By Ketki Saxena
Investing.com -- The TSX tracked Wall Street lower in late-afternoon trading as US consumer sentiment dropped to a six month low, and pressuring tech stocks.
The commodity heavy Canadian index was also pressured by a slide in crude on worries of a US recession, as regional bank concerns grow, the US government postpones debt ceiling talks.
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Air Canada (TSX:AC) reported a revenue of $4.9 up from $2.6 billion this time last year as demand rebounded. The airline reported a net income of $4 million, up from $974 million in losses a year ago - marketing the second straight quarter of profit after 10 consecutive quarters of losses. On a per diluted per share basis, Air Canada reported a loss of three cents, compared with a loss of $2.72 per diluted share in the same quarter last year.
Cineplex reported its a loss of $30.2 million compared with a loss of $42.2 million this time last year, amounting to 48 cents per diluted share compared with a loss 67 cents per diluted share a year ago. Revenue for the quarter totalled $341.0 million, up from $228.7 million in the first three months of 2022 as theater attendance rose to 9.8 million, compared to 6.7 million in the same quarter last year.
Canopy Growth (TSX:WEED) announced it will have to re-file its first-quarter, second-quarter, third-quarter 2022 statements and its annual report, after it discovered “material misstatements' ' related to its BioSteel sports drink business related to the accounting of sales. Canopy noted that the previously released data “should no longer be relied upon”.
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In Canadian Economics
According to data released Friday in the Bank of Canada’s Senior Loan Officer Survey, business lending conditions in Canada are at the tightest level since the second quarter of 2020.