TSX Snaps 5-day Winning Streak, Ends Moderately Lower

RTTNews | 504 dias atrás

(RTTNews) - After five successive days of gains, the Canadian market turned in a weak performance on Wednesday with stocks from industrials and communications sectors declining sharply.

Technology and financials shares were also a bit weak.

Investors digested Canadian retail sales data, and a slew of corporate earnings updates, and awaited crucial U.S. personal income & spending data.

The benchmark S&P/TSX Composite Index, which tumbled to 21,796.88 about an hour past noon, ended with a loss of 138.00 points or 0.63% at 21,873.72.

Canadian Pacific Kansas City (CP.TO) drifted down 6.3% after reporting first-quarter net profit of $774 million, compared to $800 million a year ago.

Canadian National Railway (CNR.TO) dropped about 4.8%. The company reported first-quarter net income of $1,103 million, compared to net income of $1,220 million in the year-ago quarter.

TFI International (TFII.TO), Cogeco Inc (CGO.TO), Bombardier Inc (BBD.A.TO) and Cogeco Communications (CCA.TO) lost 3.3 to 4.4%.

Rogers Communications (RCI.B.TO) ended 3.3% down. The company reported first-quarter net income of $256 million, compared to $511 million a year ago. Adjusted net income was $540 million in the latest quarter, down slightly from $553 million in the year-ago quarter. The stock is down more than 3%.

Royal Bank of Canada (RY.TO), Shopify Inc (SHOP.TO), Molson Coors Canada Inc (TPX.B.TO) and Boyd Group Services (BYD.TO) also ended notably lower.

Winpak (WPK.TO) surged more than 7%. Softchoice Corporation (SFTC.TO) climbed 4.4%. Seabridge Gold (SEA.TO), Newmont Corporation (NGT.TO), Dollarama Inc (DOL.TO), Agnico Eagle Mines (AEM.TO), Dayforce (DAY.TO) and Loblaw Companies (L.TO) gained 1.3 to 4%.

First Quantum Minerals (FM.TO) gained 2.7% after reporting lower net loss for the first quarter. The company reported net loss of $159 million for the first quarter of 2024, compared to net loss of $259 million in the corresponding quarter of the previous year.

On the economic front, retail sales in Canada likely remained unchanged over a month in March 2024, according to preliminary data. In February, retail sales fell by 0.1% from the earlier month. On a yearly basis, retail activity rose by 1.2% in February, after a 0.9% increase in the prior month.

Canada's manufacturing sales likely declined by 2.8% from a month earlier in March 2024, reversing a 0.7% increase in the previous month, according to preliminary estimates.

Swiss Market Ends Moderately Lower

After a brief spell in positive territory early on in the session on Wednesday, the Switzerland market turned a bit easy and moved along the flat line till around mid afternoon before losing ground to eventually close on a negative note.

RTTNews | 1h 49min atrás

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Wednesday as investors digested data showing a modest drop in U.S. producer prices in the month of August, and continued to assess the developments on the trade front. Some of the major markets started off on a firm note, but failed to sustain at higher levels.

RTTNews | 2h 19min atrás

U.S. Wholesale Inventories Inch Up 0.1% In July, Slightly Less Than Expected

Wholesale inventories in the U.S. increased slightly less than expected in the month of July, according to a report released by the Commerce Department on Wednesday. The Commerce Department said wholesale inventories crept up by 0.1 percent in July after rising by an upwardly revised 0.2 percent in June.

RTTNews | 5h 32min atrás

U.S. Producer Prices Unexpectedly Edge Slightly Lower In August

Largely reflecting a sharp pullback in prices for trade services, the Labor Department released a report on Wednesday unexpectedly showing a modest decrease by U.S. producer prices in month of August. The Labor Department said its producer price index for final demand edged down by 0.1 percent in August after climbing by a downwardly revised 0.7 percent in July.

RTTNews | 5h 54min atrás

U.S. Producer Prices Unexpectedly Edge Down 0.1% In August

Largely reflecting a sharp pullback in prices for trade services, the Labor Department released a report on Wednesday unexpectedly showing a modest decrease by producer prices in the U.S. in the month of August.

RTTNews | 7h 13min atrás

Bay Street Seen Opening Higher

Canadian stocks are likely to open higher on Wednesday, tracking firm oil and metal prices. The mood may change a bit cautious at higher levels with investors looking ahead to the crucial U.S. inflation data, due later in the week.

RTTNews | 7h 22min atrás

Major European Markets In Positive Territory In Cautious Trade

The major European markets are up in positive territory on Wednesday with investors picking up stocks amid continued optimism about a sharp rate cut by the Federal Reserve following recent weak labor market data. Easing concerns on the trade front also contribute to the positive sentiment in the markets.

RTTNews | 7h 56min atrás

Sensex, Nifty Close On Firm Note Again

Indian stocks closed on a positive note on Wednesday, extending previous session's gains, amid expectations of further reduction in GST rates, and hopes of a larger than expected interest rate cut by the Federal Reserve.

RTTNews | 8h 45min atrás

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