By Ketki Saxena
Investing.com – The Toronto Stock Exchange’s S&P/TSX Composite index tracked the S&P 500 higher this morning, following better than expected earnings from Bank of America (NYSE:BAC) and Johnson & Johnson (NYSE:JNJ), that boosted investor sentiment as earnings season gets into full swing.
The commodity heavy Canadian index was also supported by gains in crude, as upbeat economic data from China offset worries of demand destruction driven by Fed Hawkishness.
The Biggest Stories on Bay Street
Canada’s largest grocery store has announced that president Galen Weston will step down as president of the company. He will remain associated with the company as the chair of Loblaw(TSX:L)’s board, as well as chair and chief executive of George Weston (TSX:WN) Ltd., the retailer's parent company. He will be replaced by European retail executive Per Bank as its next president and chief executive in early 2024.
GSK (LON:GSK) has announced it will be acquiring Canadian biotech company Bellus Health for US$2 billion. The deal amounts to $14.75 per share in cash, representing a 103% premium to Monday's closing price for Bellus shares.
Teck Resources (TSX:TECKa) Ltd has been approached by as many as six mining companies interested in exploring deals for its base metals business should the planned spin-off of its coal and metals business goes ahead. The offer comes as Teck is fending off an unsolicited takeover bid from Glencore (LON:GLEN) PLC.
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In Canadian Economics
Canada’s annual inflation rate fell to 4.3 per cent in March, down from 5.2%, led largely by a fall in gasoline prices, down 13.8% year over year. Grocery prices were up 9.7% year-over-year in March. Mortgage interest costs meanwhile rose at the fastest pace on record last month, up 26.4% from a year ago.