Canadian Market Holding Early Gains, Looks Headed For Positive Close

(RTTNews) - After opening marginally higher, the Canadian market advanced further, and with several stocks holding gains, remains firmly placed in positive territory in early afternoon trades on Thursday.

Investors are mostly reacting to quarter earnings updates. Shares from materials, communications and energy sectors are among the prominent gainers.

The benchmark S&P/TSX Composite Index was up 107.98 points or 0.49% at 22,367.14 a little while ago.

Linamar Corporation (LNR.TO) is soaring more than 8%. Pan American Silver Corp (PAAS.TO) is gaining nearly 8% and Stelco Holdings (STLC.TO) is up 7.8%.

Canadian Tire Corporation (CTC.A.TO) is up 6% after the company reported first-quarter net income of C$96.0 million, compared to C$42.8 million a year ago.

iA Financial Corporation (IAG.TO) is up 4% despite reporting lower quarterly earnings. The company reported net income of $234 million for the first quarter of 2024, compared to $273 million a year ago.

Primo Water Corporation (PRMW.TO) is gaining 5.5%. Kinaxis Inc (KXS.TO) is up 4.2%. Nutrien (NTR.TO) and Teck Resources (TECK.A.TO) are up 4% and 3.8%, respectively.

Methanex Corporation (MX.TO), Colliers International (CIGI.TO), Canadian National Railway (CNR.TO) and Fairfax Financial Holdings (FFH.TO) are also notably higher.

Quebecor Inc (QBR.TO) is gaining more than 4.5%. The company reported adjusted income from operating activities of $163.1 million ($0.71 per basic share) for the first quarter of 2024, an increase of $27.1 million ($0.12 per basic share) or 19.9%.

Telus International (TIXT.TO) is plunging 16% on weak results. The company reported first-quarter net income of $140 million, down 37.5% from a net income of $224 million the company posted in the year-ago quarter.

Telus Corporation (T.TO) reported adjusted net earnings of $390 million for the first-quarter of 2024, up 1.0% from $386 million in the year-ago quarter. The stock is down marginally.