Canadian Market Modestly Higher On Results, Economic Data

RTTNews | 546 dias atrás
Canadian Market Modestly Higher On Results, Economic Data

(RTTNews) - The Canadian market is modestly higher Thursday morning, with investors reacting to the nation's GDP data and earnings updates, in addition to tracking the crucial inflation reading from the U.S.

Energy, materials and utilities shares are among the prominent gainers. A few stocks from healthcare, real estate and technology sectors are also notably higher.

The benchmark S&P/TSX Composite Index is up 79.05 points or 0.37% at 21,322.82.

Data from Statistics Canada showed the Canadian economy expanded by 0.2% in the fourth quarter of 2023, recovering from a revised 0.1% contraction in the third quarter.

The Canadian economy likely grew by 0.4% in January 2024, according to preliminary estimates. In December, the GDP was flat, below prelimiary estimates of a 0.3% advance.

A report from the Canadian Federation of Independent Business showed CFIB's Business Barometer in Canada rose by 6.1 points to 54.9 in February, from 48.8 in January. The index reflects 12-month forward expectations for business performance in the country.

Data from the Commerce Department that showed consumer price growth in the U.S. slowed to 2.4% in January from 2.6% in December. The annual rate of core consumer price growth also slowed to 2.8% in January from 2.9% in December, in line with estimates.

The slowdown in consumer price growth is likely to generate optimism about the outlook for interest rates, as Fed officials have said they need greater confidence is slowing before they consider cutting rates.

Canadian Natural Resources (CNQ.TO) is gaining nearly 3.5% after reporting net earnings of $2.63 billion for the quarter ended December 31, 2023, compared to net earnings of $2.34 billion in the year-ago quarter.

Crescent Point Energy (CPG.TO) is advancing 1.3%. The company reported net income of C$951.2 million or C$1.70 per share for the fourth quarter, compared with net loss of C$498.1 million or C$0.90 per share in the same quarter a year ago.

Parex Resources (PXT.TO), Nuvista Energy (NVA.TO), Tamarack Valley Energy (TVE.TO), MEG Energy (MEG.TO), Secure Energy Services (SES.TO) and Tourmaline Oil Corp (TOU.TO) are up 1 to 2%.

Toronto-Dominion Bank (TD.TO) is up 0.5%. The bank reported net income of C$2.82 billion or C$1.55 per share for the first quarter, higher than C$1.58 billion or C$0.82 per share in the same quarter a year ago.

Canadian Imperial Bank of Commerce (CM.TO) shares are up nearly 3%. The bank reported first-quarter profit of $1.73 billion or $1.77 per diluted share, up from $433 million of $0.39 per diluted share in the first quarter of the previous year.

Canadian Utilities Limited (CU.TO) reported adjusted earnings of $192 million ($0.71 per share) for the first quarter, compared to $180 million ($0.66 per share) in the fourth quarter of 2022. The stock is up 1.3%.

ATCO Ltd. (ACO.X.TO) is gaining about 1.3% after the company reported adjusted earnings of $127 million for the fourth quarter, compared to $110 million a year ago.

Stella-Jones Inc (SJ.TO) is plunging despite reporting higher net profits. The company reported fourth-quarter net income of $56 million, compared to $36 million in the year-ago quarter.

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