By Ketki Saxena
Investing.com – The Canadian index tracked Wall Street lower today, following a slew of hawkish commentary from Federal Reserve officials, and US economic data that indicated both hot underlying inflation and resilience in the economy - all of which ratcheted up bets for the Fed to take rates higher than had been previously appreciated.
Traders are expecting at least two more rate increases and see the Fed rate peaking at 5.3% by July.
The commodity heavy Canadian index was also pressured by crude prices, as Fed fears, a strong dollar, robust US inventory builds, and further planned releases from the US Strategic Petroleum reserves weighed on the commodity.
The Biggest Stories on Bay Street
Rogers Communications Inc (TSX:RCIa), Shaw Communications (TSX:SJRb), and Quebecor Inc (TSX:QBRa). have once again pushed the deadline to close the Shaw-Rogers take over deal. The deal has now been pushed from today back to March 31. Following several legal challenges and regulatory hurdles, the deal is now awaiting a final approval from y Industry Minister François-Philippe Champagne who must sign off on the transfer of wireless spectrum licenses from Shaw to Videotron.
Air Canada (TSX:AC) (TSX:AC) posted a $168 million profit, amounting to 41 cents per diluted share and compared with a loss of $493 million or $1.38 in the same period during 2021. Air Canada noted that profit for the period ended included a foreign exchange gain of $316 million over the holiday season. Operating revenues soared to reached $4.680 billion, 71% higher than this time last year.
TransAlta Corp (TSX:TA). has announced it will acquire a 50% stake in an early stage hydro energy storage development project owned by Montem Resources. Under the deal, TransAlta will pay Montem about $8 million, when the deal closes, with additional payments of up to $17 million contingent on the achievement of development and commercial milestones. The two companies will jointly manage the Mountain Renewable Energy Complex the two companies while TransAlta will act as project developer.
Desjardins Group announced the closure of its realty group FairSquare Group Realty after acquiring it in the pandemic drievn real estate market boom in Canada. FairSquare cited the slowdown in the housing market as the reason for its closure, and said on its website that it was “no longer accepting new business.”
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