By Ketki Saxena
Investing.com – The TSX posted a moderate decline by midday, as materials and energy stocks weighed on the commodity heavy Canadian index, as base metals and crude slid following China's lowest growth target in over 30 years.
All three major Wall Street indices meanwhile notched gains, as investors weigh expectations from the Federal Reserve ahead of congressional testimony this week from Fed Chairman Jerome Powell.
The Biggest Stories on Bay Street
Cargojet (TSX:CJT) reported its fourth-quarter profit of $2.6 million or 15 cents per diluted share for the quarter ended Dec. 31. The result compared to a profit of $102.0 million or $5.70 per diluted share in the fourth quarter of 2021. On an adjusted basis, earned a profit of 90 cents per share, down from $2.48 per share a year earlier. Revenue totalled $267.0 million, up from $235.9 million a year earlier.
First Capital Real Estate Investment Trust has reached an agreement with an activist investor group including Sandpiper and Artis Real Estate Investment Trust , which was seeking to replace four of its trustees. The deal now contains customary standstill and other provisions, but no further changes to its board. The settlement follows several changes at the First Capital board last month including an agreement with Vision Capital Corp. and Ewing Morris and Co. Investment Partners Ltd. that increased the size of the board to 10, appointed a new trustee and new board chair.
The Ritchie Bros Auctioneers (TSX:RBA)cash-and-stock US$6 billion takeover deal of IAA Inc has been delivered a serious blow after two proxy advisor firms opposed the deal. Ritchie’s “strong standalone prospects, proven over a period of time through robust performance, offer a better understood and verified path to shareholder value creation,” proxy adviser Institutional Shareholder Services Inc. Glass Lewis & Co. also said investors should turn down the transaction. The deal goes to shareholders for a vote on March 14.
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