By Ketki Saxena
Investing.com -- Canada’s main stock index, the S&P/TSX Composite, tracked the S&P 500 and Dow lower as rising US Treasury yields and hawkish Fed speak weighed on sentiment ahead of key inflation data due later this week.
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Toronto Stock Market News
K92 Mining (TSX:KNT) shares rose to the top of the TSX after reporting a record quarterly gold output. Record quarterly ore processed came in 151,908 metric tons or 1,651 tons/day, up 25% year over year. K92 also announced the appointment of a new chief operating officer.
Tilray (TSX:TLRY) reported revenue up 34% year over year, totalling US$193.8 million, up from US$144.1 million a year ago. The cannabis company posted a net loss for the quarter, reporting a net loss of US$46.2 million compared to a loss of US$61.6 million a year earlier.
Canopy Growth (TSX:WEED) meanwhile is under pressure after the company announced a US$30 million private placement earlier today, and was forced to sell shares at a 17% discount to yesterday’s closing price for much needed liquidity.
At the Canadian bank CEO conference, the top executives of Canada’s biggest banks expect to put more money aside for credit loss provisions in 2024, but remain divided on whether the worst is yet to come. RBC (TSX:RY) chief executive Dave McKay expects 2024 to be slightly worse, particularly in US commercial real estate. Scotiabank (TSX:BNS) chief executive Scott Thomson meanwhile sounded a more optimistic note, stating that lower rates on the horizon help provide a tailwind.
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In Canadian Economics
Canada Trade Balance for November fell from $3.2 billion in October to $1.57 billion in November, coming in below expectations.
Canadian Building Permits also fell more than expected in November, posting a decline of 3.9% compared to forecasts for a 1.7% decline.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.