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TSX starts week on negative note ahead of key data, big bank earnings

Published 02/26/2024, 03:12 PM
© Reuters.

Investing.com — Canada’s main stock index, the S&P/TSX Composite tracked the S&P500 and Dow lower on Monday, as market sentiment remains cautious ahead of key economic data this week in both the U.S. and Canada.

Traders will be keenly awaiting the release of the PCE price index, the Fed’s preferred measure of inflation, on Thursday. Thursday will also see the release of Canadian GDP data.

Canadian investors will also be watching for bank earnings this week, with the results seen as key indicators of the Canadian economy.

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Toronto Stock Market News

Energy Fuels Inc (TSX:EFR) rose to the top of the index after beating expectations for earnings per share for the full year 2023. The company also announced it is readying two more mines in Colorado and Wyoming for expected production within one year as it seeks to capitalize on the current strength in uranium prices,

K92 Mining (TSX:KNT) shares fell to the bottom of the TSX today after the company announced it operational guidance on Friday. The miner also saw its price target lowered at National Bank to $8.50. Stifel Canada analysts meanwhile reiterated a Buy rating and $12.00 price target.

Cargojet Inc (TSX:CJT). reported a net loss of $34.9 million in its fourth quarter compared to a profit of $2.6 million in the last three months of 2022. On an adjusted basis, Cargojet posted a loss of 14 cents per share, compared with an adjusted profit of 89 cents per share a year earlier. Revenue fell to $254.7 million from $271.0 million in the same period a year earlier.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Energy Fuels Inc (TSX:EFR)
  • Celestica (NYSE:CLS) (TSX:CLS)
  • Gfl Environmental Holdings Inc (TSX:GFL)

Top Losers on the TSX Today:

  • K92 Mining Inc (TSX:KNT)
  • Orla Mining Ltd (TSX:OLA)
  • Lundin Gold

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

In Canadian Economics

Data from Statistics Canada shows that, on a flash estimate basis, Canadian wholesale trade most likely fell 0.6% in January from December.

Another flash estimate from StatsCan shows that factory sales most likely rose 0.4% in January from December.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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