The TSX opened higher on Wednesday, led by gains in energy and mining stocks after Canadian Natural Resources reported record quarterly production and solid earnings. The index also found support from a rebound in global sentiment as U.S. markets steadied following a volatile week for tech.
Oil and copper prices edged lower in early trading, while gold held firm above US$3,990 per ounce. Meanwhile, Bitcoin slipped again as crypto traders continue to unwind positions following a US$300 billion market selloff.
In Canada, Canadian Tire raised its dividend despite reporting a dip in profit, and BCE posted stronger earnings thanks to a one-time gain from its sale of a stake in Maple Leaf Sports & Entertainment (MLSE).
Market numbers
TSX: Up (1.09%), 30,103.48
TSXV: Up (0.46%), 895.87
DOW: Down (0.05%), 47,289.68
NASDAQ: Up (0.72%), 25,620.03
FTSE: Up (0.73%), 9,786.50
In the headlines
- Canadian Natural reports $600M Q3 profit – Canadian Natural Resources (TSX:CNQ) reported a $600 million profit for the third quarter, up from $490 million a year ago, as production hit a new record high. The company said output averaged 1.42 million barrels of oil equivalent per day, driven by improved efficiency and lower maintenance downtime.
- Canadian Tire raises dividend despite lower Q3 profit – Canadian Tire (TSX:CTC) increased its quarterly dividend by 1.4 per cent, even as its Q3 profit fell to $174.6 million from $192.9 million a year earlier. The decline was attributed to one-time restructuring charges, but retail sales remained steady across its core brands.
- BCE boosted by MLSE stake sale – BCE (TSX:BCE) posted stronger Q3 earnings after selling a minority stake in Maple Leaf Sports & Entertainment, which helped offset higher operating costs. The company reaffirmed its full-year guidance and said it remains focused on growing its media and wireless divisions.
Currencies
USD: Flat (0.00%), $0.7083
GBP: Down (0.29%), $0.5411
EUR: Down (0.34%), $0.6146
JPY: Down (0.36%), ¥108.82
Bitcoin: Down (1.05%), US$102,779.00
(Conversion to C$1)
Commodities
Copper: Down (0.29%), 5.0247
Gold: Up (0.33%), 3,993.06
WTI: Down (0.63%), 59.43
Natural Gas: Down (0.14%), 4.29
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