TSX Recovers Well After Early Setback, Ends Just Marginally Down

RTTNews | 170 дней спустя

(RTTNews) - The Canadian market fell to two-week lows on Thursday, weighed down by losses in materials and industrials sectors. The mood remained cautious, and investors largely made their moves, reacting to quarterly earnings announcements.

The benchmark S&P/TSX Composite Index ended with a loss of 31.54 points or 0.14% at 22,608.03. The index, which tumbled to 22,463.96 in early trades, rallied to 22,719.12 before turning weak again.

Hut 8 Corp (HUT.TO) tanked 17.8%. Canadian Tire Corporation (CTC.TO) dropped 8.6% and Boyd Group Services (BYD.TO) ended down 8.1%.

Bombardier Inc (BBD.A.TO) ended down 5%. The company reported adjusted net income of $111 million for the quarter ended June 2024, compared to $80 million in the year-ago quarter.

FirstService (FSV.TO) climbed 6.8% after reporting adjusted EBITDA of $59.1 million for the second quarter, compared to $55.7 million in the year-ago quarter.

Celestica Inc (CLS.TO) lost 4.2%. Newmont Corporation (NGT.TO), Cameco Corporation (CCO.TO), Fairfax Financial Holdings (FFH.TO), Waste Communications (WCN.TO), Canadian National Railway (CNR.TO) and Stantec Inc (STN.TO) lost 1.7 to 4%.

Mullen Group (MTL.TO) soared 9.3% 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.

Seabridge Gold Inc (SEA.TO), West Fraser Timber (WFG.TO), Ag Growth International (AFN.TO) and Colliers International (CIGI.TO) gained 3.7 to 8%.

BRP Inc (DOO.TO), Nutrien (NTR.TO), Cargojet (CJT.TO), TFI International (TFII.TO), Onex Corporation (ONEX.TO), Precision Drilling Corporation (PD.TO) and Constellation Software (CSU.TO) 1 to 3%.

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.

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Swiss Market Ends Notably Lower

The Switzerland market settled notably lower on Friday, in line with markets across Europe, as upbeat U.S. jobs data raised concerns that the Federal Reserve will likely hold interest rates unchanged from current levels, or go slow on interest rate cuts this year. Data showing an increase in Swiss unemployment weighed as well.

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Consumer sentiment in the U.S. has unexpectedly seen a modest deterioration in the month of January, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index edged down to 73.2 in January from 74.0 in December. Economists had expected the index to inch up to 74.5.

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