Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

TSX Tracks Wall Street Higher; Crude Rebounds as Hurricane Ian Threatens Supply

Stock Markets Sep 27, 2022 10:22
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
SHOP
+5.48%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ASTL
-0.56%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DND
-0.88%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LSPD
+5.03%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FIL
+4.05%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SQ
+2.07%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ketki Saxena 

Investing.com -- The TSX rebounded today from last week’s brutal - and yesterday’s mildly less brutal - sell-off. Despite continuing hawkish rhetoric from Fed policymakers, equities - particularly rate-sensitive rate stocks - faced a respite as the benchmark 10-year U.S. treasury retreated from a more than 10-year high. 

The commodity-heavy Canadian index was also supported by gains in crude. Beyond the now usual Russia-related geopolitical factors and concern around next week’s OPEC meeting, oil prices bounced from yesterday’s nine-month lows on the likelihood of reduced supply as Hurricane Ian heads to the Gulf Coast, which accounts for about 15% of U.S. crude supply. BP (LON:BP) and Chevron (NYSE:CVX) are amongst the majors that have shut-in production at offshore oil platforms in the region. 

The Biggest Stories on Bay Street 

Ahead of an ongoing investor presentation between 10:00 a.m and noon ET today, Cargojet (TSX:CJT) upped its long-term financial targets, planning to almost double annual revenue to as much as $1.4 billion in 2026, and more than double adjusted free cash flow to between $320 million and $360 million compared to $160 million in 2021. 

Dye&Durham announced earning results yesterday afternoon after the closing bell, reporting revenue of $129.7 million, an increase of 54%, from the same period in the prior year. The company also reiterated its optimism around acquisitions despite the falling through of its planned takeover of Link. Shortly before markets opened this morning, Dye & Durham (TSX:DND) also announced it may repurchase up to  5% of its common shares.

Blackberry (TSX:BB) is set to report Q2 earnings after market close today. The analyst estimate for the bottom line is at a loss of 7 cents per share, compared to an adjusted loss per share of 5 cents in the previous quarter.  Continued billings growth, as well as higher demand for IoT and cyber-security solutions expected to have boosted BlackBerry’s fiscal second-quarter performance.

Shopify (TSX:SHOP) this morning unveiled “POS GO”, a new point of sale technology at brick and mortar retailers as the company seeks to build out its retail network following the sharp decline in e-commerce - and Shopify stock - following pandemic-driven demand. The point of sale terminal, which allows payments by credit and debit cards, is similar  to those already on offer from Shopify’s competitors such as Lightspeed Commerce (TSX:LSPD) and Square Inc (NYSE:SQ). 

Canadian Stocks Moving Markets This Morning 

Top Losers 

  • Dye&Durham 
  • Vermillon Energy 
  • Centerra Gold (TSX:CG)

Top Losers 

  • Algoma Steel (TSX:ASTL)
  • Bombardier Inc 
  • Brookfield Infrastructure


No Major Canadian Economic Data is Expected Today

TSX Tracks Wall Street Higher; Crude Rebounds as Hurricane Ian Threatens Supply
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email