Canadian Market Retreats After Positive Start; Tech Stocks Post Gains
(RTTNews) - After a positive start and a subsequent uptick, the Canadian market pared gains and slipped into negative territory Wednesday morning with investors turning cautious and refraining from making significant moves.
Investors look ahead to a speech by Fed Chair Jerome Powell later in the day, for clues on interest rate hikes.
Technology stocks are up with impressive gains. A few stocks from the healthcare sector are gaining ground, while financials and consumer staples shares are a bit weak.
The benchmark S&P/TSX Composite Index is down 94.46 points or 0.47% at 10,182.95 at noon. The index climbed to a high of 20,392.38 in early trades.
Shopify Inc (SHOP.TO) is gaining 3.5%. Descartes Systems Group (DSG.TO) is up nearly 3% and Kinaxis Inc (KXS.TO) is rising 2.7%.
Royal Bank of Canada (RY.TO) is down by about 1%. The bank reported net income of $3.9 billion in the fourth quarter, almost flat from a year ago. For the full financial year, the bank reported a net income of $15.8 billion, down 2% from a year earlier.
National Bank of Canada (NA.TO) is down more than 4% after the lender reported fourth-quarter net income of $738 million, down 4% from the fourth-quargter net income of $769 million it had posted in the previous year.
BRP Inc (DOO.TO) announced that its bottomline came in at C$141.6 million, or c$1.76 per share in the third quarter of the current financial year, compared with C$127.7 million, or C$1.53 per share in the year-ago quarter. The stock is down marginally.
U.S. Construction Spending Unexpectedly Edges Lower In July
Domino's Launches Two New Delectable Bread Bites Flavors
U.S. Manufacturing Index Inches Up In Line With Estimates In August
FTSE 100 Slips As Yields Spike, Sterling Plunges
CAC 40 Slips Amidst Fiscal Concerns
DAX Dips As Inflation Spike Hurts Sentiment
Sensex, Nifty Give Up Early Gains To End Lower
