By Ketki Saxena
Investing.com –The TSX tracked Wall Street higher this afternoon, as banking fears continued to recede following the sale of SVB assets. Equities were also supported by a retracement i Treasury yields, and as investors continue to hope for a pause from the US Federal Reserve i the face of uncertainty over the economic outlook.
The energy subindex continued to boost the commodity heavy Canadian index as resource stocks recovered from last week’s brutal selloff driven by banking worries. Crude price however ticked lower on the day as investors pocketed profits. However supply worries remain at the forefront following lower than expected US inventories, larger than expected gasoline draws, and a halt to some exports from Iraq’s Kurdistan region.
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For the quarter ended January 29, 2023, Dollarama Inc (TSX:DOL) posted a 20.3% increase in revenue to $1.47 billion from $1.23 billion in the year-ago quarter, beating analyst expectations of $1.4 billion. Net profit rose to $261 million, up from $220 million this time last year and beating analysts’ expectation for $246 million. Diluted earnings per share were up to $0.91 from $0.74 this time last year. Dollarama also reported that it will increase its dividend by 28%.
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In Canadian Economics
In a speech in Montreal, Deputy Governor Toni Gravelle said that the Canadian central bank’s quantitative tightening program will wind up by late 2024 or the first half of 2025, at which point the central bank would start buying assets again. At this point, settlement balances will have reached a range of $20 billion- $60 billion, from their current level of roughly $200 billion.