Canadian Market Modestly Higher Around Noon

RTTNews | 484 dias atrás

(RTTNews) - The Canadian market is up in positive territory around noon on Thursday, led by gains in industrials, real estate and energy sectors. Investors are largely reacting to quarterly earnings updates, and the undertone is a bit firm thanks to comments from Bank of India Governon Tiff Macklem that the central bank is getting closer to start reducing interest rates.

Fed Chair Jerome Powell's comments that the next rate move from the central bank will most likely be an interest rate reduction also contribute to the positive mood in the market.

The benchmark S&P/TSX Composite Index is up 75.34 points or 0.35% at 21,803.89 a few minutes past noon.

On the economic front, data from Statistics Canada showed Canada recorded a trade deficit of C$ 2.28 billion in March. Exports dropped to C$ 62.56 billion, while imports decreased to C$ 64.84 billion in the month.

Thomson Reuters (TRI.TO) is up 5.8% after reporting an operating profit of US$ 556 million for the first quarter ended March 2o24, compared to US$ 508 million in the year-ago quarter.

GFL Environmental (GFL.TO) is rising 6.7%. Bombardier Inc (BBD.A.TO), Cameco Corporation (CCO.TO), CGI Inc (GIB.A.TO) and Stantec (STN.TO) are gaining 2.5 to 3%.

Shopify Inc (SHOP.TO), Morguard Corporation (MRC.TO), FirstService Corporation (FSV.TO), TFI International (TFII.TO), WSP Global (WSP.TO) and George Weston (WN.TO) are up 1 to 1.8%.

Colliers International Group (CIGI.TO) is down 1.2%. The company reported first-quarter adjusted earnings of US$37.5 million, or US$0.77 per share, down from US$40.6 million, or US$0.86 per share, a year earlier.

Bausch Health Companies (BHC.TO) is plunging 9% despite reporting higher earnings. The company reported first-quarter revenue of $2.15 billion, compared with $1.94 billion in the first quarter of 2023, an increase of $209 million, or 11%.

Maple Leaf Foods Inc. (MFI.TO) is down 5% despite reporting turnaround results. The company reported first-quarter net earnings of $51.6 million ($0.42 per basic share) compared to a loss of $57.7 million ($0.48 loss per basic share) last year.

Canadian Natural Resources (CNQ.TO) reported adjusted net earnings of $1,474 million for the quarter ended March 2024, compared to adjusted net earnings of $1,881 million in the year-ago quarter. The stock is down marginally.

BCE Inc (BCE.TO) is down 2.2%. The company reported first-quarter net earnings of $457 million, compared to $788 million in the year-ago quarter.

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