TSX Trades in the Green; Crude Higher on China Optiism; Keystone Remains Shut

© Reuters.

By Ketki Saxena 

Investing.com -- The Canadian index traded in the red at midday, tracking Wall Street higher as markets remained tentatively risk-on for a second day following official confirmation of easing Covid-19 lockdowns in China, easing worries of a continued slowdown in the world’s second-largest economy. 

The commodity-heavy Canadian index was also supported by gains in crude, with the commodity also receiving support from expectations of renewed appetite from China, and Putin’s announcement that Russia may cut crude production in response to the G7 and EU price caps. 

Crude prices also gained some support from a system-wide shutdown of TC Energy’s Keystone pipeline, which remains closed for a second day following an oil leak. Keystone is a major conduit necessary for transporting over 600,000 bpd from Canada to the Gulf Coast. 

The Biggest Stories on Bay Street 

Crescent Point Energy Corp (TSX:CPG). will acquire additional Kaybob Duvernay assets for $375 million. Those assets include 130 net drilling locations across almost 65,000 net acres that produce more than 4,000 barrels of oil equivalent a day. Crescent Point also announced a 25% increase to its quarterly base dividend, to 10 cents per share. 

Roots Corp posted earnings of $2.2 million in its latest quarter compared to net income of  $10.8 million a year ago. The decrease amounted to earnings per share that fell from  25 cents to 5 cents year over year. Sales for the quarter totalled $69.8 million, down from $76.3 million a year earlier.

Laurentian Bank (TSX:LB) reported adjusted net income of $57.8 million or $1.31 compared with $47.8 million or $1.06 a year earlier. Analysts had expected earnings per share by that measure of $1.24 cents a share in the latest quarter. Its provision for credit losses totalled $17.8 million compared with $24.9 million a year prior.

Canadian Stocks Moving Markets This Morning 

Top Gainers: 

• Torex Gold (TSX:TXG)
• Laurentian Bank (TSX:LB)
• Dye & Durham Ltd (TSX:DND)

Biggest Losers: 

• Dollarama  (TSX:DOL)
• MEG Energy Corp (TSX:MEG)
• Canopy Growth (TSX:WEED)

In Canadian Economics 

Statistics Canada reported that the country’s net foreign asset position - the difference between Canada's international financial assets and international liabilities - fell by $44.9 billion to $571.5 billion at the end of the third quarter. The reading marked its lowest level since the first quarter of 2020 and the third consecutive quarterly decline.