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TSX Rallies; HSBC Considers Sale Of Canadian Assets; Shopify Up Over 10%

Stock Markets Oct 04, 2022 10:55
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By Ketki Saxena 

Investing.com -- The TSX tracked global equities higher as risk-on sentiment returned to markets, and bond yields continued to retreat. Market sentiment is being buoyed by rising expectations that central banks including the Fed will slow monetary policy tightening as the global economy slows, and as retreating commodity prices, including European energy prices, support the easing of inflationary pressures. 

"The sight of a bond rally when investors smell a whiff of a central bank pivot is something to behold," ING strategists led by Padraig Garvey noted. "The root cause of the recent re-pricing lower in rates can be traced back to two factors: the global economic slowdown and resurgent fears for financial stability."

Tech stocks led the charge on the TSX today , including a rally in recently beleaguered Shopify (TSX:SHOP) stock. The commodity-heavy Canadian index was also supported by another day of gains in crude. Following yesterday's announcement of a proposed 1 million barrels per day by OPEC+, the bloc today revised that figure upwards to as much as 2 million bpd. U.S. oil and gas producers say they will not increase output, and fresh sanctions on Russia also loom.

The Biggest Stories on Bay Street

HSBC Holdings PLC (LON:HSBA) is considering selling its Canada business, a spokesperson for the bank said, as it looks to shore up the returns its largest shareholders have been pressing for. HSBC confirmed this morning that it’s undertaking a strategic review of its Canadian business, with a sale among the options being considered. HSBC declined to comment on the potential valuation of the business, but as per its latest financial results, it had assets of $125 billion as of June 30 and total equity of $5.8 billion. 

TC Energy (TSX:TRP) will begin pre-construction work on its $146 million Alberta Saddlebrook project, its first Canadian solar energy project.  Once completed, the project will have the capacity to generate 81MW of power.  Construction is expected to be completed in 2023. The initial construction includes installing solar panels on TC Energy property in the local industrial park. The project will be located near Aldersyde, Alta., south of Calgary.

CIBC (TSX:CM) announced a series of upper management changes. Current Chief Risk Officer Shawn Beber will take over as the new head of its U.S. division. Current U.S. chief Mike Capatides will take over as the bank’s vice chair in the country. Susan Rimmer to lead the company’s global corporate and investment banking franchise, while Frank Guse is being promoted to chief risk officer. The changes become effective Nov. 1. 

Lightspeed Commerce (TSX:LSPD) also announced a change in its upper management, hiring Google (NASDAQ:GOOGL) alum Ryan Tabone as its chief product and technology officer. At Google he was credited with helping build the Chromebook and had served as Vice-President and General Manager of Google Finance and Google Pay. 

Canadian Stocks Moving Markets Today

Top Gainers: 

  • Shopify Inc (TSX:SHOP)
  • Centerra Gold (TSX:CG)
  • Nuvei (TSX:NVEI)

Top Losers: 

  • Ivanhoe Mines Ltd. (TSX:IVN)
  • Hudbay Minerals (TSX:HBM)
  • Metro Inc . (TSX:MRU)

No Major Canadian Economic Data Due Today 

TSX Rallies; HSBC Considers Sale Of Canadian Assets; Shopify Up Over 10%
 

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