Canadian Stocks Turning In Mixed Performance

(RTTNews) - Canadian stocks are turning in a mixed performance on Friday with investors digesting the latest batch of economic data from Canada and U.S., and reacting to some corporate news. Materials shares are gaining ground thanks to higher gold prices.

The benchmark S&P/TSX Composite Index was up 24.91 points or 0.11% at 23,057.61 a little while ago.

New Gold Inc (NGD.TO) is surging more than 7%. K92 Mining Inc (KNT.TO) is up nearly 5%. Ivanhoe Mines (IVN.TO), Oceanagold (OGC.TO), Centerra Gold (CG.TO), Iamgold Corp (IMG.TO), B2Gold Corp (BTO.TO) and Alamos Gold (AGI.TO) are gaining 3 to 5%.

Barrick Gold Corp (ABX.TO), Wesdome Gold Mines (WDO.TO), Dundee Precious Metals (DPM.TO), Ssr Mining (SSRM.TO), Seabridge Gold (SEA.TO) and Calibre Mining (CXB.TO) are up 2.5 to 2.7%.

Agnico Eagle Mines (AEM.TO), Canadian Tire Corporation (CTC.A.TO), Morguard Corporation (MRC.TO) and Bombardier Inc (BBD.B.TO) are among the other notable gainers.

Pollard Banknote (PBL.TO) is down 4.8%. Celestica Inc (CLS.TO), West Fraser Timber (WFG.TO), Methanex Corporation (MX.TO), Precision Drilling Corp (PD.TO), EQB Inc (EQB.TO), Toromont Industries (TIH.TO) and Restaurant Brands International (QSR.TO) are down 1 to 2.2%.

Hydro One (H.TO) announced that its subsidiary has priced an offering of $1.2 billion of medium term notes under its sustainable financing framework. The compay said the proceeds will be used to fund eligible green projects under the 2024 framework. The stock is down marginally.

Telus Corp (T.TO) announced on Thursday that it acquired 2.3% of Telus International's (TIXT.TO) subordinate voting shares, equal to 0.9% of all outstanding shares. Telus paid $4.25 per share for the 2.6 million shares it acquired. Telus Corp shares are down marginally, while Telus International shares are up 1.8%.

On the economic front, data from Canada Mortgage And Housing Corporation said housing starts in Canada surged by 16% over a month to 279,500 units in July, the highest since June 2023.

A report from Statistics Canada showed manufacturing sales declined 2.1% month-over-month in June 2024, compared to the preliminary estimate of a 2.6% fall, following a downwardly revised 0.2% rise in the previous month.