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TSX Declines as Fed Worries Weigh; Birchliff Increases Dividend 900%

Published 2023-01-19, 01:13 p/m
© Reuters
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By Ketki Saxena 

Investing.com – The TSX tracked Wall Street lower today, as worries of an aggressive Federal Reserve and recession worries continued to weigh on sentiment, following yesterday’s weak US economic data coupled with hawkish remarks from policymakers. 

While weak US economic data would have otherwise reassured investors of a downshift in Fed policy, Fed hawks continue to call for higher rates, including Cleveland Fed president Loretta Mester said more hikes are needed, and St. Louis Fed president James Bullard. 

The commodity heavy Canadian index gained some support from crude prices as optimism continues to grow around rising Chinese demand and lower supplies following a new raft of sanctions on Russian crude. 

The Biggest Stories on Bay Street 

Another twist in the Shaw-Rogers saga. After being cleared by the Competition Bureau in December, the deal is now facing another regulatory challenge: this time from independent internet service provider TekSavvy Solutions Inc.. Tekk Savvy is asking the federal telecommunications regulator to review the part of the deal covering wholesale broadband network arrangements between Rogers and Quebecor Inc (TSX:QBRa).'s Videotron, arguing that it violates the Telecommunications Act and is anticompetitive. 

Birchcliff Energy announced a whopping 900% increase to its quarterly dividend, announcing late the payout would jump to $0.20 per share from $0.02. Birchcliff also announced updates to its plan to work towards zero debt: Birchcliff now expects to end 2023 with between $50 million and $70 million of debt. Birchcliff also upped its capital spending plans from $255 million to $270 million while leaving its production estimate unchanged at roughly 82 million barrels of oil equivalent per day

Canadian Stocks Moving Markets Today 

Top Gainers: 

  • Equinox Gold Corp (TSX:EQX)
  • Fortuna Silver Mines Inc (TSX:FVI)
  • Torex Gold Resources Inc (TSX:TXG)

Biggest Losers: 

  • Ballard Power Systems Inc (TSX:BLDP)
  • goeasy Ltd (TSX:GSY)
  • Capstone Mining (TSX:CS)

In Canadian Economics 

According to the Teranet–National Bank National Composite House Price Index, Canadian home prices fell for the six month in a row, down 1.1% in December compared to the month prior, compared to a 1.3% decline for November. It was the first year since the 2008-2009 financial crisis, home prices did not rise year-over-year. 

Statistics  Canada reports that wholesale sales for November rose 0.5% on gains in the auto and parts sector and in machinery, equipment and supplies. Economists had been expecting a moderation in sales after a 2.1% in October.

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