By Ketki Saxena
Investing.com – The TSX traded higher in late afternoon trading, even as Wall Street was mixed as Amazon (NASDAQ:AMZN) results weighed on tech, while US PCE data showed that inflation is falling but still over double the Fed’s target.
The commodity heavy Canadian index was supported by gains in crude as further supply cuts from OPEC+ look unlikely, and after a heated exchange between the EIA and OPEC+.
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C Energy reported a first-quarter profit of $1.31 billion, up from $358 million in the same quarter last year. Profit amounted to $1.29 per diluted share for the quarter ended March 31, up from a profit of 36 cents per diluted share a year earlier. Revenue totalled $3.93 billion, up from $3.50 billion in the first three months of 2022. The company also announced that it is on track to complete its plan to sell off $5 billion in assets by the end of the year, but declined to provide more details.
Uranium miner Cameco (TSX:CCO) posted a profit of $119 million or 27 cents per diluted share for the quarter ended March 31, up from $40 million or 10 cents per diluted share a year ago. Revenue totalled $687 million, up from $398 million in the first three months of 2022, helped by higher deliveries and higher average realized prices in both its uranium and fuel services businesses.
Imperial Oil (TSX:IMO) announced a profit of $1.25 billion in its first quarter, up from $1.17 billion in the same quarter a year earlier. The result totalled $2.13 per diluted share for the quarter ended March 31, up from $1.75 per diluted share a year earlier. Total revenue amounted to $12.12 billion, down from $12.69 billion in the first three months of 2022. The company also announced it is raising its quarterly dividend to 50 cents per share, up from 44 cents per share.
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In Canadian Economics
Canadian GDP eked out a gain in February, up 0.1% from January. However, a flash estimate for March showed a contraction of 0.1%
The Federal government posted a budgetary surplus of $3.1 billion between April 2022 and February 2023, compared to a deficit of $69.8 billion during the same period during the previous fiscal year. Government revenues were up $36 billion, or 10.1%, while program expenses decreased $45.6 billion, or 11.5% as the federal government wound down COVID-19 stimulus.