Canada's main stock market, the Toronto Stock Exchange,
Wednesday extended its winning run to seven sessions, today largely
boosted by strong Chinese trade data that opens the prospect of
increased demand for resources. The resources heavy TSX made the
gains despite some disappointing earnings results from key Canadian
Among those to report today, Air Canada (AC-B.TO) closed down
20.4% after Wednesday reporting fourth quarter adjusted net income
of $3 million or $0.01 per diluted share compared to an adjusted
net loss of $5 million or $0.02 per diluted share in the same
quarter in 2012. According to Capital IQ, the average forecast of
nine analysts was for earnings of $0.11. The airline blamed severe
weather conditions, the weaker Canadian dollar and the impact of
increased capacity in certain markets.
Rogers Communications Inc. (RCI-B.TO) said Q4 2013 adjusted
diluted EPS was C$0.69, down 20% from last year's C$0.86, trailing
Capital IQ consensus by C$0.04. Revenue decreased 1% from last year
to C$3.2 billion, missing the C$3.3 billion analyst estimate. For
2014, the company sees adjusted operating profit in the range of
C$5 billion to C$5.15 billion.
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