By Ketki Saxena
Investing.com -- Toronto's main stock index, the S&P/TSX Compsite, rose in afternoon trading, supported by crude prices which touched their highest level since January after U.S. fuel stockpiles fell by more than expected, and as expectations for production cuts from Russia and China outweighed concerns about slowing Chinese demand.
Metal prices also supported the commodity-heavy TSX as copper prices rallied from one-month lows as investors hope for further economic stimulus from China after weak data from the world's top consumer of metals.
Toronto Stock Market News
Sun Life (TSX:SLF) post a quarterly profit of $920 million, a 14% increase from $808 million in Q2 2022. Earnings amounted to $1.57 a share, beating analyst expectations for $1.54 per share.
Metro (TSX:MRU) posted quarterly profit amounted to $314.8 million, marking an increase of 10.9% year over year. The adjusted earnings per share stood at $1.35, exceeding analyst expectations of $1.29 per share.
Brookfield Asset Management (TSX:BN) posted distributable earnings of $527 million in the second quarter, or 32 cents per share, up 3% from last year. Brookfield also said it expects to raise US$150 billion this year,
Nuvei (TSX:NVEI) reported a net income of $11.6 million compared to net income of $35.1 million this time last year. Earnings came in at $0.39 per share, missing analyst estimate for $0.45 per share. This compares to earnings of $0.51 per share a year ago.
Toronto Stock Market News
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The value of Canadian building permits rose by 6.1% in June from May, data from Statistics Canada showed.