By Ketki Saxena
Investing.com -- The TSX traded flat this morning, tracking Wall Street lower after hawkish rhetoric after the Federal Reserve signalled U.S. interest rates will likely peak at a higher rate than markets had expected.
At a press conference that followed yesterday’s 75 bps move front the Federal Reserve, Fed Chairman Jerome Powell quashed hopes of a pivot, stating "It is very premature to be thinking about pausing" at this stage.
Despite a decline in crude prices, the commodity-heavy Canadian index was buoyed by its energy subsector (relative to Wall Street) following better-than-expected results from energy companies, including energy giant Suncor (TSX:SU) which saw profits more than double.
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BCE (TSX:BCE) Inc reported a third quarter profit of $715 million or 78 cents per share, compared to $757 million or 83 cents per share this time last year. Operating revenue totalled $6.02-billion, up from $5.84 billion in the same quarter last year.
Nutrien (TSX:NTR) reported a profit of US$1.6 billion in the third quarter of 2022, up 118% from this time last year. Profit came in at $2.94 per diluted share, compared to $1.25 in the prior year's quarter. The company posted revenues of $8.19 billion for the quarter, compared to year-ago revenues of $6.02 billion
Lightspeed Commerce (TSX:LSPD) reported a loss of US$79.9 million or 53 cents per diluted share, compared with a loss of US$59.1 million or 43 cents per share in the same quarter last year. Revenue rose 38% to US$183.7 million, up from US$133.2 million a year earlier.
Suncor reported third-quarter profit that more than doubled to $2.57 billion, or $1.88 per share, compared to $1.043 billion or $0.71 per common share in the prior-year quarter. Revenue was at $15.06B compared to $10.1B this time last year.
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