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Investing.com – Canada’s main stock index, the S&P/TSX Composite tracked Wall Street lower on Thursday, as hotter than expected U.S. and lower than expected growth dented sentiment, pressuring tech and chip stocks.
While sentiment remained cautious ahead of a rate-decision from the U.S. Federal Reserve next week, markets are still betting on a 25 bps rate cut in June.
The was on track to snap a three day winning streak, after coming in just shy of a new all time high after closing yesterday at 21,970 points.
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Toronto Stock Market News
Lithium America shares soared to the top of the TSX after the announcement that the U.S. Department of Energy has agreed to a conditional commitment loan of U.S. $2.26 billion to finance the construction of its mine, the Thacker Pass project, in Nevada.
Empire Company (TSX:), parent of a range of Sobeys and other grocery chains, posted third quarter earnings of $134.2 million, up from $125.7 million a year earlier in the same quarter last year but coming in below analyst expectations. Earnings amounted to 54 cents per diluted share compared with 49 cents per diluted share a year prior. The company noted that customers continue to be cautious about spending amid a high inflation environment.
Transat reported earnings well below expectations, posting a loss of $61 million its first quarter, compared to a loss of $56.7 million a year earlier as the possibility of a strike weighed on bookings. Revenue meanwhile amounted to $785.5 million in its first quarter, up from $667.5 million a year prior. 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 Wellness (TSX:) Inc fell to the bottom of the TSX after an earnings miss. The company reported quarterly adjusted earnings of 67 cents per share for the quarter ended in December, higher than the earnings per share of 62 cents a year earlier, but missing analyst expectations for earnings of 73 cents per share. Following earnings, major Canadian brokerages such as RBC (TSX:) and CIBC (TSX:) lowered their price targets on the stock, while TD (TSX:) downgraded JWEL to a buy. The stock was maintained at “outperform” by BMO (TSX:), with a $35 price target.
For all earnings, view our earnings calendar.
Toronto Stocks Moving Markets Today
Top Gainers 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 Canadian Stocks Moving Markets today, view our Canada Markets Page.
In Canadian Economics
As per data from Statistics Canada, Canadian factory sales grew by 0.2% in January from December on higher sales of motor vehicles and chemical products.
For all Canadian economic releases, view our economic calendar.
All currencies unless noted otherwise.
This story originally appeared on Investing
