By Ketki Saxena
Investing.com – The Toronto Stock Exchange’s S&P/TSX Composite Index traded on a moderately negative tone at the close, tracking Wall Street lower amongst mixed earnings and rising treasury yields as expectations rose for further rate hikes from the US Federal Reserve.
The commodity heavy Canadian index was weighed by a slide in crude prices, as dollar strength and expectations of a rate hike from the Fed remained the dominant narrative, stoking fears of demand destruction for the commodity.
The Biggest Stories on Bay Street
Glencore (LON:GLEN) PLC is once again upping the pressure on Teck shareholders to acquire the company whole, just a week ahead of a crucical shareholder vote. Glencore says its willing to raise its bid for Teck Resources (TSX:TECKa) Ltd (once again). Glencore proposes to buy Teck for US$23 billion and then create two new companies combining their respective metals and coal businesses, while Teck plans to spin off the two businesses.
Canadian Grocer Metro (TSX:MRU) reported earnings for the quarter that came in 10% higher at $219 million, while adjusted full-diluted net earnings per share grew 14% to $0.96. Sales for the quarter rose 6.6% to $4.55 billion. Metro also declared a quarterly dividend of $0.3025 on April 18.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
The Canadian Mortgage and Housing Corporation reported that the seasonally adjusted annual rate of housing starts in March came in at 213,865 units, down from 240,927 in February. The six-month moving average of the monthly seasonally adjusted annual rate was 240,669 in March, down 6% per cent from 254,658 in February.