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TSX rallies as NVIDIA's blowout results put bulls in charge

Published 2024-02-22, 02:15 p/m
Updated 2024-02-22, 02:15 p/m
© Reuters.

Investing.com — Canada’s main stock index tracked Wall Street higher on Thursday, as markets rallied following NVIDIA’s much-anticipated earnings and blowout results.

Nvidia’s earnings boosted the broader tech sector, pushing the S&P 500 to a new record high.

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Toronto Stock Market News

CCL Industries (TSX:CCLb) jumped to the top of the TSX after its Q4 earnings call. CCL reported an operating income of $254.8 million compared to $211.2 million for the comparable quarter of 2022. Revenue for the quarter meanwhile increased 4.7% to $1,662.5 million, compared to $1,587.2 million a year earlier.

Suncor Energy Inc (TSX:SU). says it earned $2.82 billion in the fourth quarter of 2023, up from $2.74 billion in the same period of 2022.Net earnings for the three months ended Dec. 31 worked out to $2.18 per common share. Meanwhile, total upstream production for the quarter rose to 808,100 barrels of oil equivalent per day, the second-highest quarterly production in the company’s history. Oilsands production meanwhile hit 757,400 barrels a day, an all time high for the company.

Loblaw Companies (TSX:L) Ltd beat expectations for fourth-quarter profit. The grocery and drugstore retailer says it earned a profit available to common shareholders of $541 million or $1.72 per diluted share for the quarter ended Dec. 30. The result compared with a profit of $529 million or $1.62 per diluted share in the last three months of 2022. Revenue totalled $14.53 billion, up from $14.01 billion a year earlier.

Nutrien Inc. (TSX:NTR) says it earned US$176 million, or 35 cents per diluted share in the fourth quarter of 2023, down from US$1.12 billion or $2.15 per share a year-ago. Nutrien also declared a quarterly dividend of 54 cents per share payable, up 2% from its dividend as declared in November 2023.

Teck Resources (TSX:TECKa) Ltd beat fourth-quarter profit estimates, with a a profit attributable to shareholders of $483 million or 92 cents per diluted share for the quarter, up from $266 million or 51 cents per diluted share a year earlier. Revenue totalled $4.11 billion, up from $3.14 billion a year earlier.

U.S. based Chord Energy announced that it will acquire Enerplus (TSX:ERF) for $3.7 billion in stock and cash, creating an entity with an enterprise value of $11 billion.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • CCL Industries Inc (TSX:CCLb)
  • Innergex Renewables (TSX:INE)
  • Celestica (TSX:CLS)

Top Losers on the TSX Today:

  • Equinox Gold (TSX:EQX)
  • Maple Leaf Foods (TSX:MFI)
  • OceanaGold (TSX:OGC)

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

In Canadian Economics

Data from Statistics Canada shows that retail sales grew by 0.9% in December from November, while January's preliminary estimate indicated a 0.4% decline on the month. The November reading meanwhile was upwardly revised from -0.2% to show no change.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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