe via the southern leg of the Druzhba pipeline had been suspended since early August. 

Gold prices also gained in the early morning, supported by inflation expectations, a weaker dollar and risk-off sentiment in equities.

The Biggest Bay Street Earnings so Far Today 

  • Martinrea International (TSX:MRE): Reported second-quarter profit rose 6.4% on higher sales, beating analyst expectations. The company also expects results to improve as supply-chain problems ease going forward. 
  • Hydro One (TSX:H): Reported EPS 7.5% higher compared to the previous year, which the company says it “primarily due to approved rates for the transmission and distribution segments, and higher demand, partially offset by higher depreciation, amortization and asset removal costs, along with higher financing charges”
  • Cronos Group (TSX:CRON): Narrowed expected earnings losses and saw huge increases in revenue, with consolidated net revenue increased by 48% year-over-year to $23.1 million in Q2 2022, supported by a 212% year-over-year increase in its Israel net revenue. 
  • Nuvei (TSX:NVEI): The top loser on the TSX this morning, as revenue increased 19% from the previous quarter, but missed estimates and but tempered its forecasts due to crypto volatility. 
  • Bausch Health (TSX:BHC) Companies: the recently belagued company, fighting a losing patent battle, cut its full-year forecast and missed analyst expectations in the second-quarter. 

TSX Earnings Expected Later in the Session

  • Ballard Power Systems (TSX:BLDP) Inc: Expected Q2 loss of 13 cents per share
  • Converge Technology Solutions Corp (TSX:CTS): Expected Q2 earnings of 10 Canadian cents per share
  • EQB Inc (TSX:EQBr): Expected Q2 earnings of C$2.18 per share
  • Freehold Royalties Ltd . (TSX:FRU) Expected Q2 earnings of 39 Canadian cents per share
  • Kinaxis Inc (TSX:KXS): Expected Q2 earnings of 15 cents per share
  • Lundin Gold Inc (TSX:LUG): Expected Q2 earnings of 13 cents per share
  • Osisko (TSX:OSK) Gold Royalties Ltd: Expected Q2 earnings of 8 Canadian cents per share

Today’s TSX Analyst Upgrades and Downgrades

  • Crew Energy Inc (TSX:CR) Scotiabank (TSX:BNS) raises target price to C$8 from C$7.5, following the company’s strong second-quarter results. 
  • Dialogue Health Technologies Inc (TSX:CARE) National Bank of Canada (TSX:NA) cuts target price to C$8.5 from C$11.5, to reflect higher interest rate environment.  
  • GDI Integrated (TSX:GDI)Scotiabank raises target price to C$52.5 from C$50, after the company posted second-quarter EBITDA above estimates.
  • Lassonde Industries Inc (TSX:LASa) National Bank of Canada cuts target price to C$161 from C$169, anticipating a 10% year-on-year EPS decline due to rising costs. 
  • Power Corporation Of Canada (TSX:POW) Scotiabank cuts target price to C$41 from C$43.5, citing challenging operating environment which weighed on the company’s second-quarter earnings.

Risk-Off Sentiment Weighs On TSX; Commodities Rebound; Nuvei Shares Tank
 

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