TSX Retreats After Hitting Fresh Intra-day High, Ends Modestly Lower

RTTNews | hace 473

(RTTNews) - After opening higher and holding in positive territory till late morning, Canadian stocks retreated on Friday to eventually end the day's session on a weak note.

Investors largely made their moves, reacting to quarterly earnings reports.

The benchmark S&P/TSX Composite Index, which climbed to a record intra-day high of 22,470.27 in early trades, ended the day with a loss of 66.90 points or 0.3% at 22,308.93, slightly off the session's low of 22,298.67. The index gained about 1.7% in the week.

Docebo Inc (DCBO.TO) tanked 23.3%. Shopify Inc (SHOP.TO) ended 5.6% down. BlackBerry (BB.TO) ended lower by 3.4%. Constellation Software (CSU.TO), Quarterhill (QTRH.TO) and Lightspeed Commerce (LSPD.TO) also ended sharply lower.

Energy stock Baytex Energy (BTE.TO) ended down 8%. Precision Drilling Corporation (PD.TO), Tourmaline Oil Corp (TOU.TO), Vermilion Energy (VET.TO), Parex Resources (PXT.TO), MEG Energy (MEG.TO), Paramount Resources (POU.TO) and Canadian Natural Resources (CNQ.TO) also ended sharply lower.

Consumer staples shares Jamieson Wellness (JWEL.TO) and Metro Inc (MRU.TO) gained 4.2% and 1.9%, respectively.

Data from Statistics Canada showed employment in Canada rose by 90,400 jobs in April 2024, the most in 15 months, following a 2,200 decrease in March.

The unemployment rate in Canada was at 6.1% in April of 2024, unchanged from the two-year high recorded in the previous month.

Average Hourly Earnings in Canada increased by C$1.64 from the previous year to C$35.77 in April 2024, following a 5% increase in March, a separate data from Statistics Canada showed.

Technology and energy stocks are among the notable losers. Consumer staples, healthcare and consumer discretionary stocks are finding some support.

Algonquin Power & Utilities Corp. (AQN.TO) declined sharply after reporting a first quarter net loss to shareholders of $89.1 million compared to profit of $270.1 million, last year. Loss per share was $0.13 compared to profit of $0.39.

Enbridge Inc (ENB.TO) gained 1%. The company reported adjusted earnings of $2.0 billion or $0.92 per common share, for the first quarter of 2024, an increase of 8% per share, compared with $1.7 billion or $0.85 per common share in 2023.

Onex Corporation (ONEX.TO) drifted down 4.7%. The company reported a net profit of US$10 million for the first-quarter of this year, compared to net loss of $232 million in the year-ago quarter.

Crescent Point Energy (CPG.TO) ended down by 0.8% after reporting a net loss of $411.7 million for the quarter ended March 31, 2024 , compared to net profit of $216.7 million a year ago.

CI Financial Corp (CIX.TO) tanked more than 12%. The company reported adjusted net income of $132.8 million for the first quarter of 2024, compared to $136.8 million in the first quarter of 2023.

Japan Stock Market May See Renewed Support

The Japan stock market on Tuesday halted the two-day winning streak in which it had advanced almost 200 points or 0.5 percent. The Nikkei 225 now rests just beneath the 42,400-point plateau although it's expected to open in the green on Wednesday. The global forecast for the Asian markets is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead. The Nikkei finished sharply lower on Tuesday following losses from the financial shares, technology stocks and automobile producers. For the day, the index slumped 413.42 points or 0.97 percent to finish at 42,394.40 after trading between 42,137.62 and 42,703.27. Among the actives, Nissan Motor plummeted 6.25 percent, while Mazda Motor added 0.40 percent, Toyota Motor retreated 1.41 percent, Honda Motor tumbled 1.71 percent, Softbank Group dropped 0.91 percent, Mitsubishi UFJ Financial sank 0.72 percent, Mizuho Financial shed 0.45 percent, Sumitomo Mitsui Financial skidded 1.01 percent, Mitsubishi Electric tumbled 1.91 percent, Sony Group declined 1.87 percent, Panasonic Holdings slumped 1.11 percent and Hitachi contracted 1.63 percent.

RTTNews | hace 22 minutos

Rebound Tipped For South Korea Stock Market

The South Korea stock market on Tuesday ended the three-day winning streak in which it had improved almost 80 points or 2.6 percent. The KOSPI now sits just shy of the 3,180-point plateau although it may reverse those losses on Wednesday. The global forecast for the Asian markets is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead.

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Australia Construction Work Data Due On Wednesday

Australia will on Wednesday see Q2 numbers for construction work done, highlighting a light day for Asia-Pacific economic activity.

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U.S. Dollar Falls Against Majors

The U.S. dollar dropped against its major counterparts in the New York session on Tuesday.

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TSX Modestly Higher As Financials, Mining Stocks Move Up

Despite concerns about global trade, and political uncertainty in Europe, the Canadian market is modestly higher Tuesday afternoon, supported by gains in materials, industrials and financials sectors.

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Swiss Market Settles Weak

After opening with a big negative gap Tuesday morning, the Swiss market gradually recovered some lost ground, and even managed a brief spell in positive territory midway through the session, but failed to sustain momentum and finally ended the day's session in the red.

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European Stocks Close Lower On Political Concerns, Tariff Worries

European stocks closed weak on Tuesday, weighed down by political uncertainty in France, and lingering concerns about tariffs and their impact on global economic growth.

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U.S. Consumer Confidence Index Edges Lower In August

A report released by the Conference Board on Tuesday showing a modest deterioration by consumer confidence in the U.S. in the month of August. The Conference Board said its consumer confidence index dipped to 97.4 in August from an upwardly revised 98.7 in July.

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