TSX Remains Positive Despite Coming Off Early Highs

(RTTNews) - The Canadian market has pared most of its gains Wednesday afternoon, with investors largely reacting to earnings updates, and monitoring geopolitical developments.

Despite concerns about fresh tariffs, the market is positive as news about U.S. and Ukraine agreeing on a minerals deal is aiding sentiment.

The benchmark S&P/TSX Composite Index, which climbed to 25,441.73 around mid morning, gaining nearly 240 points, was up 93.75 points or 0.37% at 25,297.73 a little while ago.

Communications and energy stocks are weak, while materials and technology stocks are among the prominent gainers.

Aya Gold & Silver is up more than 7%. Celestica is up 5.8%, Maple Leaf Foods is gaining 4% and MAG Silver Corp is climbing up 3.7%.

Stantec is up 6%, continuing to benefit for strong earnings update.

The National Bank of Canada is down more than 5% despite the bank reporting a rise in quarterly net earnings. The stock is down as the bank has set aside larger than expected reserves for bad loans.

The lender reported first-quarter net income of $997 million, up 8% from $922 million in the first quarter of 2024. First-quarter diluted earnings per share stood at $2.78 compared to $2.59 in the first quarter of 2024.

George Weston is rising about 2.3%. George Weston reported adjusted net earnings of $415 million for the fourth-quarter of 2024, an increase of $73 million, or 21.3%, compared to earnings in the year-ago quarter.

Westshore Terminals Investment, Pan American Silver Corp, Telesat Corporation, Cameco Corporation, TerraVest Industries, Parkland Corporation, Wheaton Precious Metals and Lundin Gold are up 2 to 3.7%.

Spin Master Corp (TOY.TO) is down 3.3%. Enerflex, Canada Goose Holdings, BCE Inc, Alimentation Couche-Tard, MDA Space, Finning International, Calian Group and Tourmaline Oil Corp are lower by 1.6 to 3%.