By Ketki Saxena
Investing.com -- Canada’s main stock index, the S&P/TSX Composite rallied today, tracking Wall Street higher as US employment data showed slowing job growth and an increase in the unemployment rates, boosting bets that the Federal Reserve is done hiking rates.
Canadian jobs data also came in weaker than expected, cementing investors' expectations that the Bank of Canada has concluded its monetary policy tightening campaign.
Toronto Stock Market News
Telus (TSX:T) posted a 75% slide in profits, with net income coming in at $137 million compared to $551 million in the same period the year before. Adjusted net earnings came in at 25 cents per share compared to 34 cents per share a year earlier. Telus attributed the earnings slide to costs related to restructuring and job cuts it announced in August. Telus’s operating revenues rose to $4.99 billion from $4.64 billion a year earlier.
Tim Hortons and Burger King owner Restaurant Brands International (TSX:QSR) reported net income of $252 million, or 79 cents per share, compared to $360 million, or $1.17 per share, a year earlier. Net sales came in at. Net sales rose 6.4% to $1.84 billion.
Magna (TSX:MG) Parts International, which keeps its book in US dollars, posted a net income of US$394 million in the quarter ended Sept. 30 from US$289 million this quarter last year. On an adjusted basis, diluted earnings came in at US$1.46 per share compared US$1.10 per share a year earlier. Revenue rose to US$10.69 billion compared to US$9.27 billion this time a year ago.
Shares of First Quantum (TSX:FM) staged a partial rebound after the Panama government amended a bill that had sought to revoke First Quantum's contract with the country for its controversial Cobre Panama mine.
For all earnings, view our earnings calendar.
Top Gainers on the TSX Today:
Top Losers on the TSX Today:
For all Canadian Stocks Moving Markets today, view our Canada Markets Page.
In Canadian Economics
Statistics Canada data showed that the Canadian economy added a net 17,500 jobs in October, compared to expectations for a net gain of 22,500 jobs. The unemployment rate meanwhile rose from 5.5% in September to a 21-month high of 5.7%
The contraction in Canada's service sector deepened in October, as per the S&P Global Canada services PMI reading. The business activity index fell to 46.6 in October from 47.8 in September, marking its lowest level since August 2022., A reading below 50 indicates a contraction in the sector.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.