By Ketki Saxena
Investing.com -- Toronto's main stock index, the S&P/TSX Composite index, rallied today after jobs data both locally and from the U.S. sparked speculation that interest rates might have reached their peak.
However, the TSX is set to close the week at a loss, after a brutal sell-off following an unexpected credit rating downgrade by Fitch for the U.S earlier this week which left markets reeling.
The commodity-heavy Canadian index was also supported by crude prices, which continued to rise after an announcement from Sadi Arabic yesterday that it will extend its voluntary oil cuts for another month until the end of September.
Toronto Stock Market News
Telus (TSX:T) reported adjusted net earnings of $273 million or 19 cents per share for Q2—down from last year’s $422 million or 32 cents per share. Operating revenue and other income to $4.95 billion up from $4.40 billion previously. The telecom giant also disclosed plans to slash around 6,000 jobs due to regulatory and competitive pressure.
Enbridge Inc (TSX:ENB).'s recent quarter showed profits amounting to $1.8 billion—a significant leap compared with last year’s figure of $450 million. Profit amounted to 91 cents per share for the quarter ended June 30 compared with 22 cents per share in the same quarter a year earlier.
TransAlta Corp (TSX:TA). reported a profit of $62 million in its latest quarter compared with a loss of $80 million this time last year. Profit amounted to 23 cents per share, compared with a loss of 30 cents per share for the same period a year earlier. Revenue for the quarter ended June 30 reached $625 million, up from $458 million a year ago.
Magna International Inc (TSX:MG). recorded a net income of US$339 million in its latest quarter compared with a loss of US$156 million a year ago. Profit amounted to earnings of US$1.18 per diluted share compared with a loss of 54 cents per diluted share a year before. Revenue came in at just under US$11 billion, up from US$9.3 billion a year ago.
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In Canadian Economics
July witnessed an unexpected decline in employment figures—with a net decrease of 6,400 jobs—and the unemployment rate rising marginally up at 5%. These factors are seen as strengthening analysts’ beliefs that the Bank Of Canada might halt its current campaign to raise interest rates.