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    CFP   CA1375761048

CANFOR CORPORATION

(CFP)
  Report
Delayed Toronto Stock Exchange  -  04:00:00 2023-03-24 pm EDT
21.88 CAD   -0.05%
03/17Canfor Announced Renewal of Normal Course Issuer Bid
MT
03/17Canfor Brief: Announcing Renewal of Normal Course Issuer Bid
MT
03/17Canfor Announces Renewal of Normal Course Issuer Bid
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

TSX posts 7-month high as investor optimism in uptrend grows

01/26/2023 | 04:51pm EDT

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TSX ends up 100.90 points, or 0.5%, at 20,700.50

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Energy rises 2.5%; oil settles 1.1% higher

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Financials advance 1.1%

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Forest products companies rally

Jan 26 (Reuters) - Canada's main stock index posted its highest closing level in more than seven months on Thursday as investors grew more hopeful that the market had bottomed and looked for positive catalysts, such as the reopening of China's economy, to spur further gains.

The Toronto Stock Exchange's S&P/TSX composite index ended up 100.90 points, or 0.5%, at 20,700.50, its highest closing level since June 8.

It follows a decline of 8.7% for the TSX in 2022, along with losses for many other major indices, as central banks raised interest rates aggressively to tackle soaring inflation.

"What seems to becoming more apparent is that the market bottomed out in October," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

"That pullback we had in December was mostly related to tax-loss selling because as soon as the tax-loss trading deadlines passed, the market started going back up again."

Tax-loss selling is a strategy in which investors sell stocks that have fallen in value, creating a loss that can be used to offset capital gains elsewhere.

Wall Street also ended higher as investors grappled with an onslaught of economic data and a string of mixed corporate earnings.

"Generally earnings have been ok, people are preparing for China to reopen and markets have been trending upwards," Cieszynski said.

Optimism about the reopening of China's economy and data showing the U.S. economy expanded at a faster-than-expected pace in the fourth quarter helped boost the price of oil. It settled 1.1% higher at $81.01 a barrel, while the Toronto market's energy sector was up 2.5%.

Technology rose 0.9% and heavily-weighted financials ended 1.1% higher.

Forest products companies were among the strongest gainers, with Interfor Corp climbing 10.4% and Canfor Corp ending nearly 9% higher. (Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber and Alistair Bell)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.29% 74.49 Delayed Quote.-12.14%
CANFOR CORPORATION -0.05% 21.88 Delayed Quote.2.67%
INTERFOR CORPORATION 1.03% 22.66 Delayed Quote.7.90%
S&P/TSX COMPOSITE INDEX 0.21% 19501.49 Delayed Quote.0.60%
WTI 0.00% 69.21 Delayed Quote.-13.60%
All news about CANFOR CORPORATION
03/17Canfor Announced Renewal of Normal Course Issuer Bid
MT
03/17Canfor Brief: Announcing Renewal of Normal Course Issuer Bid
MT
03/17Canfor Announces Renewal of Normal Course Issuer Bid
AQ
03/17Canfor Corporation announces an Equity Buyback for 6,052,978 shares, representing 5% of..
CI
03/17Canfor Corporation authorizes a Buyback Plan.
CI
03/01Canfor Corporation, Canfor Pulp Products Inc., Q4 2022 Earnings Call, Mar 01, 2023
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03/01Canfor Swings to Adjusted Loss in Q4, Sales Fall; Canfor Pulp Products' Q4 Adjusted Los..
MT
03/01North American Morning Briefing: Chinese -2-
DJ
02/28Tranche Update on Canfor Corporation's Equity Buyback Plan announced on March 17, 2022.
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02/28Canfor Corporation Reports Earnings Results for the Full Year Ended December 31, 2022
CI
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Analyst Recommendations on CANFOR CORPORATION
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Financials
Sales 2023 5 684 M 4 133 M 4 133 M
Net income 2023 38,7 M 28,1 M 28,1 M
Net cash 2023 789 M 573 M 573 M
P/E ratio 2023 -72,3x
Yield 2023 -
Capitalization 2 649 M 1 926 M 1 926 M
EV / Sales 2023 0,33x
EV / Sales 2024 0,31x
Nbr of Employees 7 908
Free-Float 47,8%
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Technical analysis trends CANFOR CORPORATION
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Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 21,88 CAD
Average target price 29,52 CAD
Spread / Average Target 34,9%
EPS Revisions
Managers and Directors
Donald B. Kayne President & Chief Executive Officer
Patrick A. J. Elliott Chief Financial Officer & Senior VP-Sustainability
John Russell Baird Chairman
Jim Bogle Vice President-Technology & Digital
Kevin Paul Horsnell Vice President-Operations
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