By Ketki Saxena
Investing.com – The Canadian index tracked Wall Street higher at midday, as growth stocks gained a boost from declining treasury yields and a rebound in risk-sentiment following hawkish commentary from Fed and ECB Central bank officials last week. Tech was also supported by a boost in Meta, as the Facebook (NASDAQ:META) parent announced another round of layoffs.
All eyes are now on tomorrow’s US Consumer Price Index data, with investors hoping for another decline in core metrics that will help ease the Fed’s rate-tightening path going forward.
The commodity heavy TSX meanwhile also gained support from crude prices, as Russia’s plans to cut crude production remained at the forefront.
The Biggest Stories on Bay Street
B2Gold Corp (TSX:BTO). announced that it has signed a deal to buy Sabina Gold and Silver Corp. in an all-stock deal valued at $1.1 billion. The offer was valued at $1.87 per share based on B2Gold's closing share price of $4.83 on Friday, and Sabina shares Friday closing price of $1.58. Existing B2Gold shareholders will own about 83% of the combined company, while former Sabina shareholders will own 17%.
The Rogers-Shaw deal is facing yet another challenge after an appeal by the Competition Bureau against the merger was dismissed by the Federal Court of Appeal. This time, the challenge comes from Federal NDP Leader Jagmeet Singh who is asking is calling on Innovation, Science and Industry Minister François-Philippe Champagne to reject the takeover, writing in a letter that “Canadians need lower cell and internet bills, not higher prices. We need more good jobs, not layoffs”.
Dye & Durham (TSX:DND) Ltd. reported a net loss of $34.8 million, amounting to a loss of 52 cents per diluted share for the quarter ended Dec. 31. The result compared with a net loss of $4 million or six cents per diluted share a year earlier. Revenue for the software company totalled $106.7 million, down from $109.6 million a year earlier.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
- Dye&Durham
- B2Gold
- SSR Mining (NASDAQ:SSRM)
In Canadian Economics
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