By Ketki Saxena
Investing.com – The TSX tracked Wall Street higher in afternoon trading, as tech continued to be support by upbeat earnings from mega caps, most recently Meta.
The commodity heavy Canadian index was also supported by gains in crude, which stabilized after yesterday’s 4% drop. Crude prices gained some support from comments by Russian Deputy Prime Alexander Novak, who noted that OPEC+ does not see the need for further reductions in oil output.
The Biggest Stories on Bay Street
TotalEnergies (EPA:TTEF)announced that it has signed a deal to sell its Canadian operations to Suncor Energy Inc (TSX:SU). in an agreement worth up to $6.1 billion. Suncor will pay Total Energies $5.5 billion in cash. Suncor will also pay up to an additional $600 million, depending on WCS pricing and production targets. TotalEnergies had its plan to exit the Canadian oil sands last year through a spinoff with TotalEnergies EP Canada, but instead decided to sell Canadian operations after receiving several unsolicited bids. Suncor also announced that it will increase its quarterly dividend by about 10% after the deal closes.
A day after Teck canceled a shareholder vote on its plan to spin off its coal and metals businesses, due to a lack of support from the two-thirds of shareholders that would have been required to approve the deal, Glencore (LON:GLEN) is stepping up its rhetoric. Glencore says that it is willing to present its unsolicited takeover offer directly to Teck shareholders of Teck Resources (TSX:TECKa) Ltd. if the company refuses to negotiate on what it calls a “non starter” bid. Glencore also says it remains willing to improve the offer and address the issues raised by shareholders. the company's board does not come to the negotiating table regarding its unsolicited proposal.
Bombardier (TSX:BBDb) reported earnings of US$302 million for the quarter ended March 31, compared to a US$287 million loss in the same period a year earlier. Profit amounted to US$2.98 per diluted share in its first quarter compared with a loss of US$3.09 per diluted share a year ago. Revenue came in at US$1.45 billion compared to US$1.25 billion a year earlier. The gains were driven by Bombardier’s ability to make more deliveries at higher prices, even as supply chain issues remain ongoing in the aviation sector.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers: