Canadian Shares Turning In Mixed Performance

(RTTNews) - Canadian shares are turning in a mixed performance on Wednesday with investors largely reacting to quarterly earnings announcements and focusing on the Federal Reserve's policy announcement.

The Fed has raised interest rates by 25 basis points as widely expected.

The decision to increase rates came as the Fed noted inflation remains elevated, while U.S. economic activity has been expanding at a moderate pace and job gains have been robust in recent months.

With regard to the outlook for rates, the Fed said future decisions will take into account the "cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."

The benchmark S&P/TSX Composite Index is down 4.71 points at 20,546.82. The index touched a low of 20,492.43 and a high of 20,591.16. Tilray Inc (TLRY.TO) is soaring nearly 20%. The company reported a net loss of $120 million in the fourth quarter, compared to net loss of $458 million in the prior year quarter. Adjusted net loss of $32 million in the fourth quarter compared to adjusted net loss of $46 million in the prior year quarter.

Canadian National Railway (CNR.TO) reported second-quarter revenues of C$4,057 million, a decrease of C$287 million, or 7%, compared to the year-ago quarter. Operating income was C$1,600 million in the second quarter of this financial year, a decrease of C$169 million, or 10%, from a year ago. The stock is up marginally.

Agnico Eagle Mines (AEM.TO) reported adjusted net income of C$ 544 million for the second quarter of this financial year, compared to adjusted net income of C$463 million in the year-ago quarter. The stock is down by about 0.5%.

CGI Inc (GIB.A.TO) is down more than 5% despite reporting a surge in quarterly earnings. The company reported net earnings of $415.0 million for the second quarter, up 13.9% year-over-year.

Loblaw Companies Ltd. (L.TO) shares are down 1.6% after the company reported net earnings of $508 million for the quarter ended June 17, 2023, compared to net earnings of $387 million in the quarter ended June 18, 2022.