Canadian Market Holds Early Gains, Looks Headed For Firm Close

(RTTNews) - After a positive start and a subsequent retreat, the Canadian market is up again on Wednesday, with st0cks from utilities, real estate and technology sectors gaining ground on strong buying support.

Investors are digesting the latest batch of economic data from Canada and the U.S., including a reading on consumer price inflation in the world's largest economy.

The benchmark S&P/TSX Composite Index was down 71.34 points or 0.32% at 22,314.68 a little while ago.

On the economic front, data from Canada Mortgage & Housing Corporation said housing starts in Canada fell slightly by 0.87% over a month earlier to 240,229 units in April.

Data from Statistics Canada showed the nation's manufacturing sales fell by 2.1% from a month earlier to C$ 69.9 billion in March, less than the previously estimated drop of 2.8%. Sales had dropped by 0.7% in February. On yearly basis, total sales were down 3.1% in March.

Data from the Labor Department showed consumer prices in the U.S. rose by slightly less than expected in the month of April, increasing by 0.3%, after rising by 0.4% in March. Economists had expected consumer prices to climb by another 0.4%.

The report also said the annual rate of consumer price growth slowed to 3.4% in April from 3.5% in March, in line with expectations. The annual rate of core consumer price growth decelerated to 3.6% in April from 3.8% in March. The slowdown also matched estimates.

Boralex Inc. (BLX.TO) soared nearly 10%. The company reported first-quarter net earnings of $73 million, up $28 million from a year ago.

Celestica Inc (CLS.TO) surged 7.5%, while Bombardier Inc (BBD.A.TO), Sprott Inc (SII.TO), West Fraser Timber (WFG.TO) and Colliers International (CIGI.TO) are up 2.3 to 4%. Morguard Corporation (MRC.TO) and goeasy (GSY.TO) are also up sharply.

Snc-Lavalin Group (ATRL.TO) is down 3%. The company reported adjusted net income of $73.8 million, or $0.42 per diluted share for the first quarter of 2024, compared to $55.4 million, or $0.32 per diluted share in the first quarter of the previous year.

Boyd Group Services (BYD.TO) is lower by 6.25%. The company reported net earnings decreased to $8.4 million in the first quarter of 2024, compared with $20.8 million in the same period of 2023.

CCL Industries (CCL.A.TO), Docebo Inc (DCBO.TO), Molson Coors Canada Inc (TPX.B.TO), Methanex Corporation (MX.TO), CCL Industries (CCL.B.TO) and Imperial Oil (IMO.TO) are down 1 to 2.3%.