TSX Muted; Canopy Announces Debt Restructuring; Real Estate Prices Up 1.5% in June

By Ketki Saxena

Investing.com -- The TSX traded on a moderately positive note, as optimism around speculation that the US Federal Reserve will soon conclude its rate-hike cycle contested with a slide in crude prices, which weighed on the commodity-heavy Canadian index.

Oil prices took a hit, plunging more than a dollar per barrel as the dollar strengthened, and on profit-taking following crude's recent rally.

The Biggest Stories on Bay Street

Canopy Growth (TSX:WEED) announced a plan for debt reduction through redemption agreements with its lenders. These strategies include cash payments and conversion of notes into shares - aiming to reduce their debt by nearly $437 million over subsequent quarters while also cutting annual interest costs between $20 million to $30 million.

TELUS (TSX:TIXT) International projected a loss for Q2 based on preliminary results while adjusting its targeted consolidated operating revenue growth down to 9.5-11.5% from an initial 11-14% range.

Cogeco Inc. (TSX:CGO) reported third-quarter losses attributable to shareholders amounting to $34.5 million - contrasting sharply with earnings valued at $37.5 million during the same period last year. The company attributes these losses primarily due to non-cash impairment charges related to radio operations worth around $88 million combined with increased costs. Cogeco did however report a revenue increase of 1 .7%, reaching total figures of approximately $767 .6million compared to this time last year. 

Analyst Upgrades and Downgrades

Pine Cliff Energy Ltd (TSX:PNE) shares fell after Stifel downgraded the stock to “hold” from “buy”.

First Quantum Minerals Ltd (TSX:FM)shares fell after Raymond James lowered the rating on the copper miner to “market perform ”from “outperform”.

Ero Copper (TSX:ERO) shares also fell after receiving a downgrade from Raymond James.

Canadian Stocks Moving Markets Today

Top Gainers:

• Endeavour Silver (TSX:EDR)
• Fortuna Silver (TSX:FVI)
• Dundee Precious Metals (TSX:DPM)

Top Losers:

• TELUS International (TSX:TIXT)
• Tilray (TSX:TLRY)
• Telus (TSX:T)

In Canadian Economics

The Canadian Real Estate Association noted that national home sales saw month-over-month growth of 1 .5% in June with actual (not seasonally-adjusted) monthly activity remaining about 4 .7% higher year over year. 

Dock workers across Canada's Pacific ports reached a tentative agreement with employers, thus ending a disruptive 13-day strike.