TSX Muted; Altus Group Slides; Stantec Posts Record Profit

Published 2023-11-10, 02:20 p/m
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By Ketki Saxena

Investing.com -- The TSX tracked Wall Street higher by afternoon trading but remained muted as metal prices weighed on the commodity-heavy index.

On Wall Street meanwhile, indices continued to rally as markets shrugged of Fed Chair Jerome Powell’s comments that Fed officials “are not confident” that policy is sufficiently restrictive.

However, retreating longer-term Treasury yields and upbeat earnings supported marketing sentiment, with focus now turning to next week’s key US CPI data.

Toronto Stock Market News

Altus Group (TSX:AIF) shares tumbled after lower-than-expected Q3 results. The real estate fund posted a profit of $0.9 million, compared to $6.8 million this time last year. Earnings per share were $0.02 basic and diluted, compared to $0.15 basic and diluted this time last year. Revenue came in at $185.2 million, up 4.2% from a year ago.

Stantec (TSX:STN) shares rose after the company posted record highs for net income and diluted EPS. Net income increased 52.8%, or $35.9 million from a year ago to $103.9 million, and diluted EPS increased 54.1%, or $0.33 from a year ago to $0.94 Net revenue rose 13.5% or $156.8 million from a year ago to $1.3 billion

Quebecor (TSX:QBRa) posted a rise in Q3 profit, supported by its acquisition of Freedom by Quebecor's Videotron mobile service Quebecor reported $209.3 million in net income, up from $178.4 million a year earlier. Profit amounted to 91 cents per share, up from 76 cents per share in the same quarter last year. Revenue for the quarter totalled $1.42 billion, up from $1.14 billion this quarter a year ago.

First Quantum (TSX:FM) shares slipped after Chinese copper miner Jiangxi Copper announced that it has increased its stake in First Quantum from 18.3%. to 18.5%.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Stantec
  • SNC-Lavalin (TSX:ATRL)
  • Headwater Exploration (TSX:HWX)

Top Losers on the TSX Today:

  • Altus Group
  • Saputo (TSX:SAP)
  • Northwest Healthcare (TSX:NWH_u)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

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For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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