By Ketki Saxena
Investing.com -- The TSX tracked Wall Street higher in afternoon trading, driven by gains within the financial sector as US bank stocks demonstrated resilience amidst the Federal Reserve's annual stress test.
Steady oil prices also provided some support for the commodity-heavy TSX as markets cautiously balanced fears of a global downturn driven by hawkish central banks against an unexpectedly substantial drop in U.S. inventories. Materials meanwhile experienced a downturn due to pressure on gold and copper prices.
The Biggest Stories on Bay Street
BlackBerry (TSX:BB) saw shares jump following the announcement of unexpected profit for their first quarter ending May 31, 2023. Against analysts' predictions of a loss, BlackBerry (TSX:BB) reported earnings equating to 6 cents per share while revenue reached $373 million - significantly exceeding average estimates of $160.4 million.
Canopy Growth Corp (TSX:WEED) confirmed it has finalized the sale of its Modesto facility located in California as part of an ongoing strategic transformation aimed at reducing expenditure that was announced last year. Canopy also announced that PKF O'Connor Davies LLP will take over accounting responsibilities following KPMG LLP's resignation from the role.
Terrascend Corp (CSE:TER). has announced that it will be publicly traded on the Toronto Stock Exchange from July 4 onwards. The company's common shares are set to trade under the TSND ticker symbol. The company is expected to delist from the Canadian Securities Exchange by this Friday.
Paramount Resources (TSX:POU) stock slipped after receiving a downgrade from the National Bank Of Canada moving them from "outperform" status downgraded to "sector perform".
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
No major economic data expected