By Ketki Saxena
Investing.com – The Canadian index traded in the green today, tracking Wall Street higher following comments from US Federal Reserve Chair Jerome Powell and Bank of Canada Governor Tiff Macklem, both of whom reaffirmed that inflation is easing as interest rates hikes begin to trickle through both the US and Canadian economy.
The commodity heavy Canadian index was also supported by gains in crude on continued hope for the Chinese reopening, and worries of supply concerns after earthquakes in Turkey.
The Biggest Stories on Bay Street
Hut 8 Mining (TSX:HUT) will merge with U.S. Bitcoin, creating a combined entity worth US$990 million. The new firm will be domiciled in the United States, and will be owned The merged entity will be called Hut 8 Corp and be owned 50/50 by existing Hut 8 and U.S. Bitcoin shareholders. The company will be listed on both the Toronto Stock Exchange and the Nasdaq after the all-stock deal.
TMX Group reported revenue for the quarter ended Dec 31 was $274.1 million, up 9% from $252.4 million a year Net income attributable to shareholders for the quarter ended Dec. 31 was $102.2 million, up 16% from $87.9 million during the same quarter last year. Diluted earnings per share were $1.83, up from $1.56 a year earlier. The operator of the Toronto Stock Exchange also announced an increase to its dividend 5% to 87 cents per common share.
Cineplex Inc. reported a profit of $10.2 million in its fourth quarter compared with a loss of $21.8 million a year earlier. Net profit amounted to 16 cents per diluted share for the quarter ended Dec. 31 compared with a loss of 34 cents per share in the last three months of 2021.Revenue totalled $350.1 million, up 15% from $300.0 million a year earlier.
Canadian Stocks Moving Markets Today
Top Gainers:
- Lithium Americas
- First Quantum
- Enerplus
Top Losers:
- Canopy Growth
- Tilray
- Uni Select Inc
In Canadian Economics
A new Leger poll commissioned by the Association for Canadian Studies finds that 34% of Canadian households say they're financially worse off compared with a year ago. 58% said their financial situation is about the same as it was a year ago. Only 9% report their financial situation has improved.
Alberta set an annual record for oil production in 2022, with an output of approximately 3.73 million barrels a day in crude oil,as per findings by ATB Financial. On a yearly basis, conventional oil production rose by 12% while oil sands production rose 2% compared to a year earlier.