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Newspaper
Chronicle Journal
Location
Thunder Bay, Ontario, Canada
Date
Feb 07, 2024
Page
9
Canadian stocks rose led by base metal names with the S P/TSX composite up 85.85 points to 20 957.74. U S markets edged higher with the Dow up 141.24, the S P 500 up 11.42, and the Nasdaq up 11.32 as traders digest last week’s gains amid awaited earnings.
Witnesses told a House of Commons committee studying food prices that profiteering accusations against Canada’s big grocers are unfounded. Charlebois and Littler argued margins are stable, costs rise upstream, and price hikes stem from producers, processors, and broader economic factors.
Bank of Canada Governor Tiff Macklem says monetary policy cannot fix housing affordability or the supply gaps caused by zoning delays and skilled-worker shortages. He notes rates curb inflation but don’t solve long term housing barriers, with policy aimed at inflation and productivity gains rather than housing.
Calgary based Precision Drilling Corp reports $146.7 million fourth quarter profit for 2023, up from $3.5 million a year earlier, as drilling activity slows on weak North American natural gas prices with U S utilization near the low 40s. CEO Kevin Neveu expects a rebound later in the year amid ongoing customer inquiries.
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