Busy Week for Canadian Corporate Earnings Awaits Investors

TORONTO — Traders will have plenty to occupy themselves this week as major players in the Canadian gold mining and energy sectors — the two biggest advancers on the Toronto stock market so far this year — are set to report second-quarter results.

The energy sector is ahead about 19 per cent year to date. The gold sector is up 24 per cent, but that’s after being cut in half last year. Bob Gorman, chief portfolio strategist at TD Waterhouse, says while expectations are high for the energy sector, solid earnings will not necessarily translate into share price advances as “those increased earnings are pretty much baked in the share prices.” “So unless they really blow the doors off I don`t think you would see a lot of market movement,” he said. “And the backdrop here is that the price of oil has gradually been coming off a touch here, not dramatically by any stretch but has been coming off a bit and that may temper some expectations.” The Toronto stock market finished last week up 188.47 points or 1.24 per cent on positive Chinese manufacturing data and a series of positive earnings reports. The Dow industrials shed 140 points or 0.8 per cent. Continue reading Via: CTV News

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