By Ketki Saxena
Investing.com – The TSX tracked Wall Street lower at midday, following downbeat results from SNAP that raised concerns about other tech earnings, including from Meta and Google (NASDAQ:GOOGL) as advertising revenues decline.
Investors also remain cautious ahead of a monetary policy announcement from the US Federal Reserve later today, where the central bank is expected to raise interest rates by 25 bps, and (investors hope) take a more dovish stance.
The commodity heavy Canadian index was also pressured by crude prices, after OPEC+ stuck to its output goals, and U.S. data showed significant builds in crude oil, gasoline and distillate inventories.
The Biggest Stories on Bay Street
TC Energy (TSX:TRP) Corp announced that the price for its Coastal GasLink project, a pipeline that will supply Canada’s first major liquefied natural gas export plant, has more than doubled from original forecasts to $14.5 billion (US$10.9 billion) due to labour delays. The cost may rise an additional $1.2 billion should construction extend into 2024. CP may increase the size of a planned $5 billion asset-sale program to pay for the added costs.
Yamana Gold (TSX:YRI) shareholders have officially approved the company’s planned sale US$4.8 billion sale to Pan American Silver and Agnico Eagle. Following the takeover Pan American will acquire Yamana’s Latin American assets while Agnico Eagle Mines (TSX:AEM) Ltd. will control the company’s Canadian operations. The transaction still requires legal approvals, and is expected to close in March.
After the bell yesterday, Canadian Pacific Railway reported results, including revenue that jumped 21% year over year to $2.46 billion. Profits were at $1.27 billion in the fourth quarter of 2022, compared with $532 million in the same period of 2021, or $1.36 per share, compared to 74 cents per share in the prior year’s quarter.
Canadian Stocks Moving Markets Today
Top Gainers:
- CGI Inc
- Boralex
- Centerra Gold
Top Losers:
- Spartan Delta Corp
- Capstone Mining
- TC Energy