By Ketki Saxena
At 11:05 a.m in Toronto, the S&P/TSX Composite Index was at 20,169.75 points, down 0.49% in the day’s trading.
The Canadian index tracked U.S. equities lower as investors await minutes from the last Federal Reserve meeting, and as disappointing results from Target (NYSE:TGT) weighed on sentiment and signalled further headwinds for the retail sector (as did today’s disappointing Retail Sales numbers).
The Commodity heavy Canadian Index was also pressured by crude remaining at six-month lows, despite a sharp reversal in crude prices at the opening of the North American session after EIA data showed lower than expected U.S. crude and gasoline stocks.
However, the commodity continues to remain pressured by worries of a recession, exacerbated by yesterday’s slowing weaker than expected economic data from China.
Today's Big Stories on Bay Street
Keyera Corp (TSX:KEY) and and Canadian National Railway (TSX:CNR) Co announced a memorandum of understanding to evaluate building a rail terminal in Alberta to ship energy products.They say the new infrastructure would aggregate conventional and clean energy from multiple sources. The companies plan a facility capable of handling six inbound and outbound high-capacity trains daily once completed
Scotiabank (TSX:BNS) analysts noted their bullishness on TSX Renewable energy stocks, noting that TSX “Renewable power names [have been] outperforming the energy index as well as pipeline and midstream companies over the last month.”
Scotiabank GBM Analyst Justin Strong notes that “The renewable group should benefit from an increasing focus on renewables development in the U.S. and energy security concerns, which improve the global outlook of growth for the group.” and names his top picks “Our favourite names are Boralex (TSX:BLX), Brookfield Renewable and Northland Power (TSX:NPI).”
Canadian Stocks Moving Markets this Morning
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Top Losers:
Today’s TSX Analyst Upgrades and Downgrades
- Alimentation Couche-Tard Inc: National Bank of Canada (TSX:NA) raises target price to C$63 from C$59, to reflect increased confidence in the company’s ability to accommodate the challenging backdrop.
- Trevali Mining Corp: National Bank of Canada cuts rating to underperform from sector perform, highlighting operational challenges and lack of liquidity to fund debt payment.
- WSP Global Inc (TSX:WSP): CIBC (TSX:CM) raises target price to C$181 from C$175, after the company’s acquisition of RPS Group.