Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

TSX Gains On Easing Inflation Indictors; Rogers-Quebecor Deal Finalized

Stock Markets Aug 12, 2022 11:06
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
CSGN
-0.52%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Copper
+0.19%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GSPTSE
-0.83%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CTCa
-1.70%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
VET
-5.06%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
PLC
-1.69%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ketki Saxena 

Investing.com --  Toronto stocks continued to gain following yesterday’s rally, as investor sentiment remained upbeat after U.S. economist data this week that pared back expectations for a 75 bps hike from the Federal Reserve. 

North American equity markets gained from a slower-than-expected rise in U.S. consumer prices and a drop in producer prices in July, as well as today’s Michigan Consumer Sentiment index, which eased from this summer’s record low and as American consumer’s near-term outlook for inflation eased. 

Further gains on the commodity-heavy Canadian index were capped by weakness in crude, as the market weighed conflicting outlooks from OPEC+ and the EIA on demand forecasts. 

The TSX was also supported by an upbeat mood on Bay Street, following solid stellar earnings from Vermilion energy that continued the Canadian energy earnings bonanza, and the finalization of the much-delayed Rogers-Shaw-Quebecor deal. 

Biggest Stories on Bay Street Today 

Rogers Communications (TSX:RCIa) and Shaw Communications Inc (TSXV:SJRa) announced the finalized sale of Freedom Mobile to Videotron, a unit of Quebecor (TSX:QBRa), paving the way for a merger of Canada's biggest telecom companies, under terms that are “substantially consistent” with the original $2.85-billion deal announcement in June. Rogers and shaw still need clear the two remaining regulatory hurdles that are in the way of their C$20-billion takeover arrangement

Vermilion Energy (TSX:VET) surpassed analyst estimates at earnings yesterday, reporting EPS C$2.20, beating expectations for EPS C$1.67. Fund flow from operations also increased 16% quarter-over-quarter, driven by higher commodity prices, while free cash flow grew 12%. The company also announced that its dividend will rise 33% to C$0.08 per share.yesterday and signalled its intent to ramp up share buybacks. 

Canada Goose (TSX:GOOS) Holdings had its price target price raised by Credit Suisse (SIX:CSGN) raises to C$39 from C$37, citing strong demand and encouraging June trends in China.  Canada Goose yesterday reported that revenue surged 24.2% year over year, supported by the company’s affluent consumer segment spending on its luxury parkas and jackets. 

Canadian Tire Corp Ltd (TSX:CTCa) had its price target cut at Desjardins Securities to C$215 from C$225, to reflect the impact from a slowdown.  At its earnings call yesterday, Canadian Tire Corp. announced a 31.5 %year-over-year decline to net income, the company said, largely attributed to its lesser known financial division. 

Hydro One (TSX:H) confirmed shortly after 8 p.m. EDT yesterday that power had been restored after a widespread outage that affected downtown Toronto, including the city’s financial district. The outage, which started at approximately 11:00 a.m yesterday, did not disrupt trading on the Toronto Stock Exchnge. The utility company said the power failure was due to a crane that collided with transmission lines while being shipped by barge.  

Canadian Stocks Moving Markets This Morning 

Top Gainers: 

  • Aurora Cannabis (TSX:ACB) (+8.33%) 
  • ECN Capital Corp (TSX:ECN)(+8.10%)
  • Lithium Americas (TSX:LAC) (+5.20%) 

Top Losers: 

  • Filo Mining (TSX:FIL) (-5.50%)
  • Ero Copper (TSX:ERO) (-4.94%) 
  • Park Lawn (TSX:PLC)(-3.92%) 
TSX Gains On Easing Inflation Indictors; Rogers-Quebecor Deal Finalized
 

Related Articles

Dow Futures Tick Higher After Indices Extend Rout
Dow Futures Tick Higher After Indices Extend Rout By Investing.com - Sep 26, 2022 1

By Oliver Gray  Investing.com - U.S. stock futures were trading higher during Monday’s evening deals, after major benchmark indices extended declines for the 5th consecutive...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email