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Toronto index gains as commodity stocks advance

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Canada’s main stock index edged higher on Monday, as the heavy-weight energy sector hit its highest in five years on a surge in crude oil prices and materials shares advanced with a jump in gold prices.

At 9:46 a.m. ET (14:46 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 77.3 points, or 0.36%, at 21,479.73, with energy shares leading the gains.

Secretary of State Antony Blinken said on Sunday that the United States and European allies were exploring banning imports of Russian oil.

U.S. crude prices were up 1.6% a barrel, while Brent crude added 2.8%, after rising to its highest since 2008 earlier in the session, lifting the energy sector 2.1%. [O/R]

However, global equities fell as rising oil prices fueled concerns over soaring inflation and slowing economic growth. [MKTS/GLOB]

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.3% as gold futures rose 0.4% to $1,972.8 an ounce. [GOL/]

“Investors are now weighing the prospect of a coordinated ban on Russian oil by Western countries and pricing in the effects that could have on the global economy and commodity prices,” said Brandon Michael, senior investment analyst at ABC Funds.

The TSX has gained 1.1% so far this year, outperforming its North American peer S&P 500 index, cushioned by stronger commodities.

Canadian Pacific gained 2.4% after billionaire investor William Ackman’s hedge fund Pershing Square Capital Management reported owning 2.8 million shares of the railroad operator at the end of Dec. 31, according to a regulatory filing on Monday.

Alimentation Couche-Tard Inc fell 0.4% after the retailer said it has suspended operations in Russia.

 

(Reporting by Amal S in Bengaluru)

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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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