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TSX Rallies; Shopify Earnings Beat Estimates; Teck Sells Project Stake to Suncor

Published 2022-10-27, 09:53 a/m
Updated 2022-10-27, 10:05 a/m
© Reuters.

© Reuters.

By Ketki Saxena 

Investing.com -- At 10:00 a.m  in Toronto, the S&P/TSX Composite Index was at 19,422.22 points, up 0.74% shortly after the opening bell. 

While Wall Street continued to trade mixed as yesterday’s weak tech earnings continue to pressure the S&P and Nasdaq, the Canadian index was buoyed by yesterday’s smaller than expected rate hike from the Bank of Canada yesterday and a raft of upbeat earnings. 

The commodity-heavy Canadian index was also supported by continued gains in crude over record U.S. crude exports and signs that recession fears as rate-hike bets for the Fed pare back. 

The Biggest Stories on Bay Street 

Shopify (TSX:SHOP) Inc. reported revenue of US$1.4 billion in the third quarter, exceeding analyst expectations for $1.3 billion in revenue this quarter.  Shopify reported a loss of 2 cents per share on an adjusted basis, compared with estimates of a seven-cent loss.A year earlier, Shopify earned 8 cents per share on revenue of $1.12 million. Revenue growth re-accelerated after six quarters of slowing growth. 

Suncor Energy Inc (TSX:SU). will buy out Teck Resources (TSX:TECKa) Ltd.'s 21.3% stake in the Fort Hills project that Suncor operates. Suncor will see its stake in the oilsands project increase to 75.4%. TotalEnergies will own the remaining 24.6%. Suncor will pay approximately $1 billion for Teck’s share in the 194,000 barrel-per-day capacity oilsands mine north of Fort McMurray, Alta.

Precision Drilling reported revenue up 69% year over year, totalling $429.3 million up from $253.8 million a year ago. Third-quarter profit of $30.7 million compared with a loss of $38 million a year ago. Profit amounted to $2.03 per diluted share for the quarter that ended Sept. 30, compared with a loss of $2.86 per diluted share in the same quarter last year.

TMX, which operates the Toronto Stock Exchange, reported revenue at $269.3 million, up 16% compared to $231.3 million this time last year. Net income attributable to shareholders for the quarter ended Sept. 30 was $81 million or $1.45 per diluted share, up from $76.9 million or $1.36 per share in the third quarter last year. The company also announced a dividend of 83 cents per common share Wednesday

Canadian Stocks Moving Markets This Morning 

Top Gainers: 

  • Shopify Inc (TSX:SHOP) (+11.91%) 
  • Osisko Mining Corp (TSX:OSK)(7.38%) 
  • Lightspeed Commerce (TSX:LSPD) (+3.38%) 

Top Losers: 

  • Converge Tech (TSX:CTS) (-5.53%) 
  • Teck Resources (TSX:TECKb) (-3.22%) 
  • Canopy Growth (TSX:WEED) (-3.03%)

In Canadian Economics 

The number of payroll employees fell by 22,200 (-0.1%) in August. The job vacancy rate was 5.4% in August, matching the July rate and little changed from August 2021 (5.5%).

Average weekly earnings grew 3.2% in August on a year-over-year basis, up slightly from the year-over-year growth of 3.0% in July. Over the same period, year-over-year growth in the Consumer Price Index was 7.0% in August. 

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