Canadian Market Recovering After Early Setback

(RTTNews) - The Canadian market is down in negative territory a little before noon on Thursday, dragged down by losses in materials and consumer staples shares. Energy stocks have recovered some lost ground, and industrials shares are exhibiting some weakness.

Real estate and healthcare stocks are gaining ground in positive territory, contributing to market's recovery from lower levels.

Investors are largely reacting to quarterly earnings updates from a slew of Canadian companies.

The benchmark S&P/TSX Composite Index, which tumbled to 22,463.96 earlier in the session, losing about 175 points in the process, is down 21.47 points or 0.09% at 22,618.10 about a quarter before noon. The index

Loblaw Companies Ltd. (L.TO) reported adjusted net earnings of $664 million for the second quarter, an increase of $38 million, or 6.1%, compared to a year ago. The stock is down by about 1%.

FirstService Corporation (FSV.TO) is gaining about 4.3% after reporting adjusted EBITDA of $59.1 million for the second quarter, compared to $55.7 million in the year-ago quarter.

Bombardier Inc (BBD.A.TO) is down more than 4%. The company reported adjusted net income of $111 million for the quarter ended June 2024, compared to $80 million in the year-ago quarter.

Veren Inc. (VRN.TO) reported net income of $261.0 million, or $0.42 per share diluted, for the quarter ended June 30, 2024. The stock is down by about 1.7%.

Mullent Group Ltd. (MTL.TO) shares are soaring nearly 10% after the company reported a net income of $32.9 million for the quarter ended June 30, 2024, compared to $36.5 million a year ago.

Centamin Plc (CEE.TO) is down nearly 6%. The company reported a profit of $83.36 million in the first half of the current financial year, compared to $90.97 million in the year-ago period. Basic earnings per share were 7.19 US cents, down 9% from 7.86 US cents last year.

On the economic front, data from Statistics Canada said average weekly earnings of non-farm payroll employees in Canada increased by 4.2% year-on-year to $1,252 in May, rising from a 3.7% growth in the previous month.