The Daily Chase: 30 companies on the TSX report today
BNN Bloomberg
Here are five things you need to know for Aug. 9, 2023.
Here are five things you need to know:
Recovery day: Markets are trying to rebound from yesterday’s sell-off. Oil is flexing, now trading at its highest level since November 2022. Worth nothing, the TSX energy sector nor the oil producer sub group, has outperformed the price of crude. We are also awaiting an announcement from U.S. President Biden on prohibiting some U.S. investments in China. Speaking of China, annual CPI fell in July for the first time in 28 months and PPI extended its decline for 10th straight month. Deflation anyone? Today we have 30 TSX composite companies reporting, including from insurers Sunlife, Great-West Life and Element Fleet. Just four on the S&P 500 with Disney after the bell.
Metro on deck: Sales and profit at grocery store operator Metro beat expectations. Food sales were up nearly 10 per cent, above the 5 per cent expected, while pharmacy sales were up nearly 6 per cent, also a beat. Metro noted that in a high inflation environment, shoppers are increasingly turning to their discount brands. Like Loblaw, the company is quick to point out that food basket sales are growing less than food CPI. Their margins were also down, noting this was due to a decline in food margins. On the current labour dispute at 27 of their stores in the GTA, the CEO says he is “clearly disappointed” but “we look forward to a resolution.” Investors have fallen out of love with Metro. It is the worst performing grocery store in 2023.