TSX Closes Higher and Extends Winning Run To Seven Sessions


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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 corporates.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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