By Ketki Saxena
Investing.com -- The TSX declined today, as investors continued to digest a little anticipated interest rate hike by the central bank from the Bank of Canada. The Bank of Canada raised its key rate to a staggering 22-year high of 4.75% on Wednesday, citing the need to cool down an overheated economy and persistent inflation. Analysts are now anticipating that the BoC will implement another 25-basis-point hike in July.
On Wall Street meanwhile, the S&P 500 and Nasdaq Composite saw gains as higher-than-expected weekly jobless claims managed to alleviate some pressure from interest rate expectations from the US Federal Reserve.
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Roots Corp posted an $8 million loss for the first quarter of this year, compared to a $5.3 million loss during the same period last year. The company reported losses equating to 19 cents per diluted share for the quarter ending April 30th; this contrasts with last year's first-quarter losses of 13 cents per diluted share. Quarterly sales reached $41.5 million compared to the previous year's figure of $43.1 million.
Transat AT Inc posted its second-quarter earnings, recording a narrowing net loss and a jump in revenue year over year. The net loss was recorded at $29.2 million compared with $98.3 million in Q2 of 2020 when disruptions caused by the COVID-19 Omicron variant led to many flights being canceled or rescheduled. Total revenue amounted to $870.1 million which marks a substantial jump from last year’s figure ($358.7 million) within the same period.
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Statistics Canada reports that overall net borrowings by Canadian corporations and governments in the form of debt securities totalled $23.0 billion in the first quarter, marking the eighth consecutive quarter for which new issues exceeded retirements.