By Ketki Saxena
Investing.com -- The TSX traded in the red today afternoon, tracking Wall Street lower as investors consider the prospect of more rate hikes from the US Federal Reserve in the next few months, as reiterated by Fed Chair Jerome Powell yesterday.
The commodity heavy Canadian inde gained some support from crude prices, which remained robust on hopes of the Chinese reopening, tightened Russian supply following a further raft of sanctions, and worries of further disruption following the earthquakes in Turkey.
The Biggest Stories on Bay Street
TMX Group, the operator of the Toronto stock exchange, is proposing a five-for-one share split, designed to encourage liquidity of the shares. TMX’s board of directors will recommend shareholders approve the split at its next annual and special meeting set for May 2.The split is also subject to approval from Toronto Stock Exchange.
West Fraser timber announced that it will curtail production at its co-owned BC Cariboo Pulp & Paper location for a month starting in mid-April, and then another month in the third quarter. The news follows West Fraser’s December curtailment of production at its Perry Sawmill in Florida in December, and is the latest in a line of production cut backs from lumber companies due to macroeconomic conditions.
French oil and gas giant TotalEnergies will move ahead with its Canadian spin-off, TotalEnergies EP Canada. The spin off company will be listed on the Toronto Stock Exchange, with Total energies retaining a 30% stake in the company.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
- Canada Goose Holdings Inc (TSX:GOOS)
- Badger Infrastructure Solutions Ltd (TSX:BDGI)
- Bausch Health (TSX:BHC) Companies Inc (NYSE:BHC)
In Canadian Economics
The Bank of Canada, In its first ever summary of deliberations (equivalent to Fed minutes as an explanation to offer further insights into monetary policy moves) noted that governing council decided to raise its key interest rate last month because of ongoing strength in the economy, and the risk of inflation becoming entrenched at above 2%.