Canadian Market Firmly Up In Positive Territory

(RTTNews) - The Canadian market is modestly higher in late morning trades on Friday, lifted by gains in healthcare, real estate, communications and utilities sectors.

Strong results from iPhone maker Apple Inc., and slightly easing concerns about the outlook for interest rates after the latest batch of economic data from the U.S. help underpin sentiment.

The benchmark S&P/TSX Composite Index is up 104.85 points or 0.48% at 21,928.07 about a quarter before noon.

On the Canadian economic front, the S&P Global Canada Services PMI reading came in at 49.3 for April, up from March's 46.4, marking the highest level since June, but still indicating a contraction.

Colliers International Group (CIGI.TO) is up 2.75%. BRP Inc (DOO.TO), Shopify Inc (SHOP.TO), TFI International (TFII.TO), Constellation Software (CSU.TO), CGI Inc (GIB.A.TO), Royal Bank of Canada (RY.TO) and Thomson Reuters Corporation (TRI.TO) are up 1.2 to 2.2%.

Open Text Corporation (OTEX.TO) is plunging 16%. The company reported total revenues of $1.447 billion in the third quarter, up 16.3% from the year-ago quarter.

Aritzia Inc (ATZ.TO) is down 6%. Toronto-Dominion Bank (TD.TO), Parkland Corporation (PKI.TO), Russel Metals (RUS.TO), Altus Group (AIF.TO), GFL Environmental (GFL.TO), Stella-Jones (SJ.TO), Cameco Corporation (CCO.TO) and Wheaton Precious Metals (WPM.TO) are down 1.4 to 4%.

TC Energy Corp (TRP.TO) is up more than 3%. The company reported first-quarter net income of $1.2 billion or $1.16 per common share compared to $1.3 billion or $1.29 per common share in first quarter 2023

TransAlta Corporation (TA.TO) is gaining nearly 5%. The company reported net earnings of $222 million for the first quarter of 2024, compared to $294 million for the same period in 2023.

Brookfield Business Partners (BBU.UN.TO) reported net income of $48 million for the three months ended March 31, 2024, compared to net income of $74 million in the prior period. The stock is down 2%.