By Ketki Saxena
Investing.com -- The TSX tracked Wall Street lower this afternoon, as regional banks tumbled led by PacWest, Disney slumped, and rising Jobless claims weighed on investor sentiment.
The commodity heavy Canadian index was also pressured by a slide in crude, as US debt ceiling worries continued to raise concerns of a recession in the world’s top crude consumer, while sliding Chinese bank loans added to worries of a slowdown in the world’s top importer of the commodity.
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CI financial (TSX:CIX) has announced that it will sell a 20% stake in its U.S. wealth management business to a group of institutional investors that include the Abu Dhabi Investment Authority, Bain Capital, Ares Management funds, and others. CI says the proceeds from the deal - which has a price tag of $1.34 billion - will be used to reduce debt.
Brookfield Corp (TSX:BN). reported first-quarter net income of US$424 million, compared to US$2.96 billion in the same quarter last year. Profit amounted to five cents per diluted share for the quarter. Revenue meanwhile totalled US$23.30 billion, up from US$21.88 billion this time last year.
Algonquin Power (TSX:AQN) and Utilities Corp reported a profit of US$270.1 million or 39 cents per share, up from US$91.0 million or 13 cents per share a year earlier. Revenue totalled US$778.6 million for the quarter ended March 31, up from US$733.2 million this time last year. Algonquin also announced a strategic review of its renewable energy group, exploring alternatives to enhance shareholder value.
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