By Ketki Saxena
Investing.com -- Toronto's main stock index, the S&P/TSX Composite Index hit its lowest point in over two weeks, tracking US stocks lower on the heels of an unexpected decision by Fitch Ratings to reduce the U.S government's credit rating from AAA to AA+, citing signs of fiscal deterioration within America’s economy.
The commodity-heavy TSX index was also pressured by crude prices as traders turned risk-averse, despite a decrease in U.S. crude stocks.
The TSX was also pressured by metal prices following grim economic reports from China.
Toronto Stock Market News
Cameco (TSX:CCO) reported significantly lower net earnings compared to last year – $14 million against $84 million respectively this time last year. Earnings per share came in at $0.01, compared to adjusted earnings per share of $0.18 in 2Q 2022. Second quarter revenue saw a 14% drop amounting to approximately $482 million – down from $558 million during the same period last year.
More news on Cameco - Britain’s competition regulator launching an investigation into Cameco's joint venture with Brookfield Renewable Partners, worth $7.9 billion, and aimed at acquiring Westinghouse Electric.
Thomson Reuters (TSX:TRI) Corp reported a turnaround on the previous year’s loss of US$115 million into a profit totaling US$894 million for Q2. profit amounted to US$1.90 per diluted share for the quarter, compared to 24 cents US per diluted share a year earlier. Revenue totaled US$1.65 billion, up from US$1.61 billion this time last year.
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