By Ketki Saxena
Investing.com – The TSX rebounded in late afternoon trading, tracking the day's reversal in the Nasdaq and S&P500, even as treasury yields surged above 4% on hotter than expected US labour market data.
The Canadian index received a boost relative to its US peers from gains in energy stocks, and as oil prices edged higher as ample supply following a tenth consecutive week of stock builds in the US contended with signs of surging economic activity in China.
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TD Bank (TSX:TD) Group reported a first-quarter profit of $1.58 billion, down from $3.73 billion a year earlier. Profit amounted to 82 cents per diluted share for the quarter ended Jan. 31, down from $2.02 per diluted share in the same quarter last year. The decline in profit related largely to one-time charges to settle a lawsuit related to the Stanford Financial Group Ponzi scheme. On an adjusted basis, TD says it earned $2.23 per diluted share, up from an adjusted profit of $2.08 per diluted share in its first quarter last year. Analysts on average had expected a profit of $2.20 per share. Revenue totalled $12.23 billion, up from $11.28 billion a year earlier.
(TSX:Canadian Natural Resources Ltd ). raised its quarterly dividend reported a profit of $1.52 billion or $1.36 per diluted share for the quarter ended Dec. 31, down from $2.53 billion or $2.14 per diluted share this time last year. Adjusted profit from operations amounted to $1.96 per diluted share for its latest quarter, down from $2.21 per diluted share a year earlier. The average analyst estimate had been for a profit of $2.27 per share. CNR also announced it will raise its quarterly dividend to 90 cents per share up from 85 cents per share.
Crescent Point Energy Corp. reported a fourth-quarter loss of $498.1 million or 90 cents per share for the quarter ended Dec. 31 compared with a profit of $121.6 million or 21 cents per share in the last three months of 2021. Adjusted profit from operations amounted to $209.8 million or 38 cents per share for its fourth quarter, up from $160.0 million or 27 cents per share a year earlier. Crescent Point (TSX:CPG) also announced a special cash dividend, based on its fourth-quarter results, of 3.2 cents per share on March 17 to shareholders of record as of March 10. The payment is in addition to the regular quarterly dividend of 10 cents.
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