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

Published 2022-09-27, 10:18 a/m
Updated 2022-09-27, 10:22 a/m
© Reuters.

© Reuters.

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

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