TSX Declines; Canadian Earnings Roll In; Job Vacancies Decrease

By Ketki Saxena

Investing.com -- The S&P/TSX Composite index declined in afternoon trading today, tracking Wall Street lower as hotter-than-expected US GDP Growth raised bets that the Federal Reserve may have room to hike rates further after the Fed raised rates by 25 bps yesterday.

The commodity-heavy Canadian main stock index was also weighed down by losses in materials stocks as metal prices declined. 

Canadian Stocks Moving Markets Today

Top Gainers on the TSX: 

• Tilray (TSX:TLRY)
• Celestica Inc. (TSX:CLS)
• Precision Drilling (TSX:PD)

Top Losers on the TSX: 

• Endeavour Silver (TSX:EDR)
• Storage Vault Canada Inc (TSX:SVI)
• Colliers International (TSX:CIGI)

The Biggest Stories on Bay Street

Cenovus (TSX:CVE) reported lower profits for Q2 at $866 million compared to $2.4 billion for the same period last year — equating to a slump from $1.19 per diluted share down to 44 cents per share while quarterly revenue fell from $19.2 billion in Q2 of 2022 down to $12.2 billion.

Teck Resources (TSX:TECKa) also posted reduced profits attributable to shareholders at $643 million for Q3 compared with their previous year’s figure of $1.8 billion during the equivalent period. Profits came in at $1.22 per diluted share, down from an adjusted profit of $3.25 per diluted share a year ago.  Revenue totaled $3.5 billion, compared to $5.3 billion this time last year. 

Celestica Inc (TSX:CLS). showcased an upbeat second-quarter net income report on Wednesday amounting to $55.5 million, which represented earnings per share growth of 25% year-on-year – increasing from $.44/share up to $.55/share. Revenues rose 13% reaching about $ 1.94 billion versus last years’Q2 total o f$1.72 billion.

Precision Drilling Corporation (TSX:PD) reported a second-quarter profit of $26.9 million and diluted earnings per share of approximately$1.63. This compared with losses of $24.6 million, or $1.81 per share this time last year. Revenues also increased from $326 million this time last year to $ 425.6 million.

In Canadian Economics

The number of "payroll employees" saw an increase of 23,300 (+0.01%)in May, month-over-month. Job Vacancies declined by 26,000 to 759,000 in May. Weekly earnings were up 0.4% in May compared to a 0.5% increase in April.