By Ketki Saxena
Investing.com -- The Canadian index reversed early losses to trade in the green this afternoon, tracking the recovery on Wall Street lower after an as expected 75 bps move from the Fed, and possible indicators that the US central bank is nearing the end of its cycle.
The commodity-heavy Canadian index was also supported by gains in crude after US. crude inventories unexpectedly shrank in the week prior, and rumours abound that China will scale back its strict zero-COVID policy.
The Biggest Stories on Bay Street
Canada Goose (TSX:GOOS) reported a second-quarter profit of $3.3 million or 3 cents per diluted share, down from $9.9 million or 9 cents per diluted share in the same quarter last year. Revenue for the three months ended Oct. 2 totalled $277.2 million, up from $232.9 million a year earlier. The company also revised its total revenue forecast downwards for the year citing ongoing economic uncertainty. It now expecting between $1.2 billion and $1.3 billion, compared to earlier expectations for between $1.3 billion and $1.4 billion.
Cenovus reported total Q3 revenue were $17.5 billion, down from $19.2 billion in the second quarter, mainly due to lower benchmark commodity prices. Net earnings were $1.6 billion, compared with $2.4 billion in the previous quarter, primarily due to lower operating margin and forex loss due to a weaker loonie. The company also announced it has driven down its debt by $4.3 billion since the start of this year.
Another hurdle in Rogers’ planned $20 billion takeover of Shaw. Canada’s antitrust watchdog, the Competition Bureau now says a trial is needed to address the issue of materially reducing competition in the Canadian wireless market, and blocking the deal ln the public interest. Rogers is attempting to mitigate the anti-competition accusation by selling Shaw’s Freedom Mobile unit to Quebecor (TSX:QBRa) for $2.85 billion.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
In remarks late yesterday to the Canadian Senate, Bank of Canada Governor Tiff Macklem signalled an upcoming pivot in BoC policy, saying that the end of the monetary policy tightening cycle was drawing closer to an end. He reiterated, however, that interest rates need to rise further yet to coo inflation,
The Business Development Bank of Canada announced that it has launched a $400-million clean-technology fund to scale up low-carbon technologies needed to meet the country’s greenhouse-gas-emission reduction targets.