Live news: Loblaw shares spike to all-time high twice in one week

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Loblaw shares hit all-time high twice in one week

Shares ended the session up 3.5 per cent to close at $142.92 Thursday, the highest price for the stock since Loblaw began trading on the public markets in January 1983. The grocer earned an adjusted $2 per share in its fourth quarter, surpassing analyst estimates by 10 cents.

Loblaw will continue to outperform its peers like Empire Company Ltd. and Metro Inc. given its broader exposure to discount brands and pharmacy retail locations, according to Michael Van Aelst, an analyst at Toronto-Dominion Bank. Loblaw has a “superior 2024 earnings outlook” compared to Metro and Empire, he said.

Loblaw shares have advanced 11 per cent year-to-date, nearly doubling Metro’s growth of 6.3 per cent and Empire’s three per cent decline.

— Stephanie Hughes, Bloomberg

7:30 a.m.

Stock markets before the opening bell

Markets took a breather on Friday as investors assessed the outlook for equities after benchmarks from the United States to Europe and Japan hit all-time highs in the wake of Nvidia Corp.’s blockbuster earnings.

U.S. futures were little changed after gains overnight pushed the S&P 500 and Nasdaq 100, along with MSCI’s all-county index, to new records. Nvidia is on track to scale $2 trillion in market value for the first time ever after shares climbed as much as 2.7 per cent in premarket trading, adding to Thursday’s meteoric rise.

Nvidia’s US$277-billion one-day boost to its market capitalization on Thursday was the biggest single-session increase in value ever — eclipsing a recent US$197-billion gain by Meta Platforms Inc. The question is whether the tech rally can be sustained and broadened to other sectors, even as bets on U.S. Federal Reserve rate cuts wane amid data showing the world’s largest economy is still going strong.

In Toronto, the S&P/TSX composite index closed up 0.69 per cent on Thursday.

— Bloomberg

What to watch today

The Department of Finance Canada publishes financial results for December 2023.

The Greater Vancouver Board of Trade hosts Premier David Eby for an official address following the tabling of the 2024-25 provincial budget. The presentation will include an overview of the budget and an update on the state of B.C.’s economy.

Companies reporting earnings today include Onex Corp., TransAlta Corp., HudBay Minerals Corp. and CI Financial Corp.

Additional reporting by The Canadian Press, Associated Press and Bloomberg