By Ketki Saxena
Investing.com – The Canadian index traded on a moderately positive note at midday, even as Wall Street traded mixed following disappointing results from Goldman Sachs (NYSE:GS).
The TSX gained support from by easing domestic consumer prices, which raised hopes of a less hawkish Bank of Canada at next week’s policy meeting. The commodity heavy Canadian index also gained support from crude prices on expectations of rebounding demand in China, after a better than expected GDP reading in the world’s largest importer of crude.
The Biggest Stories on Bay Street
More tech layoffs, this time at Lightspeed (TSX:LSPD). The e-commerce company says that it will be laying off 300 positions, or 10% of its workforce, with half of the cost reductions to be made in management levels. The company will take a $12-$14 million dollar charge related to these changes. As per a statement by the company, the restructuring is designed to help Lightspeed ”be more agile and responsive to our customers as we invest in innovations that will fuel [its] long-term growth”.
Barrick Gold’s output for 2022 slid last year to its lowest level since 2000, and marked its third straight year of declines. Barrick produced 4.14 million ounces of gold last year, widely missing analysts’ expectations and its own targets. Barrick faced several operational challenges in 2022 that hurt production, including repairs at its mine in Nevada, and a halt in operations at its mine in Papua New Guinea.
Bombardier (TSX:BBDb) announced preliminary 2022 financial results indicating 2022 total revenue of last US$6.9 billion, in line with its August guidance for revenue of more than US$6.5 billion for the year. Preliminary results point to 2022 adjusted earnings before interest, taxes, depreciation and amortization of about US$930 million, compared with its guidance for over US$825 million. Free cash flow is expected at US$735 million, compared with guidance for over US$515 million. Full financial results for Q4 and full year 2022 are due Feb. 9.
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In Canadian Economics
Canadian CPI in December rose 6.3% year over year, Statistics Canada reported, down from 6.8% in November, and at its lowest level since February 2022. Economists had been expecting a reading of 6.4%. On a monthly basis, consumer prices fell 0.6% in December.
The Canadian Mortgage Housing Corporation announced housing starts slowed 5% month over month from November. Housing Starts were at 248,625 units in December compared with 263,022 units in November.