Canadian Market Down In Negative Territory; Shopify Tanks On Weak Results

(RTTNews) - The Canadian market is notably lower Wednesday morning, weighed down by disappointing results from some big name companies, including Shopify Inc. A bit of uncertainty about the outlook for Fed interest rates also appear to be forcing investors into a defensive mood.

The benchmark S&P/TSX Composite Index, which dropped to 20,048.94 earlier in the session, is down 119.07 points or 0.52% at 22,171.55 about half an hour before noon.

Shopify Inc (SHOP.TO) shares are down nearly 20% after the company reported a net loss of $273.00 million for the quarter ended March 2024, compared to net profit of US$68.00 million in the year-ago quarter.

NexGen Energy shares are plunging nearly 10%. The company announced that it has entered into a binding term sheet with MMCap International Inc. for the purchase of 2,702,410 pounds natural uranium concentrate for an aggregate purchase price of US$250 million.

Aritzia Inc (ATZ.TO) is down 4.7%. Bausch Health Companies (BHC.TO), Capstone Mining (CS.TO), Cameco Corporation (COO.TO), Spin Master Corp (TOY.TO), Bombardier Inc (BBD.B.TO), Teck Resources (TECK.B.TO), Lundin Mining (LUN.TO), First Quantum Minerals (FM.TO), NuVista Energy (NVA.TO) and Lightspeed Commerce (LSPD.TO) are down 2 to 3%.

Stella-Jones Inc (SJ.TO) is soaring nearly 9% after the company reported a net income of $77 million or $1.36 per share for the first quarter of 2024, up 32% from the year-ago quarter.

Nuvei Corporation (NVEI.TO) reported adjusted net income of $62.5 million for the first quarter, down 3% from $64.5 million a year ago. The stock is down marginally.

B2Gold Corp (BTO.TO) is gaining 2.5%. The company posted a net income of $48.5 million in the first quarter of 2024, compared to $102 million in the year-ago quarter.

Goeasy Ltd. (GSY.TO) reported a net income of $58.9 million for the first quarter, up 15% from $51.4 million in the same period of 2023. The stock is down 1.65%.

Suncor Energy (SU.TO) is gaining 1.5% after the company reported adjusted operating earnings of $1,817 million for the first quarter of 2024, compared to $1,809 million a year ago.