By Ketki Saxena
Investing.com – At 11:05 a.m in Toronto, the S&P/TSX Composite Index was at 20,142.98 points, up 0.61% in the day’s trading. The Canadian index tracked Wall Street higher as the Federal Reserve's annual Jackson Hole symposium kicks off in Wyoming.
While a hawkish note is expected from the U.S. central bank, the expectations for an aggressive tone from Jerome Powell on Friday appear to have already been priced in. Equities were also supported by a drop in U.S. bond yields.
Brian Vendig, president of MJP Wealth Advisors notes that "People are coming back to the market gradually with the assumption that a lot of the bad news has already been priced in”.
Further gains on the commodity heavy index were capped by a reversal in crude after the morning’s gains, as markets contented with the mixed signals of OPEC+ cuts, the Iran nuclear deal impending revival, falling U.S. inventories, and a boost in Chinese stimulus.
Today’s Biggest Stories on Bay Street
Canadian Imperial Bank Of Commerce (TSX:CM)’s net income slipped 4% year over year to $1.67 billion in Q3 2022, as it reported sliding capital markets revenue and larger provisions for credit losses. On an adjusted basis, the bank’s earnings were $1.85 per share in the quarter ending July 31. Analysts on average were expecting $1.82 per share.
Toronto Dominion Bank (TSX:TD)’s net income slipped 9% year over year to $3.21 billion, as capital markets revenue slid, and provisions for credit losses grew. The bank’s Canadian and U.S. retail segments meanwhile both remain robust. The bank’s adjusted earnings came to $2.09 per share, beating average analyst expectations of $2.04 per share.
Aurora Cannabis Inc (TSX:ACB) announced it has signed a deal to acquire a stake in Bevo Agtech Inc., a supplier of vegetable seedlings and flowers. The deal values a 50.1% stake at $45 million plus up to an additional $12 million that is conditional on Bevo achieving certain financial milestones at its Site One facility in Langley, B.C. Bevo has also agreed to acquire the company's Aurora Sky facility in Edmonton.
Canadian Stocks Moving Markets This Morning
Top Gainers:
- Bausch Health (TSX:BHC) (+5.41%)
- First Quantum Minerals Ltd (TSX:FM)(+4.31%)
- Ballard Power (TSX:BLDP) (+2.88%)
Biggest Losers:
- ECN Capital Corp (TSX:ECN) (-5.97%)
- Denison Mines (TSX:DML) (-4.19%)
- Energy Fuels Inc (TSX:EFR) (-3.07%)
In Canadian Economics
Statistics Canada today said job vacancies climbed for a third consecutive month to hit an all-time high of 1,037,900 in June, up 3.2% from 1,005,700 in May. The job vacancy rate was 5.9% in June, matching the record-high mark reached in September 2021 and up from 4.9% in June 2021.
StatsCan also announced its flash reading of manufacturing sales for July, which fell by 0.9%. The largest decreases were in the petroleum and coal products and primary metal industries. The reading is subject to further revision.
Russia's Gazprom (MCX:GAZP) stated today that no turbines used on the Nord Stream 1 gas pipeline were undergoing maintenance in Canada, a day after a Canadian minister was quoted as saying five such turbines were undergoing maintenance in Canada.