.
©Reuters
By Ketki Saxena
Investing.com – The Canadian index traded in the green today, trailing Wall Street higher after Federal Reserve Chair Jerome Powell and Bank of Canada Governor Tiff Macklem both commented, both reiterating that the Inflation eases as rate hikes start seeping through to both US and Canadian economies.
The commodity-heavy Canadian index was also supported by gains in crude oil on continued hopes for China’s reopening and worries about supply shortages after Turkey’s earthquake.
The Greatest Stories on Bay Street
Hut 8 Mining (TSX:) will merge with US creating a combined entity valued at $990 million. The new company will be based in the United States and will be owned by the combined company. The merged company will be called Hut 8 Corp and will be 50/50 owned by existing Hut 8 and US Bitcoin shareholders. The company will be listed both on and after the all-stock deal.
TMX Group revenues for the quarter ended December 31 were $274.1 million, an increase of 9% from $252.4 million for the year. Diluted earnings per share were $1.83 compared to $1.56 a year ago. The operator of the Toronto Stock Exchange also announced a 5% increase in its dividend to 87 cents per common share.
Cineplex Inc. reported a profit of $10.2 million in the fourth quarter, compared to a loss of $21.8 million a year earlier. Net income was 16 cents per diluted share for the quarter ended December 31, compared to a loss of 34 cents per share for the last three months of 2021.
Canadian stocks are moving the markets today
Top Winners:
- Lithium America
- First quant
- energy
Top Losers:
- canopy growth
- Tilray
- Uni Select Inc
In the Canadian economy
A new Leger poll commissioned by the Association for Canadian Studies shows that 34% of Canadian households say they are worse off financially than they were last year. 58% said their financial situation was about the same as it was a year ago. Only 9% state that their financial situation has improved.
Alberta set an annual record for oil production in 2022, producing about 3.73 million barrels per day in 2022, according to results from ATB Financial. On a yearly basis, conventional oil production increased 12%, while oil sands production increased 2% year-over-year.
Source: ca.investing.com
Don’t miss interesting posts on Famousbio
