By Ketki Saxena
Investing.com – Canada’s main stock index, the S&P/TSX Composite, traded in the red today on falling commodities prices.
Crude prices slumped on weakening economic data from top consumer China, as Chinese exports fell for the sixth consecutive month and its trade surplus shrank.
Wall Street indices meanwhile edged higher as retreating treasury yields boosted megacaps, and investors await a slew of commentary from US Federal Reserve officials this week.
Toronto Stock Market News
Pet Valu Holdings (TSX:PET) Ltd. reported net income of $18.0 million in its latest quarter, compared to $27.0 million a year ago. The profit amounted to 25 cents per diluted share, down from 38 cents per diluted share this time a year ago. Revenue totalled $262.3 million, compared to $244.7 million this time last year.
Shares of Stella-Jones (TSX:SJ) rose after the company’s earnings beat. Net income came in at $110 million, or $1.91 per share, up a whopping 79% compared to this time last year. Sales were up 14% at $949 million.
Crescent Point Energy Corp (TSX:CPG). announced it will be purchasing Calgary-based energy company Hammerhead Energy Inc for a total of $2.55 billion. Crescent Point will acquire approximately 105,000 acres and 800 drilling locations as a result of the deal.
Ero Copper (TSX:ERO) shares slid after the announcement of an agreement with underwriters, led by BMO (TSX:BMO) Capital Markets to purchase 8,510,000 common shares, on a bought deal basis, at a price of US$12.35 per common share.
For all earnings, view our earnings calendar.
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In Canadian Economics
Data from Statistics Canada showed an increase in Canada’s trade surplus to $2.04 billion in September, boosted by higher prices for crude oil.
A recent survey from the Bank of Canada shows that Canadians expect the BoC to begin making cuts to its benchmark interest rate in 2023, a month later than the last forecast.