Canadian Market Up Marginally In Cautious Trade After Jobs Data

RTTNews | 552 hari yang lalu

(RTTNews) - The Canadian market is up slightly a little past noon on Friday as stocks turn in a mixed performance with investors digesting the nation's jobs data for the month of January and assessing the likely move the central bank with regard to interest rates.

Investors are also reacting to a slew of earnings announcements, in addition to tracking the trend in the commodities markets.

Technology stocks are gaining ground in positive territory. Consumer discretionary and materials shares are weak, while shares from the rest of the sectors are exhibiting a mixed trend.

The benchmark S&P/TSX Composite Index is up 10.40 points or 0.05% at 20,930.04 a few minutes past noon. The index dropped to 20,891.13 after advancing to 20,974.87.

Data from Statistics Canada showed that employment in Canada rose by 37,300 in January, following an upwardly revised addition of 12,300 jobs in December. The unemployment rate in Canada eased to 5.7% in January from the 22-month high of 5.8% recorded in December.

A separate data from Statistics Canada showed average hourly earnings in Canada rose by 5.3% year-on-year to $35.51 in January, slowing from 5.7% increase in the previous month.

Hut 8 Corp (HUT.TO), up 8.7%, is the top gainer in the technology sector. Coveo Solutions (CVO.TO) is gaining 6.2% and Converge Technology Solutions (CTS.TO) is rising 5%, while Dye & Durham (DND.TO) is advancing 3.2%. Shopify Inc (SHOP.TO), Alithya Corp (ALYA.TO), Open Text Corp (OTEX.TO), Celestica Inc (CLS.TO) and Docebo Inc (DCBO.TO) are also up with strong gains.

Consumer discretionary stock Magna International (MG.TO) is plunging nearly 8%. The company reported a net income of $271 million for the quarter ended December 2023, compared to net income of $95 million in the corresponding quarter of the previous year.

Linamar Corporation (LNR.TO) is down 2.7%, while Canada Goose Holdings (GOOS.TO) is down 1.4%.

Materials shares New Gold Inc (NG.TO), Torex Gold Resources (TXG.TO), Eldorado Gold (ELD.TO), Teck Resources (TECK.B.TO), Oceanagold (OGC.TO) and K92 Mining Inc (KNT.TO) are down 2 to 5.4%.

Saputo Inc. (SAP.TO) is down 3.7%. The company reported that its net loss for the third quarter of fiscal 2024 was C$124 million, compared to net earnings of C$179 million for the same quarter last fiscal year.

Fortis Inc. (FTS.TO) is down 0.7% after the company reported fourth quarter net earnings of C$381 million, or C$0.78 per share, compared to C$370 million or C$0.77 per share for the same period in 2022.

TELUS Corporation (T.TO) is gaining 2.3%. The company reported fourth-quarter operating revenues and adjusted EBITDA growth of 2.6% and 9.4%, respectively. The company's fourth-quarter net income was up 17% from a year ago.

Canadian Market Remains In Negative Territory After Weak Start

The Canadian market, which opened on a weak note Thursday morning, continues to languish in negative territory well past noon, weighed down by losses in technology and industrials sectors.

RTTNews | 3j 35min yang lalu

Swiss Market Ends Modestly Higher After Mild Struggle

The Switzerland market recovered after a flat start on Thursday, and after staying positive till well past noon, suffered a setback but regained some strength to eventually end the day's session modestly higher.

RTTNews | 4j 0min yang lalu

Major European Markets Close On Positive Note

Amid expectations of a rate cut from the Federal Reserve in September, and hopes the meeting between the Presidents of the U.S. and Russia will help end the war in Ukraine, the major European markets closed on a positive note on Thursday, although the U.K. market underperformed other major markets in the region.

RTTNews | 4j 16min yang lalu

U.S. Producer Price Growth Far Exceeds Estimates In July

Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday. The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June. Economists had expected producer prices to rise by 0.2 percent.

RTTNews | 6j 44min yang lalu

U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000

The Labor Department released a report on Thursday unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 9th. The report said initial jobless claims dipped to 224,000, a decrease of 3,000 from the previous week's revised level of 227,000.

RTTNews | 7j 16min yang lalu

UK GDP Rises More Than Expected

The UK economy expanded more than expected in the second quarter but the overall growth softened as US frontloading propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported Thursday. Although the rate was stronger than the expected growth of 0.1 pe

RTTNews | 7j 57min yang lalu

Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Thursday morning, reacting to data showing a bigger than expected increase in U.S. producer price index, and mixed batch of earnings data from Canada. Oil prices are up, while metals are exhibiting weakness.

RTTNews | 8j 28min yang lalu

S&P Sees Limited Impact From U.S. Tariffs On Indian Economy, Raises Ratings

S&P Global Ratings upgraded India's sovereign ratings on Thursday citing a buoyant economic growth, enhanced monetary policy conditions and the government's fiscal consolidation commitment, while the higher tariffs from the U.S. administration is estimated to have only limited impact on the economy. India's sovereign credit ratings were raised to 'BBB' from 'BBB-', with a 'stable' outlook.

RTTNews | 8j 32min yang lalu

EURUSD	1.16472	GBPUSD	1.35269	AUDUSD	0.64951
USDJPY	147.754	USDCAD	1.38142	USDCHF	0.80684