Canadian Market Retreats After Recent Gains, Looks Headed For Weak Close

(RTTNews) - The Canadian market is languishing in negative territory Wednesday afternoon, weighed down to a large extent due to losses in industrials and communications sectors. Financials and technology stocks are also weak.

After five successive days of gains, investors are also looking to take some profits ahead of crucial U.S. personal income and spending data, due later in the week.

The benchmark S&P/TSX Composite Index was down 155.88 points or 0.7% at 21,855.84 a little while ago.

Canadian National Railway (CNR.TO) is down nearly 4% after the company reported first-quarter net income of $1,103 million, compared to net income of $1,220 million in the year-ago quarter.

First Quantum Minerals (FM.TO) is gaining about 2.3% after reporting lower net loss for the first quarter. The company reported net loss of $159 million for the first quarter of 2024, compared to net loss of $259 million in the corresponding quarter of the previous year.

Rogers Communications Inc (RCI.B.TO) reported first-quarter net income of $256 million, compared to $511 million a year ago. Adjusted net income was $540 million in the latest quarter, down slightly from $553 million in the year-ago quarter. The stock is down more than 3%.

Metro Inc. (MRU.TO) said it posted net earnings of $187.1 million in the second-quarter, down 14.5% from a year ago. The stock is up by about 0.7%.

On the economic front, retail sales in Canada likely remained unchanged over a month in March 2024, according to preliminary data. In February, retail sales fell by 0.1% from the earlier month. On a yearly basis, retail activity rose by 1.2% in February, after a 0.9% increase in the prior month.

Canada's manufacturing sales likely declined by 2.8% from a month earlier in March 2024, reversing a 0.7% increase in the previous month, according to preliminary estimates.