Canadian Market Pares Early Gains; Bank Stocks In Focus After Results

RTTNews | 629 วันที่ผ่านมา
Canadian Market Pares Early Gains; Bank Stocks In Focus After Results

(RTTNews) - After opening modestly higher and moving further up, the Canadian market pared most of its gains Thursday morning with consumer staples and technology stocks drifting lower on selling pressure.

Shares from communications, financials and energy sectors are among the notable gainers.

In addition to digesting the Canadian GDP data, and U.S. personal income and spending data, investors are also reacting to quarterly earnings updates from major Canadian banks.

The benchmark S&P/TSX Composite Index is up 3.45 points at 20,119.65 about half an before noon. The index, which advanced to 20,212.87 earlier in the session, dropped to 20,108.82.

Royal Bank of Canada (RY.TO) is gaining nearly 3% after the bank reported fourth-quarter earnings of C$4.062 billion, or C$2.90 per share, compared to C$3.809 million, or C$2.74 per share, in the corresponding quarter of the previous year.

Toronto-Dominion Bank (TD.TO) is down 1.6%. The bank reported adjusted net income of $3.505 million, or $1.83 per share in the fourth quarter, compared with $4.065 million, or $2.18 per share in the previous year's fourth quarter.

Canadian Imperial Bank of Commerce (CM.TO) is climbing 4.2% after reporting adjusted net income of $1,520 million, or $1.53 per share, for the fourth quarter, compared with $1,308 million, or $1.26 million a year ago.

Consumer staples shares Loblaw Company (L.TO) is down 2.1%. The North West Company (NWC.TO), Jamieson Wellness (JWEL.TO), George Weston (WN.TO) and Metro Inc (MRU.TO) are down 1.2 to 1.6%.

Technology stocks Bitfarms (BITF.TO), Hut 8 Mining (HUT.TO), Coveo Solutions (CVO.TO), Copperleaf Technologies (CPLF.TO), Lightspeed Commerce (LSPD.TO) and BlackBerry (BB.TO) are down 2.3 to 4%.

Communications shares Telus Corp (T.TO) and Quebecor (QBR.B.TO) are up 1.2% and 1%, respectively.

Data from Statistics Canada showed the Canadian GDP contracted by 0.3% in the third quarter of 2023, marking its first decline since the second quarter of 2021 and compared to a revised 0.3% expansion in the previous period.

On annual basis, the Canadian GDP contracted by 1.1% in the third quarter, a sharp contrast from market expectations of a 0.2% expansion.

A separate data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada increased 4% year-on-year to $1,219 in September, edging up from a downwardly revised 3.9% in the prior month.

A report from the Canadian Federation of Independent Business said the business barometer in Canada declined by 1.5 points to 45.6 in November, marking the third consecutive decrease in optimism.

read more
European Shares Seen Flat To Higher At Open

European Shares Seen Flat To Higher At Open

European stocks are seen opening flat to slightly higher on Thursday as investors await the latest PMI data from the region and look forward to key speeches from Fed officials when they convene in Jackson Hole, Wyoming, for the Fed's annual economic symposium.
RTTNews | 1 ชม. 26 นาทีที่ผ่านมา
European Economic News Preview: Eurozone Flash PMI Data Due

European Economic News Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers' survey results from the euro area and the UK are the top economic news due on Thursday. At 2.00 am ET, the Office for National Statistics publishes UK public sector finance data. At 3.15 am ET, S&P Global publishes France flash PMI survey results.
RTTNews | 1 ชม. 30 นาทีที่ผ่านมา
Sensex, Nifty Extend Gains In Cautious Trade

Sensex, Nifty Extend Gains In Cautious Trade

Indian shares traded higher for a sixth consecutive session on Thursday, though overall gains remained limited due to mixed global cues ahead of the Federal Reserve's annual symposium at Jackson Hole, Wyoming, from August 21 to August 23, where Fed Chairman Jerome Powell is due to speak.
RTTNews | 2 ชม. 22 นาทีที่ผ่านมา
Australian Market Extends Early Gains In Mid-market

Australian Market Extends Early Gains In Mid-market

The Australian market is extending early gains in mid-market moves on Thursday, adding to the gains in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 9,000 mark to fresh all-time highs, with gains across most sectors led by mining, financial and energy stocks.
RTTNews | 3 ชม. 39 นาทีที่ผ่านมา
Asian Markets Trade Mostly Higher

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Thursday, following the mixed cues from Wall Street overnight, after reports indicated the Trump administration is looking into the federal government taking equity stakes in Intel and other chipmakers in return for the federal subsidies. Traders also remain optimistic about the US Fed cutting interest rates is September.
RTTNews | 4 ชม. 1 นาทีที่ผ่านมา
Sensex, Nifty Seen Opening On Flat Note After Recent Gains

Sensex, Nifty Seen Opening On Flat Note After Recent Gains

Indian shares look set to open on a flat note Thursday following five consecutive sessions of gains. Overall losses, if any, may remain limited amid renewed hopes of peace between Russia and Ukraine.
RTTNews | 4 ชม. 17 นาทีที่ผ่านมา
Renewed Selling Pressure Tipped For Thai Stock Market

Renewed Selling Pressure Tipped For Thai Stock Market

The Thai stock market on Wednesday wrote a finish to the four-day losing streak in which it had slumped more than 40 points or 3.5 percent. The Stock Exchange of Thailand now sits just beneath the 1,250-point plateau although it may hand back those gains on Thursday.
RTTNews | 5 ชม. 4 นาทีที่ผ่านมา
Japanese Market Notably Lower

Japanese Market Notably Lower

The Japanese market is trading notably lower on Thursday, extending the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 42,650 level, with weakness in index heavyweights, automakers and financial stocks.
RTTNews | 5 ชม. 12 นาทีที่ผ่านมา