The Globe and Mail reports in its Monday, April 17, edition that key Canadian firms
are set to roll out their quarterly
financial results over the
next couple of weeks amid
upbeat economic expectations.
The Globe's David Berman writes that Canadian Pacific Railway
and Rogers Communications
are two highlights for this week.
Barrick Gold, Canadian
National Railway, Metro,
Fairfax Financial Holdings
and Bombardier follow next
week.
These companies should provide
a clearer picture of where profits --
and share prices -- are headed. CIBC analyst Avery Shenfeld says, "Pre-tax corporate earnings are
likely to speak louder in driving
equities from here." Analysts are optimistic.
They estimate Canadian
profits are set to rise 28.1 per cent
over the same period in 2016,
according to Thomson Reuters analyst David Aurelio.
Rebounding commodity producers
are expected to lead the
gains. Yet, even after stripping out
energy stocks, Mr. Aurelio expects
Canadian profits will rise 14.6 per
cent.
The results will land during a
particularly sensitive time for
stock markets, given stretched
valuations. Barrick, which
reports its results next Monday, is
expected to double its year-over-year
profit.
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