By Ketki Saxena
Investing.com – The TSX tracked Wall Street lower this morning, as US GDP data came in strong (2.7%) and initial jobless claims dropped unexpectedly, raising bets that a resilient economy would give the US Federal Reserve more leeway to further raise rates.
The commodity heavy Canadian index gained some support from crude prices, which recovered from yesterday’s sell-off as Russia announced a plan to cut oil exports from its western ports by up to 25% in March, a figure that would exceed its previously announced production cuts of 500,000 barrels per day.
The Biggest Stories on Bay Street
First Quantum (TSX:FM) Resources announced that it has suspended processing at its Cobre Panama operation, after a long-standing dispute with the Panamanian government that has essentially shuttered the company’s ability to export ore. Panama is seeking guarantees of US$375 million worth of payments in taxes and royalties a year, while First Quantum is seeking downside protection in the case that the price of copper declines sharply.
Loblaw Companies, parent company of Loblaws grocery stores and Shoppers Drug Mart, reported a profit of $529 million, or $1.62 per diluted share for the quarter ended Dec. 31, down from $744 million or $2.20 per diluted share a year earlier. Revenue totalled $14.0 billion, up from $12.8 billion in the fourth quarter of 2021.
TransAlta Corp(TSX:TA). reported a loss of $163 million in its latest quarter compared with a loss of $78 million in the same quarter a year earlier. The loss amounted to 61 cents per diluted share for the quarter ended Dec. 31 compared with a loss of $78 million or 29 cents per diluted share for the last three months of 2021. Revenue totalled $854 million, up from $610 million in the same quarter a year earlier.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
- Innergex Renewables
- Ivanhoe Mines (TSX:IVN)
- TransAlta Renewables
In Canadian Economics
Statistics Canada reports that the number of employees receiving pay or benefits from their employer rose by 91,400 (+0.5%) in December. Overall job vacancies (848,800) were little changed from November (849,200), On a year-over-year basis, average weekly earnings grew 3.4% to $1,174 in December, down from a year-over-year growth of 4.0% recorded in November. Average weekly hours worked declined by- 1.5% to 33.1 hours.