By Ketki Saxena
Investing.com – The TSX tracked the Dow and S&P 500 higher this afternoon, as risk-aversion abated following JP Morgan’s buyout of First Republic Bank assets, though the mood remained muted ahead of the Federal Reserve's policy decision later this week.
The commodity heavy Canadian index was pressured however by a slide in crude prices, as worries of Fed hawkishness weighed, and as China’s manufacturing activity unexpectedly declined in April, raising worries of demand destruction in the world’s top importer of the commodity.
The Biggest Stories on Bay Street
Enbridge Inc (TSX:ENB). has announced that it will buy a large underground natural gas storage facility in B.C. for $400 million from FortisBC Holdings Inc Enbridge says the facility has 77-billion cubic feet of working gas capacity. The facility is poised in a key location, 120 kilometres northeast of Fort St. John, B.C., and connected to all three major long-haul natural gas transportation lines in western Canada.
Cargojet Inc (TSX:CJT). reported a first-quarter profit of $30.5 million or $1.67 per diluted share for the quarter ended March 31, compared with a loss of $56.4 million or $3.26 per diluted share a year earlier. Revenue totalled $231.9 million, down from $233.6 million in the first three months of 2022. Cargojet said the slowdown in revenue is due to a combination of weak industry trends, and macro factors including slowing economic growth, high interest rates, and stubborn inflation.
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In Canadian Economics
The S&P Global (NYSE:SPGI) Canada Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 50.2 in April from 48.6 in March. A reading above 50 indicates expansion in the sector. Activity expanded as output and employment rose, but new orders remained under pressure due to economic uncertainty.