Canadian Market Down In Negative Territory; Shopify Tanks On Weak Results

RTTNews | 194 days ago

(RTTNews) - The Canadian market is notably lower Wednesday morning, weighed down by disappointing results from some big name companies, including Shopify Inc. A bit of uncertainty about the outlook for Fed interest rates also appear to be forcing investors into a defensive mood.

The benchmark S&P/TSX Composite Index, which dropped to 20,048.94 earlier in the session, is down 119.07 points or 0.52% at 22,171.55 about half an hour before noon.

Shopify Inc (SHOP.TO) shares are down nearly 20% after the company reported a net loss of $273.00 million for the quarter ended March 2024, compared to net profit of US$68.00 million in the year-ago quarter.

NexGen Energy shares are plunging nearly 10%. The company announced that it has entered into a binding term sheet with MMCap International Inc. for the purchase of 2,702,410 pounds natural uranium concentrate for an aggregate purchase price of US$250 million.

Aritzia Inc (ATZ.TO) is down 4.7%. Bausch Health Companies (BHC.TO), Capstone Mining (CS.TO), Cameco Corporation (COO.TO), Spin Master Corp (TOY.TO), Bombardier Inc (BBD.B.TO), Teck Resources (TECK.B.TO), Lundin Mining (LUN.TO), First Quantum Minerals (FM.TO), NuVista Energy (NVA.TO) and Lightspeed Commerce (LSPD.TO) are down 2 to 3%.

Stella-Jones Inc (SJ.TO) is soaring nearly 9% after the company reported a net income of $77 million or $1.36 per share for the first quarter of 2024, up 32% from the year-ago quarter.

Nuvei Corporation (NVEI.TO) reported adjusted net income of $62.5 million for the first quarter, down 3% from $64.5 million a year ago. The stock is down marginally.

B2Gold Corp (BTO.TO) is gaining 2.5%. The company posted a net income of $48.5 million in the first quarter of 2024, compared to $102 million in the year-ago quarter.

Goeasy Ltd. (GSY.TO) reported a net income of $58.9 million for the first quarter, up 15% from $51.4 million in the same period of 2023. The stock is down 1.65%.

Suncor Energy (SU.TO) is gaining 1.5% after the company reported adjusted operating earnings of $1,817 million for the first quarter of 2024, compared to $1,809 million a year ago.

Rebound Anticipated For Singapore Stock Market

The Singapore stock market on Monday ended the three-day winning streak in which it had collected more than 30 points or 0.8 percent. The Straits Times Index now sits just above the 3,730-point plateau although it's likely to bounce higher again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside. The STI finished modestly lower on Monday following mixed performances from the financial shares, property stocks and industrial issues. For the day, the index lost 12.15 points or 0.32 percent to finish at 3,732.55 after trading between 3,727.94 and 3,754.82. Among the actives, CapitaLand Integrated Commercial Trust skidded 1.01 percent, while CapitaLand Investment advanced 0.72 percent, City Developments added 0.39 percent, DBS Group retreated 1.26 percent, DFI Retail surged 3.42 percent, Hongkong Land tanked 2.14 percent, Keppel DC REIT sank 0.45 percent, Keppel Ltd rose 0.30 percent, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust rallied 0.81 percent, SATS plunged 2.60 percent, Seatrium Limited declined 1.08 percent, SembCorp Industries tumbled 1.37 percent, Singapore Technologies Engineering plummeted 5.52 percent, SingTel dropped 0.63 percent, Thai Beverage jumped 0.97 percent, Wilmar International spiked 1.31 percent, Yangzijiang Shipbuilding slumped 0.79 percent and Emperador, Genting Singapore, Yangzijiang Financial, Frasers Logistics & Commercial Trust, Oversea-Chinese Banking Corporation, Frasers Centrepoint Trust, Mapletree Logistics Trust and Comfort DelGro were unchanged.

RTTNews | 5h 34min ago

Malaysia Stock Market Poised To Open To The Upside On Tuesday

The Malaysia stock market on Monday snapped the two-day slide in which it had slumped almost 20 points or 1.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it's tipped to open in the green again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside. The KLCI finished modestly higher on Monday following gains from the telecoms and plantations, while the financial and industrial sectors were mixed. For the day, the index improved 11.60 points or 0.73 percent to finish at 1,604.04 after trading between 1,591.49 and 1,605.41. Among the actives, Axiata rallied 1.34 percent, while Celcomdigi strengthened 1.20 percent, CIMB Group was up 0.24 percent, Genting gained 0.53 percent, Genting Malaysia jumped 1.42 percent, IHH Healthcare eased 0.14 percent, IOI Corporation accelerated 1.53 percent, Kuala Lumpur Kepong gathered 0.46 percent, Maxis surged 3.78 percent, Maybank dipped 0.19 percent, MISC sank 0.66 percent, MRDIY added 0.55 percent, Nestle Malaysia slid 0.20 percent, Petronas Chemicals fell 0.22 percent, PPB Group dropped 0.70 percent, Press Metal skyrocketed 6.59 percent, Public Bank collected 0.67 percent, QL Resources improved 0.84 percent, RHB Bank rose 0.47 percent, Sime Darby perked 0.45 percent, SD Guthrie soared 2.29 percent, Sunway spiked 1.72 percent, Telekom Malaysia increased 0.48 percent, Tenaga Nasional climbed 1.13 percent, YTL Corporation shed 0.51 percent and YTL Power was unchanged. The lead from Wall Street suggests mild upside as the major averages opened on opposite sides of the line on Monday and maintained a fairly narrow trading range before ending mixed.

RTTNews | 6h 4min ago

South Korea Shares May Add To Their Winnings On Tuesday

The South Korea stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had plunged almost 250 points or 5.8 percent. The KOSPI now sits just beneath the 2,470-point plateau and it may tick higher again on Tuesday.

RTTNews | 6h 34min ago

Energy, Mining Stocks Lift TSX

The Canadian market closed on a firm note on Monday, lifted by gains in energy and materials stocks as commodity prices climbed higher amid an escalation in the Russia - Ukraine war.

RTTNews | 6h 38min ago

RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its November 5 monetary policy meeting, highlighting a light day for Asia-Pacific economic activity.

RTTNews | 7h 4min ago

Dollar Slips Against Major Counterparts

The U.S. dollar drifted lower on Monday as bond yields fell, and the Euro gained in strength after European Central Bank Governing Council member Nagel said central banks may have to raise rates in the event of inflationary pressures rise.

RTTNews | 7h 25min ago

Canadian Market Modestly Higher, Looks Headed For Positive Close

The Canadian market is up in positive territory Monday afternoon with energy and materials shares recording strong gains thanks to higher commodity prices. The mood remains a bit cautious amid concerns about geopolitical tensions, and uncertainty about the Federal Reserve's monetary policy moves.

RTTNews | 9h 40min ago

Swiss Market Ends Marginally Up

The Switzerland market closed marginally up on Monday after spending much of the day's session in negative territory. It was a lackluster session with investors looking for directional cues and refraining from making significant moves.

RTTNews | 10h 35min ago

EURUSD	1.05915	GBPUSD	1.26745	AUDUSD	0.65001
USDJPY	154.342	USDCAD	1.40236	USDCHF	0.88315