By Ketki Saxena
Investing.com -- The TSX reversed the morning's gains as earnings optimism was overshadows by further hawkish Fed Speak, rising Treasury yields and yet more market uncertainty as Lizz Truss resigned as UK Prime Minister after only six short weeks.
Despite disappointing results from Tesla (NASDAQ:TSLA), also weighed on investor sentiment.
The Biggest Stories on Bay Street
Trucking and logistics company Mullen Group (TSX:MTL) Ltd. reported a near doubling in third-quarter profit compared with a year ago. The company earned net income of $38.0 million or 39 cents per diluted share, compared to a profit of $17.5 million or 18 cents per diluted share in the same quarter last year. Revenue rose nearly 20% to $518.4 million, up from $432.5 million a year earlier.
Mercedes-Benz announced it has signed a supply agreement with Canadian-German company Rock Tech Lithium. The german carmaker will receive on average 10,000 tons of battery-grade lithium hydroxide per year, enough lithium hydroxide for 150,000 cars a year. .The deal allows the luxury carmaker to supply its battery partners with raw material, starting in 2026. The deal has a volume of 1.5 billion euros.
Canadian Stocks Moving Markets this Morning
Top Gainers:
- Shopify (TSX:SHOP) Inc
- First Majestic Silver Corp (TSX:FR)
- First Quantum Minerals Ltd (TSX:FM)(+7.43%)
Biggest Losers:
- Mullen Group Ltd . (TSX:MTL)(-1.70%)
- Winpak
- Dye&Durham
In Canadian Economics
The Teranet–National Bank National Composite House Price showed that Canadian home prices fell 3.1 % in September from August, led by sharp declines in Toronto and Hamilton, Ontario. The index remains 6% higher than a year ago but is down 7% from its May peak. The Teranet index tracks closings, generally lagging realtor sales data by three to five months.