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TSX Rallies; Coinbase Plans to Enter Canadian Market; Inflation Moderates

Published 2022-12-21, 11:41 a/m
GSPTSE
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By Ketki Saxena 

Investing.com – The TSX tracked Wall Street higher at midday, with investor sentiment boosted by upbeat results from Nike (NYSE:NKE), and US economic data that showed an uptick in consumer sentiment and a decline in inflation expectations.

The commodity-heavy Canadian index also received a boost from crude prices, as US inventories fell by more than expected, and  comments from Saudi Arabia's energy minister, who reiterated his confidence in the OPEC+ decision to cut crude output. 

The Biggest Stories on Bay Street 

BlackBerry (TSX:BB) fell to the bottom of the TSX today, after a downbeat earnings call after the close yesterday. Blackberry (TSX:BB) reported a net loss of US$4 million in the quarter ended Nov. 30, down from its US$74 million profit in the same quarter last year. The loss amounted to nine cents per diluted share, compared to a five-cent diluted loss last year.  Revenue totaled US$169 million, down from US$184 million a year earlier. 

Crypto firm Coinbase (NASDAQ:COIN) Global Inc. plans to expand its Canadian operations, even as cryptocurrencies sink to multiyear lows and FTX contagion hits the sector. Coinbase has announced Lucas Matheson, formerly a senior director at Shopify (TSX:SHOP), as its new head of Canada. Much of his role will focus on working with Canadian regulatory officials to register as a restricted dealer in Canada and formally enter the market. 

Canadian Stocks Moving Markets At Midday

Biggest Gainers: 

  • Ivanhoe Mines Ltd. (TSX:IVN)
  • Aritzia Inc (TSX:ATZ)
  • Spin Master Corp (TSX:TOY)

Biggest Loser: 

  • BlackBerry Ltd (TSX:BB)
  • Brookfield Asset Management Inc (TSX:BAMa)
  • Eldorado Gold Corp (TSX:ELD

In Canadian Economics 

Statistics Canada reported today that Canadian inflation fell to 6.8% in October, slightly ahead of economist expectations for a 6.7% increase. On a monthly basis, CPI rose 0.1% compared to a 0.7% gain in October. Excluding food and energy, prices were up 5.4 % on a yearly basis, indicating that despite the Bank of Canada’s best efforts, core inflation proves sticky. 

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