By Ketki Saxena
Investing.com – The TSX continued its rally in late afternoon trading, on course for a fourth consecutive week of gains, boosted by financials after upbeat earnings from US big banks including JP Morgan (NYSE:JPM), Citigroup (NYSE:C), and Wells Fargo (NYSE:WFC).
The commodity heavy Canadian index was also supported by a boost in crude (also set for a fourth straight week of gains) after the IEA forecast record global demand this year as China reopens and OPEC+ cuts production.
The Biggest Stories on Bay Street
China Investment Corp, China’s massive sovereign wealth fund and the biggest shareholder of Teck Resources (TSX:TECKa) Ltd., is currently leaning towards Glencore’s takeover plan that would allow investors to exit their coal exposure in return for cash. CIC’s support provides a big boost to Glencore (LON:GLEN)'s chances as both companies compete to win investor backing for their proposals. CIC owns 10% of Teck’s Class B shares.
The merger of Canadian Pacific Railway Ltd (TSX:CP). with Kansas City Southern (NYSE:KSU) Railway Co. is now official, creating a new company named Canadian Pacific Kansas City. The US$31 billion deal marks the continent's first major railroad rail merger in more than two decades and will create the only pan North American railway that stretches from Canada through to the U.S. and Mexico.
Canada’s largest grocer Loblaw (TSX:L) has announced plans to spend $2.1 billion worth of capital investments in the year ahead. The grocer says it plans to open 38 new stores and renovate a further 600, a move that is set to create 6,000 jobs. Two-thirds of the new locations will be Shoppers Drug Mart stores. Loblaw also announced that it will prioritize discount grocery locations (such as its No Frills chain) as Canadians struggle with high food inflation.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
A report from the Canadian Real Estate Association shows that national home sales rose 1.4% month-over-month in March, while the number of newly listed properties dropped a further 5.8% month-over-month. The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 15.5% year-over-year. The actual (not seasonally adjusted) national average home price was $686,371 in March 2023, down 13.7% from March 2022 but up almost $75,000 from its January 2023 level.