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TSX Declines, Tracks Wall Street Reversal; Transat, Maple Leaf Food Earnings

Published 2023-03-09, 01:44 p/m
© Reuters.
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By Ketki Saxena 

Investing.com – The TSX tracked Wall Street lower at midday, as North American indices reversed the morning’s gains, with Federal Reserve fears remaining at the forefront, even as a cooling labour market and surprise spike in unemployment claims indicated signs of weakness in the US economy.

The commodity heavy Canadian index was also pressured by a slide in crude prices, also hit by Fed fears. 

The Biggest Stories on Bay Street 

Maple Leaf Foods Inc . reported a $41.5 million loss for the quarter ended Dec. 31, amounting to 34 cents per share compared with a profit of $1.9 million or two cents per share in the last three months of 2021. Sales totalled $1.19 billion, up from $1.12 billion a year earlier.raised its quarterly dividend to 21 cents, up from 20 cents. The company said its most recent quarter included a $23-million hit related to what it called a cybersecurity incident in November and $25.8 million in startup expenses related to construction projects. 

Transat reported a $56.6-million loss in the quarter ended Jan. 31 compared with a loss of $114.3 million a year earlier. The loss amounted to $1.49 per diluted share for the quarter ended Jan. 31. compared with a loss of $3.03 per diluted share a year earlier. First-quarter revenue more than tripled to $667.5 million, up from $202.4 million a year earlier, as the company recovers from low travel demand and canceled flights in the aftermath of the Covid-19 Omicron variant. 

Canadian Stocks Moving Markets Today 

Top Gainers: 

  • Parex Resources (TSX:PXT)
  • Nuvei (TSX:NVEI)
  • Advantage Oil and Gas  (TSX:AAV)

Top Losers: 

  • Linamar (TSX:LNR)
  • Maple Leaf Foods (TSX:MFI)
  • Transcontinental (TSX:TCLa)

No Major Canadian Economic Data Expected

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