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Healthcare, energy stocks lift Toronto index to one-month high

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Canada’s main stock index hit a one-month high on Thursday, as Canopy Growth Corp led gains in healthcare stocks and stronger commodities lifted energy and mining shares.

At 9:50 a.m. ET (1350 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 142.24 points, or 0.69%, at 20,760.71, helped by healthcare and energy stocks.

Canada’s  Canopy Growth Corp rose 3.6% after saying it would buy weed gummies maker Wana Brands for $297.5 million, as the world’s biggest pot producer looks to expand in the U.S. cannabis market.

The energy index rose 1.5%, touching it highest level since Jan. 2019 as crude prices jumped over 1%. [O/R]

The materials sector, which includes precious and base metals miners, and fertilizer companies, added 0.9% as gold prices hit a one-month high on dollar strength and an easing in U.S. bond yields. [GOL/]

“The Canadian market is getting a nice boost today from a rally in the United States, combined with the rally in oil as well as gold prices,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.

After snapping a seven-month win streak in September, the Canadian equity index has gained 2.7% so far this month, aided by strength in commodity prices and hopes of a steady economic recovery.

Meanwhile, Canadian factory sales August rose 0.5% from July, on higher sales of petroleum and coal, chemicals and primary metals, Statistics Canada said.

HIGHLIGHTS

Barrick Gold Corp gained 0.4% after the miner reported a nearly 5% rise in third-quarter gold production from the previous three months, as output jumped at its Veladero mine in Argentina.

Aritzia Inc and First Quantum Minerals Ltd were the largest percentage gainers on the TSX.

The TSX posted 17 new 52-week highs and no new lows.

Across all Canadian issues there were 52 new 52-week highs and 10 new lows, with total volume of 52.74 million shares.

 

(Reporting by Amal S in Bengaluru; editing by Uttaresh.V)

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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