Business

Canada stocks surge on vaccine breakthrough, led by energy – BNN

Published

4 years ago

November 9, 2020

Canadian stocks jumped on Monday with global equity markets after Pfizer Inc. said its COVID-19 vaccine prevented more than 90 per cent of infections in a large-scale study.

The S&P/TSX Composite Index climbed 1.2 per cent in Toronto, paring some an early gain of as much as much as 2.7 per cent. The index closed Monday session at its highest since Oct. 15.

The risk-on rally was fueled by traders piling into cyclical stocks, including energy, which as a group climbed almost 10 per cent today. Suncor Energy Inc. and Canadian Natural Resources Ltd., the largest Canadian oil producers, rose more than 20 per cent on Monday.

Real estate and financial stocks, two of the worst-performing sectors this year, also had a big day, with each rising more than 4 per cent.

Some of the positive momentum was blunted by a selloff in technology stocks such Shopify Inc., which have benefited from stay-at-home orders in the pandemic, and gold miners. The loonie rose 0.3 per cent to $1.3010 per U.S. dollar.

Air Canada soared 29 per cent despite missing operating revenue estimates for the third quarter as the brighter prospect for a vaccine improved sentiment toward travel, and as the airline’s cash burn rate gained. The airline said it expects flight capacity in the fourth quarter will be 75 per cent lower than in the same quarter last year.

The Canadian government said Sunday it will begin discussions on providing financial support to airlines, airports and the aerospace sector.

Let’s block ads! (Why?)

Source link

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

9 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

Source link

Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

9 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

Source link

Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

9 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

Source link