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TSX Declines; Nuvei Soars on Revenue Beat; Bank of Canada Minutes Release

Published 2023-11-08, 04:48 p/m
© Reuters.
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Ketki Saxena

Investing.com – The TSX Tracked the Dow Jones lower today, as hawkish remarks from Fed speakers continued to weigh on equities.

While Fed Chairman Jerome Powell had little to say about monetary policy in his opening remarks at the Fed's statistics conference on Wednesday, markets are digesting comments from a range of Fed speakers who recently indicated that it remained to be seen whether financial conditions were sufficiently restrictive.

The commodity-heavy Canadian index was also pressured by sliding crude prices, which slipped to three-month lows on recent weak Chinese trade data, and a greater-than-expected rise in US crude oil inventories.

Toronto Stock Market News

ATS Corporation (TSX:ATS) reported earnings net income of $50.67 million compared to $29.51 million a year ago, with basic earnings per share coming in at operations $0.51 compared to $0.32 a year ago. Sales came in at $735.72 million compared to $588.95 million a year ago.

TC Energy (TSX:TRP) posted a net loss attributable to common shares of $197 million or 19 cents per share for the quarter that ended Sept. 30. The result compared with net income of $841 million or 84 cents per share this time a year ago. Revenue for the quarter totalled $3.94 billion, up from $3.80 billion a year earlier.

Nuvei (TSX:NVEI) shares surged after it reported a more than 50% rise in revenue. The company, which keeps its books in U.S. dollars, reported revenue of US$304.9 million, up from US$197.1 million in the same quarter last year. Net income however declined, coming in at US$18.1 million or 14 cents per share for the quarter compared to US$13.0 million or eight cents per share a year earlier.

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For earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Nuvei Corp (TSX:NVEI)
  • ATS Corporation (TSX:ATS)
  • Intact Financial (TSX:IFC)

Top Losers on the TSX Today:

  • Pan American (TSX:PAAS) Silver
  • First Quantum (TSX:FM)
  • Canadian Natural Resources (TSX:CNQ)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

Statistics Canada reports that building permits for September were down 6.5% i to $11.2 billion.

Bank of Canada minutes showed that the governing council reached a "strong consensus" to leave rates at 5.00% as they await more indicators that show slowing and inflation, despite some members seeing the need for further rate hikes.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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