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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
TSX Flat; Miners Weigh; Federal Deficit Sharply Lower As Pandemic Benefits Expire
By Ketki Saxena
Investing.com – The TSX traded flat this morning as miners and a decline in silver and gold prices weighed on the commodity heavy index, even as Wall Street indices were in the green ahead of an anticipated slowdown in rate hikes from the US Federal Reserve next week.
The Canadian index gained some support from crude prices, set for a third week of gains on continued optimism over China’s reopening, and as investors hope that central banks globally begin to temper their aggressive monetary policy tightening cycles.
The Biggest Stories on Bay Street
TotalEnergies EP Canada Ltd will increase its share of the Fort Hills oilsands project, acquiring part of Teck Resources (TSX:TECKa) Ltd.'s stake in the mine. Teck agreed last year to sell its 21.3% stake in Fort Hills to Suncor Energy Inc (TSX:SU)., the third partner in the project. TotalEnergies EP Canada has now exercised its pre-emption right to acquire an additional 6.65% from Teck for $312 million. The deal means that Total Energies will own 31.23% of the project, with Suncor owning the remaining share.
Shopify’s Chief Technology Officer Allan Leinwan will be leaving the company due to personal reasons. Chief executive and Shopify (TSX:SHOP) founder Tobi Lutke to take over the research and development department. Leinwand, previously a vice-president of engineering at Slack, spent 18 months at Shopify, taking over from Jean-Michel Lemieux, who left in 2021.
Canadian Stocks Moving Markets Today
Top Gainers:
- Canopy Growth Corp (TSX:WEED)
- Converge Technology Solutions Corp (TSX:CTS)
- NexGen Energy Ltd. (TSX:NXE)
Top Losers:
In Canadian Economics
The federal government posted a budgetary deficit of $3.6 billion in the first eight months of the fiscal year., compared to a deficit of $73.7 billion during the same period last year.
Government revenues rose 14% to $35.5 billion compared to the same period last year as the Covid-19 pandemic receded. Program expenses excluding net actuarial losses were down `3.9% to $40.4 billion, mainly due to the expiry of COVID-19 measures.
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