Canadian Market Modestly Lower In Cautious Trade
(RTTNews) - Canadian shares are turning in a mixed performance on Wednesday with investors reacting to a slew of quarterly earnings announcements, and looking for directional clues.
Energy and materials shares are extending their losses due to weak commodity prices. Real estate, consumer staples and industrials shares are finding some support.
The benchmark S&P/TSX Composite Index is down 43.34 points or 0.22% at 19,532.26 a few minutes before noon.
Pan American Silver Corp (PAAS.TO) is down more than 7%. Wajax Corporation (WJX.TO) is down 6%. Newmont Corporation (NGT.TO), MEG Energy Corp (MEG.TO), GFL Environmental (GFL.TO), Rogers Communications (RCI.A.TO), CCL Industries (CCL.A.TO) and Imperial Oil (IMO.TO) are down 2 to 4%.
CGI Inc (GIB.A.TO) is down by about 3.5% despite reporting a jump in fourth quarter earnings. CGI reported fourth quarter net earnings of C$414.5 million, up 14.4% compared with the same period last year. Earnings per share were C$1.76 compared to C$1.51 last year, an increase of 16.6%. Net earnings excluding specific items was C$421.2 million, up 12.9%. EPS excluding specific items was C$1.79, up 14.7%.
ATS Corp. (ATS.TO) is soarind 10% after the company reported that its second quarter net income increased to C$50.7 million from C$29.5 million, a year ago. Earnings per share was C$0.51 compared to C$0.32. Adjusted basic earnings per share was C$0.63 compared to C$0.51.
TC Energy (TRP.TO) is gaining about 1.5%. The company reported third-quarter net loss of $0.2 billion or $0.19 per common share compared to net income of $0.8 billion or $0.84 per common share in third quarter 2022.
Hydro One Ltd. (H.TO) reported third-quarter net income of $357 million, compared with $307 million in the year-ago quarter. The stock is down marginally.
On the economic front, data from Statistics Canada showed the total value of building permits in Canada fell sharply by 6.1% from a month earlier to $11.2 billion in September, reversing an upwardly revised 4.3% growth in the prior month.
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