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TSX rallies ahead of big bank earnings even as Wall Street rally sputters

Published 2024-02-23, 01:51 p/m
Updated 2024-02-23, 01:51 p/m
© Reuters.

Investing.com — Canada’s main stock index, the S&P/TSX Composite, climbed on Friday as the index was supported by heavyweight financials ahead of big bank earnings due next week.

Wall Street’s main indices meanwhile traded on a muted note, as stocks took a breather following a tech fuelled rally driven by NVIDIA (NASDAQ:NVDA) earnings.

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Toronto Stock Market News

Docebo (TSX:DCBO) Inc's earnings beat analyst estimates, with the company reporting an adjusted net income of US$8.3 million, or $0.26 per share, compared to US$3.4 million, or US$0.10 for the comparative period in the prior year. Revenue totaled US$49.3 million, up 27% from the year earlier.

Altus Group (TSX:AIF) climbed after posting a profit of improved to $0.1 million, compared to a loss of from $8.8 million this time a year ago. Earnings per share were $0.00 basic and diluted, compared to $0.20 this time a year ago. Consolidated revenues rose to $191.6 million, up 4.3% from this time a year ago.

TransAlta Corp (TSX:TA). reported a loss attributable to common shareholders of $84 million or to 27 cents per diluted share, compared to a loss of $163 million or 61 cents per diluted share a year earlier. Revenue totalled $624 million, down from $854 million this time a year ago.

CI Financial Corp 's (TSX:CIX) net loss widened significantly to $63.2 million or $0.40 a share, from a loss of $8.3 million, or $0.05, a year earlier. Revenue for the quarter rose 15% to $715.6 million. CI Financial (TSX:CIX) also reported that it ended the quarter with $125 billion in assets under management.

Teck Resources (TSX:TECKa) (TSX:TECKa) announced that it plans to close the sale of its steel-making coal unit to Glencore (LON:GLEN) (LON:GLEN) no later than the third quarter of 2024.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Altus Group Limited (TSX:AIF)
  • Hudbay Minerals (TSX:HBM)
  • Nuvei (TSX:NVEI)

Top Losers on the TSX Today:

  • Colliers International (TSX:CIGI)
  • Eldorado Gold (TSX:ELD)
  • Maple Leaf Foods (TSX:MFI)

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

In Canadian Economics

The Canadian federal government posted a widening deficit of $23.6 billion for the first nine months of the 2023-24 fiscal year, compared to a deficit of $5.5 billion this time a year ago.

Government revenue for the April-to-December period totalled $318.1 billion, up from $310.0 billion a year earlier, while program expenses, excluding net actuarial losses, totalled $301.0 billion, up from $282.4 billion a year earlier.

Public debt charges rose to $35.1 billion from $25.8 billion due to higher interest rates.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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