Canadian stocks recover from last session's selloff, TSX earnings in full swing

Investing.com — Canada’s main stock index, the TSX Composite rose on Wednesday, tracking Wall Street higher as markets recovered from the previous session’s brutal selloff following hotter than expected US CPI data.

Toronto Stock Market News

CAE (NYSE:CAE) (TSX:CAE) shares slipped to the bottom of the TSX after the company missed expectations, posting a profit of $56.5 million for the quarter, down from $78.1 million a year earlier. On an adjusted basis, it reported earnings of 24 cents per share in its latest quarter, down from 27 cents per share a year earlier. Revenue totalled $1.09 billion, up from $969.9 million a year earlier.

goeasy Ltd (TSX:GSY)rose after reporting a net income in the fourth quarter of $74.6 million, up 161% from $28.6 million in the same period a year earlier. Diluted earnings per share of $4.34, up 154% from the $1.71 reported a year earlier. For its easyfinancial business, the company reported a record revenue of $299 million, up 27%.

Intact Financial (TSX:IFC) Corp. shares rose after the company reported earnings of $531 million in the fourth quarter of 2023, up from $353 million during the same quarter a year earlier. Earnings per share were $2.78 for the fourth quarter, up from $1.88 in the same quarter a year earlier.

Barrick Gold (NYSE:GOLD) Corp. reported a fourth-quarter net income of US$479 million, amounting to net income of US$0.27 cents per share. Revenue totaled US$3.06 billion for the quarter. For the full year 2023, Barrick’s profit attributable to equity holders was US$1.27 billion for the year, more than tripling from US$432 million a year earlier. Net earnings increased by 200% to US$0.72 per share

Shopify (TSX:SHOP) price target revisions: ATB Capital Markets raises target price to $110 from $105. DA Davidson reiterated its Buy rating on the stock and raised the price target to $90 from $86. Wedbush upped its price target from US$68 to US$75.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

• Lithium Americas (TSX:LAAC)
• goeasy Ltd (TSX:GSY)
• Intact Financial Corporation (TSX:IFC)

Top Losers on the TSX Today:

• CAE Inc . (TSX:CAE)
• SSR Mining (NASDAQ:SSRM)
• New Gold (TSX:NGD)

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

In Canadian Economics

Data from the Canadian Real Estate Association shows that national January home sales jumped 22% year over year. On a seasonally adjusted basis, home sales in January were up 3.7% month over month. The actual national average home price was $659,395 in January, up 7.6% year over year.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.