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    AC   CA0089118776

AIR CANADA

(AC)
  Report
Delayed Toronto Stock Exchange  -  02:26 2022-10-03 pm EDT
17.03 CAD   +2.59%
07:16aAir Canada to Launch New, Non-stop Transborder Routes to the U.S. from Halifax and Vancouver
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06:01aAir Canada to Launch New, Non-stop Transborder Routes to the U.S. from Halifax and Vancouver
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Toronto stocks climb, boosted by oil and material sectors

08/18/2022 | 10:13am EDT

Aug 18 (Reuters) - Canada's main stock index rose on Thursday, as a rebound in commodity prices aided oil and materials stocks, although worries about aggressive central bank actions to tame inflation weighed on the global sentiment.

The Toronto Stock Exchange's S&P/TSX composite index rose 0.19% to 20,219.82 by 9:49 a.m. ET.

Canadian energy stocks gained 1.7% as oil prices rose nearly 2% on robust U.S. fuel consumption data and expected falls in Russian supply later in the year.

Meanwhile, rising gold and metal prices boosted the materials sector, which includes precious and base metals miners and fertilizer companies.

Wall Street also wavered as U.S. Federal Reserve officials saw "little evidence" late last month that inflation pressures were easing, according to the central bank's meeting minutes released on Wednesday.

"Though inflation has pulled back and we might be getting close to a peak, it isn't anywhere close to a level that I think central banks are happy with," said Greg Taylor, portfolio manager at Purpose Investments.

"Either in the Fed minutes or at the Jackson Hole conference next week, I don't see a pivot coming. The economic data isn't really saying that we need to pull things back. And that's probably bad news for some risk assets in the near term," he added.

Data on Thursday showed producer prices in Canada fell by 2.1% in July from the previous month on lower prices for energy and petroleum products, as well as primary non-ferrous metal products.

Canadian stocks have rallied over 11% since hitting the year's lowest level in mid-July on the back of upbeat earnings and signs of cooling inflation in the United States. However, analysts question if the recovery can continue as recession fears persist.

Among single stocks, Air Canada slipped 1% after the airline said it planned to operate flights at 79% of its pre-pandemic capacity this summer.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva and Krishna Chandra Eluri)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA 2.59% 17.03 Delayed Quote.-21.44%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 1.40% 0.65098 Delayed Quote.-11.82%
BRITISH POUND / US DOLLAR (GBP/USD) 1.44% 1.12946 Delayed Quote.-17.51%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 1.00% 0.73258 Delayed Quote.-8.62%
EURO / US DOLLAR (EUR/USD) 0.12% 0.9804 Delayed Quote.-13.87%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.06% 0.012263 Delayed Quote.-8.63%
LONDON BRENT OIL 1.10% 88.87 Delayed Quote.9.50%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.71% 0.57154 Delayed Quote.-18.17%
WTI 1.96% 83.659 Delayed Quote.8.90%
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Analyst Recommendations on AIR CANADA
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Financials
Sales 2022 15 913 M 11 668 M 11 668 M
Net income 2022 -1 134 M -831 M -831 M
Net Debt 2022 7 677 M 5 629 M 5 629 M
P/E ratio 2022 -5,01x
Yield 2022 -
Capitalization 5 958 M 4 340 M 4 369 M
EV / Sales 2022 0,86x
EV / Sales 2023 0,65x
Nbr of Employees 28 400
Free-Float 84,7%
Chart AIR CANADA
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Technical analysis trends AIR CANADA
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 16
Last Close Price 16,60 CAD
Average target price 26,75 CAD
Spread / Average Target 61,1%
EPS Revisions
Managers and Directors
Michael Stewart Rousseau President, Chief Executive Officer & Director
Amos S. Kazzaz Chief Financial Officer & Executive Vice President
Vagn Ove Sørensen Chairman
Craig Landry Executive Vice President-Operations
Michael M. Green Independent Director
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