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Globe says CP, others set to roll out Q4 results

2017-04-17 07:10 ET - In the News

See In the News (C-CP) Canadian Pacific Railway Ltd

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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