By Ketki Saxena
Investing.com – The S&P/TSX Composite index tracked Wall Street higher today, as the Michigan Consumer Sentiment showed a decline in inflation expectations, which, after yesterday’s cooling US CPI data, further raised bets of a less hawkish Fed in February and moving forward this year.
Financials however weighed on North American indices, after downbeat comments from major US banks, although results were better than expected, including from JPMorgan Chase (NYSE:JPM), Bank of America Corp (NYSE:BAC), and Wells Fargo (NYSE:WFC).
The commodity heavy Canadian index continued to be supported by gains in crude, as the commodity was buoyed by receding Fed expectations, optimism around the China reopening, and supply concerns from a further raft of EU sanctions on Russian crude.
The Biggest Stories on Bay Street
Tourmaline Oil announced yet another special dividend to shareholders, this time a special $2 per share . This will be the sixth special dividend from Tourmaline since 2021, as firmer gas natural gas prices keep cash flow steady. The Company expects significantly higher cash flow in the fourth quarter of 2022 and 2023 than originally forecast, roughly $4.5 billion in 2023. The company reiterated its plans to return 50-90% of FCF to shareholders in 2023.
CIBC (TSX:CM) announced its new head of Canadian banking, with Jon Hountalas taking over the key role from Laura Dottori-Attanasio, who’s leaving the bank. Hountalas will lead the bank’s personal and business banking operation in Canada, in addition to the commercial banking and wealth management vectors he is already responsible for. Hountalas joined CIBC from HSBC Holdings (LON:HSBA) Plc’s Canadian unit in 2010.
Cogeco (TSX:CGO) Communications Inc. reported its first-quarter profit and revenue rose compared with a year ago. Revenue for the quarter totalled $762.3 million, up from $718.5 million, or a 6.1% gain. Profit amounted to $2.44 per diluted share for the quarter, up from $2.27 per diluted share a year earlier. Total profit attributable to owners of the corporation was $111.5 million for the quarter ended Nov. 30, up from $106.8 million a year earlier.
Canadian Stocks Moving Markets Today
Top Gainers:
- Equinox Gold
- Dundee Precious Metals
- Torex Gold
Top Losers:
- Cogeco Communications
- Lundin Mining
-
Algonquin Power
In Canadian Economics
Royal LePage reported that Canadian housing prices marked their first year over year decline in 2022 since the financial crisis in 2008. The Royal LePage House Price Survey showed national aggregate home price dropped 2.8 % year-over-year in the fourth quarter, to $757,100. Despite the yearly decine, home prices remained well above pre-pandemic levels.