Canadian Market In Positive Territory As Investors React To Earnings

(RTTNews) - The Canadian market got off to a slightly positive start and moved further up in early trades Friday morning thanks to gains in energy and technology stocks.

Optimism about an interest rate cut by the Federal Reserve in June, and higher crude oil and gold prices are aiding sentiment.

Investors are also reacting to quarterly earnings announcements.

The benchmark S&P/TSX Composite Index, which advanced to 21,493.66 after opening at 21,394.23, was up 56.41 points or 0.26% at 21,420.02 a little while ago.

On the economic front, data showed the manufacturing activity contracted for a tenth straight month in February, although at the slowest pace in the current sequence. The S&P Global Canada Manufacturing PMI rose to 49.7 in February, from 48.3 in the previous month.

SNC Lavalin Inc (ATRL.TO) shares are up 8.7% after the company reported fourth-quarter adjusted net income of $79.5 million, or $0.45 per diluted share, compared to an adjusted net loss of $32.5 million , or $(0.19) per diluted share in Q4 2022.

Ensign Energy Services Inc (ESI.TO) is soaring 11% after the company said its net income for 2023 was $41.2 million, up from $8.1 million in 2022.

Boralex Inc (BLX.TO) is down 1.6% after the company reported net earnings of $58 million for the fourth quarter of 2023, and $115 million for the full-year, compared to a net loss of $7 million in the fourth quarter of 2022, and $8 million in financial year 2022.

Denison Mines Corp. (DML.TO) is up nearly 1%. The company reported earnings per share from continuing operations of C$0.11 for the year ended December 31, 2023, representing a 450% increase from the 2022 EPS of C$0.02. A C$134.2 million fair value gain on its investments in physical uranium boosted the company's 2023 earnings from continuing operations to C$89.4 million or C$0.11 per share.

Canadian Western Bank (CWB.TO) is down 4.2% after the bank reported a net income of $88 million for the three months ended January 31, 2024, down 7% from the corresponding period last year.