Canadian Stocks Turning In Mixed Performance; TSX Up Marginally

(RTTNews) - Canadian stocks are turning in a mixed performance on Friday with investors reacting to quarterly earnings updates and the nation's jobs data, in addition to re-assessing the global economic outlook.

After opening slightly higher, the market fell into negative territory, but recovered soon to move above the flat line.

The benchmark S&P/TSX Composite Index is up 11.99 points or 0.06% at $22,237.60 nearly half an hour past noon. The index, which edged down to 22,131.01 in early trades, climbed to 22,281.67 subsequently before paring some gains.

AtkinsRealis Group Inc. (ATRL.TO), a Canadian engineering services and nuclear company, reported Friday that its second-quarter net income attributable to shareholders totaled C$82.2 million or C$0.47 per share, compared to C$63.8 million, or C$0.36 per share a year ago. Adjusted net income attributable was C$99.3 million or C$0.56 per share, compared to C$85.9 million or C$0.49 per share last year. The stock is down 4.2%.

Emera Incorporated (EMA.TO) is down by about 1%. The company reported adjusted net income of $151 million for the second quarter of this year, compared with $162 million, or $0.60 per common share, in the second quarter of the previous financial year.

Softchoice Corporation (SFTC.TO) is modestly higher after reporting a net income of $12.1 million for the second quarter, compare to net income of $14.1 million a year ago.

Algonquin Power & Utilities Corp. (AQN.TO) shares are down 12%. The company announced that it has reached an agreement to divest its renewable energy segment, excluding hydroelectric operations, to a wholly-owned subsidiary of LS Power for a total consideration of up to $2.5 billion. This transaction comprises of $2.28 billion in cash payable at closing, along with potential earn-out payments of up to $220 million associated with specific wind assets.

Data from Statistics Canada said employment in Canada fell by a marginal 2,800 jobs in July 2024, following a 1,400 jobs drop in the previous month. Economists had expected employment to rise by 22,500 jobs in July.

The unemployment rate in Canada came in at 6.4% in July, unchanged from the January 2022 high in the previous month. The unemployment rate was expected to come in at 6.5%.

Average Hourly Earnings in Canada climbed to 5.2% from the previous year to C$36.36 in July, following a 5.6% increase in June.