By Ketki Saxena
Investing.com – The TSX tracked Wall Street lower today, as hotter than expected US retail sales raised treasury yields, and bets for the Fed to remain aggressive as economic data continues to show resilience in the US economy.
Retail sales for January rose 3% from the prior month, compared to economist expectations for a 1.8% gain.
The commodity heavy Canadian index was also pressured by a surprisingly large U.S. crude stockpile build. Stockpiles jumped by 16.3 million barrels last week, compared to analyst expectations for a 1.2 million-barrel increase.
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Suncor Energy Inc (TSX:SU). posted a profit of $2.74 billion in the fourth quarter of 2022,, up 76% from $1.55 billion a year earlier. .On an adjusted basis, Suncor earned $2.43 billion, or $1.81 per common share, compared to $1.30 billion or 89 cents per common share in the prior year's quarter. Suncor posted revenues of $10.21 billion for the quarter, compared to year-ago revenues of $8.85 billion. Suncor says that the increased profit was due to the higher price of crude and refined product realizations and higher upstream production.
Barrick Gold (NYSE:GOLD) Corp. reported a US$735-million loss in its fourth quarter compared with a profit of US$726 million in the same quarter a year earlier. Tthe loss amounted to 42 cents per diluted share for the quarter compared with a profit of 41 cents per diluted share in the same period last year. . Revenue in the quarter totalled US$2.77 billion, down from US$3.31 billion a year earlier. Barrick Gold also announced it will reduce its dividend by 33% to 10 cents per share, and repurchase up to US$1 billion of its outstanding shares over the next year.
West Fraser Timber (TSX:WFG) Co. Ltd. reported a Q4 loss of US$94 million, falling over 128% from a profit of US$334 million during the same quarter a year earlier, and calculating to a loss of US$1.13 per diluted share, down from earnings per share of US$3.13 a year earlier. Sales in the fourth quarter were US$1.62 billion, down 20% US$2.04 billion a year earlier as dampened economic activity and lower US home construction weighed on its lumber business.
First Quantum Minerals (TSX:FM) Ltd. says it earned US$117 million in the fourth quarter of 2022, 52.6 per cent down from US$247 million. Earnings per diluted share in the fourth quarter were 17 cents, down from 36 cents a year earlier. First Quantum says The loss was attributable to significantly lower cash flows from operating activities.
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