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Investing.com – Canada’s main stock index, the S&P/TSX Composite, followed Wall Street lower on Thursday as a warmer-than-expected U.S. and lower-than-expected growth dented sentiment, putting pressure on technology and stock stocks. chip.
While sentiment remained cautious ahead of the US Federal Reserve’s rate decision next week, markets are still betting on a 25 basis point rate cut in June.
He was on course to snap a three-game winning streak, having come just short of a new all-time high after finishing on 21,970 points yesterday.
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Toronto stock market news
Lithium America shares rose to the top of the TSX following the announcement that the US Department of Energy has agreed to a $2.26 billion conditional loan to finance the construction of its mine, the Thacker Pass project, in Nevada.
Empire Company (TSX:), parent company of a number of Sobeys and other grocery chains, reported third-quarter earnings of $134.2 million, up from $125.7 million a year earlier in same quarter as last year, but below analysts’ expectations. Earnings were 54 cents per diluted share compared to 49 cents per diluted share a year earlier. The company noted that customers continue to be cautious about spending amid high inflation.
Transat reported earnings well below expectations, posting a loss of $61 million in the first quarter, compared with a loss of $56.7 million a year earlier as the possibility of a strike weighed on bookings. Meanwhile, revenue totaled $785.5 million in the first quarter, up from $667.5 million a year earlier. On an adjusted basis, Transat lost $2.11 per share compared with an adjusted loss of $1.62 per share a year ago and well below expectations for a loss of $1.22 per share.
Jamieson Wellbeing (TSX:) Inc fell to the bottom of the TSX after an earnings miss. The company reported adjusted quarterly profit of 67 cents per share for the quarter ended in December, higher than earnings per share of 62 cents a year earlier, but missing analysts’ expectations for a profit of 73 cents per share. After earnings, major Canadian brokers like RBC (TSX:) and CIBC (TSX:) lowered their price targets on the stock, while TD (TSX:) downgraded JWEL to buy. The stock was held at “outperform” by BMO (TSX:), with a $35 price target.
For all earnings, view our earnings calendar.
Toronto stocks move the markets today
Top Gains on the TSX Today:
- Lithium Americas (TSX:)
- Transcontinental (TSX:)
- Tamarack Valley (TSX:)
Top losers on the TSX today:
- Jamieson Wellness Inc (TSX:)
- Enghouse Systems (TSX:)
- Canada Goose (TSX:)
For all the Canadian stock markets moving today, check out our Canadian Markets page.
In the Canadian economy
According to data from Statistics Canada, Canadian factory sales grew 0.2 per cent in January compared to December thanks to increased sales of motor vehicles and chemicals.
For all Canadian economic releases, see our economic calendar.
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