Canadian Market Remains In Negative Territory, Looks Headed For Another Weak Close

(RTTNews) - The Canadian market remains firmly down in negative territory, led by losses in technology, industrials and real estate sectors. Gains in healthcare and materials sectors help limit market's downside.

Investors are making their moves, digesting data on producer prices and new home prices, and tracking a slew of quarterly earnings updates from Canadian companies.

The benchmark S&P/TSX Composite Index is down 111.64 points or 0.44% at 25,514.52, nearly 80 points off a low of 25,436.88 recorded earlier in the session.

TFI International is plunging nearly 19% after fourth-quarter net income dropped to $88.1 million, from $131.4 million in the fourth quarter of the previous year. Adjusted net income for the latest quarter was $101.8 million compared to $147.0 million in the corresponding quarter of the previous year.

BlackBerry and Celestica are down 6.3% and 6.1%, respectively. Oceanagold is down nearly 5%. Shopify Inc, Aritzia, Gibson Energy, BRP Inc, Jamieson Wellness, Osisko Gold Royalty, MTY Food Group, EQB Inc, Colliers International, Tilray, Aecon Group, MDA Space and CAE Inc are down 2 to 4%.

Bausch Health Companies is rising more than 10%. Innergex Renewable Energy is gaining 9% and Manulife Financial is up 7.8%.

Capstone Mining, First Majestic Silver, Aya Gold & Silver, B2Gold Corp, Torex Gold Resources, Ivanhoe Mines, Dundee Precious Metals, Pan American Silver Corp and Fortuna Mining are up 4 to 6.5%.

Cenovus Energy is down 3.7% on weak earnings. The company reported net earnings of $146 million for the fourth quarter of 2024, compared to $743 million in the year-ago quarter.

Teck Resources Limited (TECK.TO) reported profit from continuing operations before tax of C$256 million for the fourth quarter compared with loss of C$324 million in the same quarter a year ago, primarily helped by significant growth in copper production.

Loblaw Companies Ltd. shares are down 1.5% after the company reported fourth-quarter net earnings of $462 million, a decrease of $79 million or 14.6% from the year-ago quarter.

Hydro One Ltd is down nearly 2% after reporting fourth quarter basic earnings per share (EPS) of $0.33 compared to EPS of $0.30 for the same period in 2023.

TransAlta Corporation is rising nearly 7% after the company said it posted a net loss of$65 million, or $0.22 per share in the fourth quarter of 2024, compared to $84 million, or $0.27 per share, for the same period in 2023.

Cameco Corporation is down nearly 1%. The company reported net earnings of $135 million for the fourth quarter of 2024, compared to $80 million in the year-ago quarter.

Data from Statistics Canada showed new home prices in Canada decreased by 0.1% month-over-month in January. The house price index remained unchanged at 0.1% in January, same as in January last year.

Industrial producer prices in Canada rose by 1.6% over a month in January following a 0.4% increase in December. On yearly basis, producer prices jumped by 5.8%, to the highest level in the past 12 months.